Commercial insurance buyers generally want better insurance products to cover their supply chain risks, a simple survey by FERMA has confirmed. Only 14 percent of the risk managers who responded to the online poll on supply chain risks felt that existing coverage and capacity were adequate, and just half said they insured against contingent or non-damage business interruption. Continue reading →

Implementing the 8th EU Company Law Directive Article 41 – 2b for Senior Management: Questions and Answers for Executive Committees. Continue reading →

Leading players in the London market are coming together with a view to producing the first jointly owned compliance database for global insurance programmes. The database will provide details of regulations on a territory-by-territory basis. The first big step toward this goal took place today when Airmic issued a Request for Proposal for a Database of International Insurance Requirements (DIIR)) to potential service providers. Continue reading →

The Federation of European Risk Management Associations (FERMA) has sent specific recommendations to the Brazilian insurance regulator SUSEP to limit the impact of regulations 225 and 232 on market capacity and security in the interest of business and insurance buyers. FERMA’s action follows an offer from SUSEP to open discussion with critics of the regulations which went into effect earlier this year. Continue reading →

Social media and the potential they pose to reputation risk and protection of confidential information are significant risks to European businesses, according to a survey by the Federation of European Risk Management Associations in cooperation with the Institute of Risk Management (IRM). Risk professionals from both organisations were asked which three cyber risks they thought were the greatest threats to business in general and to their own organisations. A total of 186 replied to the online survey during August and September (2011) intended to inform the two organisations’ discussion about risks of the virtual world. Continue reading →

Jorge Luzzi, Director Group Risk for Pirelli worldwide, today (Wed) in Stockholm took over as President of the Federation of European Risk Management Associations (FERMA) for the next two years. He succeeds Peter den Dekker who has served since 2009. As his final act as President of FERMA, den Dekker presided over the most successful FERMA Risk Management Forum ever, with more than 1500 risk professionals, including risk managers and service providers, taking part in the three day event. He will remain on the board of FERMA. Continue reading →

Nineteen candidates from 11 countries have been selected for the first FERMA-Lloyd’s professional development initiative for risk managers. Announcing their names at the FERMA 2011 Risk Management Forum in Stockholm, Benno Reischel, Lloyd’s head of Northern Europe, international markets, said that it was a “logical step” for Lloyd’s to sponsor and provide the FERMA programme, because it had for many years valued professional training and risk management as prime elements of success. “We want to support the risk management community by combining an insight into practical insurance topics with risk management needs, including the possibility for the participants to experience Lloyd’s and the London marketplace personally on the spot,” stated Reischel. Continue reading →

There is a “radical expansion” of European insurance regulation, but there may be shortcomings in its implementation and unforeseen impact on the insurance industry and its customers, Guy Soussan, European legal advisor to the Federation of European Risk Management Associations (FERMA) stated today (Wed) during a panel discussion on regulatory issues at the 2011 FERMA Risk Management Forum in Stockholm.

According to Soussan, a partner in the law firm Steptoe & Johnson, the insurance industry and its commercial customers still need to be convinced that however desirable the objectives of these new regulations that they will be successful in achieving them. Continue reading →

Dr Josef Ackermann, Chairman of the Management Board and of the Group Executive Committee of Deutsche Bank, opened the 2011 Risk Management Forum of the Federation of European Risk Management Associations (FERMA) in Stockholm today with a keynote speech on the future of the financial industry. Continue reading →

The president of the largest organisation of European risk managers today (Mon) called on reinsurers to work with their ultimate customers, corporate insurance buyers, to develop solutions for the risks highlighted by the spate of natural catastrophes over the last two years. Opening the 2011 Risk Management Forum of the Federation of European Risk Management Associations (FERMA), the President Peter den Dekker said reinsurers needed to understand how business models had changed so they could support insurers in devising innovative solutions to risks that companies face now and will do in future. Continue reading →