BP has confirmed that the cost of last April’s oil spill in the Gulf of Mexico has now reached $8 billion, against an initial $3.9 billion.
A release from the group said the figure included “the cost of the spill response, containment, relief well drilling, static kill and cementing, grants to the Gulf states, claims paid and federal costs.”
Many major UK companies intend to reduce their pension benefits from October 2012 when new rules requiring them to automatically enrol employees take effect, a survey suggests.
An international survey of companies suggests that management and boards are devoting more time to risk management in the wake of the financial crisis.
Scrapping a US government-backed terrorism insurance programme would adversely affect availability of cover in high-risk areas such as America’s main business districts, says Marsh.
Companies have been warned that reports of attacks outside their network from cybercriminals and hackers may distract their attention from insider threats.
The Financial Services Authority has fined Zurich Financial Services’ UK insurance arm £2.275 million for losing the personal details of 46,000 customers.
Government plans to change the UK’s regulatory system risk creating an “accountability gap” it is claimed. Financial sector trade bodies and many banks are concerned by the proposals, says law firm Eversheds.
BP has agreed to pay a record $50.6 million (£32.5m) fine and submit to an “unprecedented level of oversight” for failing to correct safety hazards at its Texas City refinery in the US.
BP says the Gulf of Mexico oil spill has cost the group $6.1 billion since April, an increase of more than $2bn since its previous estimate three weeks ago of $3.95 billion.
Insurance buyers in Europe, the Middle East and Africa (EMEA) are reaping the cost benefits as competition for their business intensifies, reports Marsh.
Uncertainty over the government’s planning policies is jeopardising up to £150 billion of private sector investment in low-carbon energy projects, claims the Confederation of British Industry.
Businesses have been warned that the increasing popularity of mobile devices poses a “significant threat” of confidential enterprise information and intellectual property being leaked.
The Financial Services Authority (FSA) has levied a fine of £5.6 million on Royal Bank of Scotland (RBS) for failing to check whether customers and their transactions had links to terrorism.
A guide for employers aimed at correcting myths that still hamper understanding of employees’ mental health has been produced by Friends Provident and the charity Mind.
The government must maintain investment on the UK’s flood defences despite its policy of spending cuts, says the Association of British Insurers (ABI).
Home secretary Theresa May has confirmed the abolition of the Serious Organised Crime Agency (SOCA), which was heralded as ‘Britain’s answer to the FBI’ when it was established four years ago.
London is by far the UK’s worst area for burglaries, with 46.35 incidents per 1,000 people over a year according to data on website lovemoney.com.
Aon Corporation has revived the controversial issue of contingent commissions for brokers by confirming that it will resume accepting them where “appropriate”.
Eurotunnel has warned that a dispute over insurance payments resulting from a major fire in 2008 could result in the first annual loss since its restructuring three years ago.
Fraudulent claims have contributed to a record jump in the cost of motor insurance, according to the AA British Insurance Premium Index.
The number of company directors facing disqualification shows a year-on-year rise of 17%, according to law firm Wedlake Bell. It reports that in the year to March 31, disqualification proceeding totalled 2,169 against 1,852 in the previous year.
Three major institutional investors are urging companies to ignore new corporate governance guidelines that will require the annual election of board members, claims the Financial Times.
Businesses moving to a new office and retail complex in London’s City district will be asked to fund its own dedicated police force. Local business leaders believe that extra policing is essential to the security of the One New Change development, near St Paul’s Cathedral.
Five companies have collectively been fined more than £9 million for their part in the Buncefield oil depot explosion in December 2005. The blast injured 40 people, destroyed homes and affected nearly 100 local businesses.
The National Flood School is introducing a contractor endorsement scheme to help insurers and consumers in accessing a trusted network of flood and fire restoration professionals.
A survey of risk managers suggests that less than one in three feel that business executives are up to date on technology.
The Association of British Insurers (ABI) has announced that Kerrie Kelly has stepped down as director general only months after taking up the post.
Pension trustees for telecoms giant BT have requested a court ruling on how much of its liabilities could be guaranteed by the state.
The government should adopt a tougher stance on businesses that fail to buy employers’ liability (EL) insurance, says the Association of Insurance and Risk Managers.
Aon Corp has concluded a $4.9 billion deal to acquire consulting and outsourcing group Hewitt Associates.
The 2010 Bribery Act is easier to fall foul of than previous laws. So says KPMG, which has just published a compliance guide to the new Act.
The European Commission has released its final specifications for QIS5. Key changes in the paper include further amendments to the liquidity premium allowance in the discounting of technical provisions.
Strategic Thought Group (STG) has introduced business continuity capabilities into its Active Risk Manager software. Active Risk Manager Business Continuity Management (ARM BCM) addresses the need for assured business continuity and recovery in the event of major incidents.
QBE announced today that it has signed a share purchase agreement to acquire Belgian-based reinsurer, Secura NV. Secura's 2010 gross written premium is expected to be around E200 million.
The Solvency II regime will boost the role of reinsurance, claims a new report examining different facets of the framework.
Local authorities’ robust risk management controls may be undermined in the new era of cost-cutting, a major insurer has warned.
Insurance companies should expect to pay damages to their clients when they are slow to pay claims, according to the Association of Insurance and Risk Managers (Airmic).
A typical fraud loss costs European organisations around €485,000, according to a new survey of Certified Fraud Examiners (CFEs).
National standards body BSI Group has issued the draft version of British Standard BS 11000 for collaborative business relationships, and is seeking feedback on the proposed standard from industry and wider stakeholder groups.
Insurance premium tax (IPT), currently 5% on most classes, will increase to 6% from January 4, the chancellor George Osborne announced in his Emergency Budget.
The government’s plans to abolish the Financial Services Authority, announced by the Chancellor George Osborne, has met with a mixed reception.
Reinsurance giant Munich Re has reported that claims resulting from natural disasters in the first months of 2010 have run well ahead of its budget.
More than four in five of the UK's top companies are playing down their reported pension liabilities, a study by actuarial consultants Hymans Robertson suggests.
The Institute of Risk Management (IRM) has welcomed the sharper focus on the proper management of risk included in the newly-published revised UK Corporate Governance Code.
The insurance industry faces a "potentially perfect storm" from catastrophe losses in 2010, making improved underwriting discipline vital says the chief executive of Lloyd's.
Poland has been hit by its worst floods in 10 years, which have left at least 12 people dead and caused damage that could exceed 10 billion zloty ($3 billion).
Little morer than 2% of Africa's 700 million working poor are covered by insurance, representing a vast untapped opportunity for social and economic development, suggests a new study by the Microinsurance Innovation Facility of the International Labour Office (ILO).
The 2010 soccer World Cup taking place next month in South Africa has seen around $5 billion spent with various insurers against various contingencies.
Publisher Macmillan has received a six-year ban from all World Bank contracts after admitting that it paid bribes to secure a lucrative education project in southern Sudan. The company is also being investigated by the Serious Fraud Office for its bid to win a contract to print textbooks.
Cost cutting by Europe's financial institutions has seen them buy less insurance or reduce sums insured, although claims notifications have risen sharply reports broker Marsh.
A 40-nation summit on cybersecurity has agreed a series of measures to combat electronic attacks.The first Worldwide Security Summit, organised by non-profit think tank the EastWest Institute (EWI), aimed to secure multilateral agreements on cybercrime.
Insurance markets in the Gulf Cooperation Council (GCC) region have proved resilient in a period of slower economic growth and will continue to expand, a new report predicts.
Losses in the commercial property market have triggered a spate of professional negligence claims by investors against surveyors and estate agents. In 2009 there were 25 High Court cases alleging professional negligence over valuations of residential or commercial property, but only one case in the previous five years.
The new Road Traffic Act should benefit companies by reducing personal injury claims costs as well as motor fleet insurance premiums, according to Marsh. The group says that the legislation aims to facilitate claims settlements and reduce legal costs.
BP could be liable for as much as $10bn in damages resulting from the rig explosion in the Gulf of Mexico on April 20. The group has already confirmed that it will meet all costs of containing and cleaning up the resulting oil spill.
Construction firms may be exposed to losses resulting from design errors due to gaps in their insurance cover, suggests a report. Too many rely solely on designer's professional indemnity (PI) insurance, reports Zurich Financial Services.
The owner of Heathrow and Stansted has reported a loss of £28 million resulting from the six day closure of UK aerospace as a result of the ash cloud from Iceland's Eyjafjallajökull volcano.
UK organisations report that security breaches have become more frequent and severe, reversing an improving trend of several years reports PricewaterhouseCoopers (PwC).
The world's leading insurers have written to the central bank governors of the G20 group of nations to protest against the impact of the International Monetary Fund's financial stability tax proposals on the industry.
Water scarcity poses a growing threat to business as population growth continues and climate change takes hold, according to Lloyd's
Top challenges for risk managers are a lack of staff dedicated to assisting them and the lack of priority many organisations allocate to risk management over other areas, a report suggests.
The International Organisation for Standardisation (ISO) has published a study on the air traffic crisis triggered by the Icelandic volcanic eruption and its economic and social effects.
Energy risk has moved up the corporate agenda and now ranks alongside health and safety and security risk, according to utilities group npower.
The Association of British Insurers (ABI) is urging shareholders of Lloyds Banking Group reject the bank's proposal to offer chief executive Sir Eric Daniels a £2.3 million bonus.
The Financial Services Authority is losing the fight to crack down on insider dealing, according to a survey of financial services practitioners.
The Institute of Risk Management has launched its new comprehensive risk management guide at this week's Global Risk Management Professional Development Forum.
The rapid growth in business use of technology has increased the vulnerability of UK companies and public sector organisations to new cyber attacks, according to a new report.
Companies suffering disruption due to the volcanic ash cloud from Iceland have been told their business interruption (BI) policies are unlikely to cover losses.
Further organisational crises are inevitable unless significant improvements in corporate culture, ethics and governance can be achieved, warns HBOS whistleblower Paul Moore.
More than five days of disruption to air travel caused by the volcanic eruption in Iceland has cost the airline industry around $1.7 billion, according to the International Air Transport Association (IATA).
Italy's Mount Vesuvius is Europe's most dangerous volcano, with more than $24 billion in economic damages and 8,000 deaths likely following a major eruption according to research.
Insurer Aviva says it has jointly developed a model to more accurately estimate the impact of flash floods on homes and businesses.
The fast-growing Islamic insurance industry will see growth of up to 30% this year, the latest annal report by Ernst & Young suggests.
Business people and holidaymakers whose travel plans have been disrupted by the volcanic eruption in Iceland may not always be able to look to their travel insurance for compensation.
New data on business failures lend encouragement to hopes that businesses are emerging from the depths of recession.
More than seven in 10 smaller businesses have experienced late payments over the past year and are collectively chasing unpaid debts of £63 billion, a survey finds.
Insurer Aviva is inviting organisations to check whether their health and safety standards meet the mark.
Organisations in England should check that their health and safety procedures meet the requirements of the Fire Safety (Employees' Capabilities) (England) Regulations 2010, says Marsh.
The government's Flood and Water Management Bill has gained Royal Assent, after its passage through the House of Commons and House of Lords was accelerated ahead of the election.
Aviva has confirmed plans to re-enter the Asian general insurance market after a five-year absence.
New employment laws and taxes to be introduced over the next four years will cost UK companies an additional £25.6 billion, claims the British Chambers of Commerce (BCC). The business group is calling for a three-year moratorium on any further employment legislation.
Insurers RSA and Catlin have been confirmed as among those which worked with the Financial Services Authority in devising a Solvency II pilot scheme.
The Federation of European Risk Management Associations (FERMA) has launched its 2010 survey on risk management in Europe.
Employers are being reminded that the traditional sick note, more correctly known as the MED3, will be replaced from April 6 by the Fit Note.
Although the economy returned to growth in the fourth quarter of 2009, more than one in three small businesses reports that customers are taking longer to pay invoices than 12 months ago, a survey suggests.
Firms in the United Arab Emirates (UAE) could inadvertently breach new corporate governance rules and corporate discipline regulations unless they adopt a more systemic approach to managing risk, according to Marsh.
A record $16 billion in natural catastrophe losses were recorded over the first three months of 2010, reports Willis Re.
Despite signs that the UK economy pulled out of recession in late 2009, many business owners are still worried about retaining clients according to a new survey.
The International Organisation for Standardisation (ISO) has updated its guidance on ISO 9001 certification as it relates to suppliers that use it to promote their products or services.
Organisations found liable for serious data leaks or losses face sharply higher financial penalties from next month.
Companies are increasingly using cloud computing systems, although many of them believe the resulting risks may outweigh the benefits a study suggests.
Capacity in the energy insurance sector is at a 10-year high, helping to drive down prices and increase competition among insurers a new report suggests.
The European Commission says that two types of agreement in the insurance sector will keep their exemption for the new Block Exemption Regulation (BER), due to be introduced on April 1.
German carmaker Daimler has been charged with breaking US bribery laws over a period of 10 years, by paying bribes over a decade to foreign officials in at least 22 countries.
The Solvency II reforms in their present form would increase the cost of insurance to UK business and reduce available capacity, warns the Association of Insurance and Risk Managers (AIRMIC).
Less than half of UK organisations have an adequate Business Continuity Plan (BCP) in place, suggests a survey released ahead of this year's global Business Continuity Awareness Week, which runs from March 22nd to 26th.
Identity fraud rose sharply last year according to Experian, which reports nearly 5,000 victims sought its help - a 20% increase on 2008.
Recent new EU and UK environmental legislation, which creates more liabilities that companies must address have become one of the top issues on the risk management agenda reports Marsh.
Natural catastrophe losses and man-made disasters cost insurers a total of $26 billion last year, reports Swiss Re.
A shrinking workforce means that European companies must focus on retaining a greater proportion of older employees, reports Allianz.
The Institute of Operational Risk (IoR) has published the second in its new series of sound practice guidance papers. The latest, Risk Control Self Assessment, follows the inaugural title, Risk Appetite published in January.
European risk managers are concerned that the forthcoming Solvency II capital adequacy regime will result in fewer non-life and captive insurers for commercial business.
East African insurer UAP Kenya has launched an innovative agricultural insurance programme based on mobile phone payment and data systems and automated, solar powered weather stations.
Banks and building societies need to apply a tougher round of stress tests based on the possibility of a two further years of recession, says the Financial Services Authority.
The energy insurance and reinsurance market could see 'mega claims' arise resulting on huge demand on ageing and overstretched generators, a new report suggests.
Economic damage from the earthquake that hit Chile late last month is estimated at between $15 billion and $30 billion, with insured losses expected to be between $2 billion and $8 billion.
Computer 'Trojans' originally targeted at companies in the financial sector have evolved and are used to attack companies throughout the business world, it is claimed.
Windstorm Xynthia, which swept across western Europe in late February, caused more than 60 deaths but is less severe than the major storm that hit the region just over 10 years ago.
A new report issued by an international think tank finds that the core activities of insurers and reinsurers do not pose any systemic risk.
Insurers must avoid "planning paralysis" if they mean to convince the Financial Services Authority that they are making good progress towards Solvency II compliance, says Towers Watson.
Telecom Italia is investigating allegations that one of its subsidiaries was involved in a €2n billion tax evasion and money-laundering scam. The group has delayed publication of its 2009 results while the probe takes place.
Organisations in England and Wales will expose themselves to severe financial and reputational penalties if they fail to embed robust health and safety risk management practices, says Marsh.
The IRM has teamed up with AIRMIC and Alarm to produce a practical guide to the successful implementation of international standard ISO 31000.
Lawsuits against Japanese car maker Toyota could push the cost of recalls related to acceleration problems way past the $2 billion level, according to lawyers who have filed claims.
Hector Sants, who recently warned that the Financial Services Authority would be stepping up its regulatory supervision, has announced he is stepping down as chief executive of the watchdog.
Half a million homes and businesses in England and Wales vulnerable to flooding will be automatically signed up to an early warning telephone alert service.
The world's 100 biggest financial institutions will spend around $100 billion on risk governance and controls this year, a figure that has doubled since the pre-financial crisis year of 2006 reports Deloitte.
Defence group BAE Systems has agreed to financial penalties totalling £285 million to settle long-running allegations of corruption over arms sales.
The cost to insurers of last November's floods in Cumbria has moved above the £200 million level, reports the Association of British Insurers.
The UK's non-life insurers will have to find an additional €15 billion (£13 billion) of capital under the latest version of the Solvency II regime to be introduced in 2012, a study suggests.
The International Organisation for Standardisation (ISO) has issued a standard on risk assessment techniques, which joins two other recently published ISO standards on risk management.
The Institute of Risk Management's newly-formed UAE Group has held its first meeting - appointing an interim chairman and secretary and setting out an agenda for raising the profile of risk management.
Despite the economy's tentative emergence from recession in the fourth quarter of 2009, company failures will be at a record level this year predicts the insolvency body R3.
A partnership between the British Standards Institution and Nottingham University aims to develop a global standard for managing stress in the workplace.
Law firms predict a sharp rise during 2010 in the number of disputes relating to late or unfinished building developments, reports the Financial Times.
Frauds such as scams, online theft, tax fraud and false or exaggerated insurance claims costs the UK £30 billion each year, reports the National Fraud Authority (NFA).
The London Market Group (LMG) has announced that progress in modernising the market and maintaining London's competitiveness will continue in 2010.
Uncertainty ahead of the forthcoming general election is creating a "regulatory paralysis" that affects the UK financial services industry including insurers, warns Wolters Kluwer Financial Services.
Nearly 60% of UK smaller firms admit that recent winter weather impacted on their business, even though most believed they were adequately prepared to cope according to a survey.
The summer floods of 2007 that affected many parts of England cost the economy £3.2 billion, according to the Environment Agency.
More companies are employing sophisticated enterprise risk management (ERM) practices to strengthen their resiliency, suggests a survey by Aon.
The major audit firms say they welcome the publication of the industry's first corporate governance code, which will put pressure on them to adopt many of the same good practices already followed by their clients.
The global financial crisis and resulting recession have created a more vulnerable environment, with a second phase of the downturn a real risk warns the World Economic Forum (WEF).
The Institute of Operational Risk (IOR) has launched a series of guidance papers, which will focus on how a company's options for delivering various risk management techniques.
Recessionary pressures have persuaded many UK companies to take on risks that they have not properly understood and which many insurers have also failed to properly identify, according to a new report.
Two of the London Market's biggest challenges for 2010 - modernisation and Solvency II - will be closely linked and interdependent, predicts the International Underwriting Association (IUA).
Fraud cost UK companies nearly £2.1 billion last year, with 363 recorded cases according to figures from accounting firm BDO.
The most prolonged severe winter weather to affect the UK in years has triggered varying estimates of the cost to business.
The new year has begun with relief that the prospect of an "apocalyptic global financial collapse" has diminished over the past 12 months, but the restored financial system is still too close to the one that broke down says Exclusive Analysis.
In an event that echoes the Y2K 'millennium bug' scare more than 10 years ago, a fault caused by the advent of a new decade in 2010 has affected 30 million debit and credit cards held by German consumers.
France and Japan are among the toughest environments for global mergers and acquisitions, while the UK and the US are two of the easiest according to a new report issued by Mercer.
Risk management is now widely embedded within the day-to-day operations of more public service organisations, although a risk-managed approach is often lacking in several strategic areas, a new report suggests.
The global reinsurance market has swiftly recovered and recapitalised in the wake of the global financial crisis, a report from Guy Carpenter suggests.
The Charities Special Interest Group at the Institute of Risk Management (IRM) has published a free guide for charities, Embedding risk management at a time of need.
The IRM calls on businesses to use the transport problems of the past weekend as a catalyst to look at their own business continuity plans
Insurance industry analysts have reversed what they regard as the top priorities for insurers since the onset of the financial crisis, reports Deloitte.
The aggregate pension accounting deficit for the UK's largest defined benefit pension schemes has risen above the £100 billion level for the first time.
European insurance industry initiative PERILS AG has announced the placement of two risk transactions using its industry loss index.
Marsh, the world's biggest broking group, has agreed to acquire HSBC Bank's insurance broking subsidiary in a £135 million deal.
There has been a sharp increase in the value of foreign debt being chased by UK companies that export overseas, according to law firm Lovetts.
Recent sharp rate increases in insurance premiums for financial institutions are likely to have tailed off by the end of 2010, predicts Willis.
Stress testing is poised to become even more of a critical risk tool in future, a global survey of institutional investors suggests.
The cost of fire damage losses in the UK rose to a record £639 million, or £3.6 million a day, over the first half of 2009 reports the Association of British Insurers (ABI).
The Federation of European Risk Management Associations (FERMA) says it still has concerns over revised European Commission proposals to change competition rules applying to agreements in the insurance sector.
Cyber criminals will grow increasingly daring in the decade ahead, with five key security trends likely to emerge, a new report suggests.
Many of the most prevalent types of corporate fraud are still being overlooked by business owners, recent research suggests.
The Institute of Risk Management (IRM) has announced that Andrew Keeling has been elected Chairman of the Board with effect from 1 December.
Commercial insurers can benefit both themselves and the developing world by participating in the growing market for microinsurance, a report from Lloyd's of London suggests.
The soaring value of metals has led to an increased level of break-in and loss at scrap metal merchants' sites, reports the British Manufacturers Recycling Association (BMRA).
Insurance and risk management companies have been issuing advices to homeowners and businesses affected by severe floods in parts of Northwest England, Southwest Scotland and North Wales.
A slimmed-down Queen's Speech has confirmed the government's plans for a Flood and Water Management Bill and an Energy Bill to fund carbon capture and storage (CCS).
The Institutional Shareholders' Committee (ISC) has published a code of conduct, with recommendations on how institutions should engage more effectively with the companies they own.
The Institutional Shareholders' Committee (ISC) has published a code of conduct, with recommendations on how institutions should engage more effectively with the companies they own.
The three largest global broking groups have agreed to pilot the use of endorsements on the Exchange, the London-market messaging service initiative originated by Lloyd's.
Companies in the financial services sector are competing to hire interim managers specialising in risk and compliance work, pushing their daily pay rates up as much as 50% a report suggests.
The European Commission has agreed to delay the introduction of revised accounting rules for banks and insurers within the EU, which have come into force in other regions outside the US.
Reprisals from employees made redundant and inadequate security budgets top the list of concerns for IT professionals, a survey suggests.
The Italian insurance market faces major operating challenges and structural changes due to regulatory and legislative developments, a report by Fitch Ratings suggests.
The Financial Services Authority (FSA) should no longer be regarded as a "light touch" regulator and financial companies that flout the rules can expect jail sentences, the watchdog's chief executive has warned.
The financial crisis should not be used by the UK or European authorities to justify increasing the burden on regulation on insurance and reinsurance companies, says the International Underwriting Association.
The general insurance industry will struggle to cope with increasingly frequent and severe floods and storms brought about by climate change, predicts the Association of British Insurers (ABI).
Atradius, one of the major trade credit insurers, has pledged to relax to help smaller businesses by making more capacity available to companies.
The Association of British Insurers (ABI) has named Kerrie Kelly as its new director general. She will take up the position in February 2010.
A comet explosion above New York, similar to the blast in Central Siberia a century ago, would cause property losses of more than a trillion dollars and cause around 3.2 million fatalities and nearly 3.8 million injuries, a new report estimates.
Employers have been told that they should make greater efforts to address employee stress levels and reduce their effect on workplace productivity.
The US Department of Labor's Occupational Safety and Health Administration (OSHA) has levied a record $87.4m (£53m) fine on BP for alleged health and safety lapses at its Texas City oil refinery.
Senior officers with the UK's top financial institutions still differ over how a regulatory crisis in their companies should be handled, according to a new survey.
There has been an increase of more than a third over the past year in the incidence of disruption to supply chains, according to the Business Continuity Institute (BCI).
A trend towards stronger enterprise risk management (ERM) is continuing to gather momentum within the insurance and reinsurance industry, a new study suggests.
More companies are exploring specialist insurance cover as they consider an initial public offering (IPO) or general capital raising, reports Marsh.
The number of non-executive directors (Neds) serving on the boards of FTSE 100 companies has fallen by 16% over the past year, according to a new study.
Microsoft and other major technology companies have teamed up with Nigeria's anti-corruption police to crack down on the many e-mail scams emanating from the country.
A Devon engineering firm and its directors have been fined a total of £85,000, following the death of an employee in an explosion.
The financial strength of Lloyd's of London increased significantly over the first six months of 2009, a report from Aon Benfield Research finds.
More than half of office workers admit to using social networks such as Facebook and Twitter during the working day, according to a survey.
The Caribbean Risk Management Initiative (CRMI) has re-launched its website (www.undp.org.cu/crmi) in three languages - English, French and Spanish - with the aim of developing it as a point of reference on risk management issues in the Caribbean.
Aviva has confirmed plans to merge the operations of its 12 businesses across Europe, bringing them under the umbrella of a single holding company.
Although a survey suggests that 77% of online retailers fear a prolonged Royal Mail strike will mean they lose business to the high street, few companies have plans in place to respond to such supply chain disruption claims the Chartered Management Institute.
The World Bank (International Bank for Reconstruction and Development) has launched a programme aimed at helping governments in developing countries gain access to affordable insurance cover through the capital markets.
The Federation of European Risk Management Associations (FERMA), which this year chose Prague for its biennial risk forum held in October, confirmed Stockholm as the venue for the event in 2011.
Lloyd's insurer Hardy Underwriting Bermuda is setting up a reinsurance joint venture in Bahrain to write business from the Middle East and North Africa.
The global financial services sector has been hit by a 22% rise in fraud activity, with companies losing an average of $15.2m over the past three years according to the latest annual report from Kroll.
Bermuda reinsurer Flagstone Re and Lloyd's underwriter Marlborough Underwriting Agency are joining forces to establish a new worldwide property division.
Ireland continued to attract more insurance business last year despite the economic downturn, according to the annual survey issued by the Dublin International Insurance & Management Association (DIMA).
IRM has granted accreditation to a risk management training programme jointly developed by Plan, the leading international children's non-government organisation (NGO) and Gallagher Basset.
Eleven major reinsurers are banding together to form what they claim will be the first global reinsurance trade association.
Aon's private risk management arm (APRM) division is launching an insurance risk auditing service specifically targeted at the high net worth sector.
The increase in business failures caused by the economic downturn has put directors and officers at greater risk of being sued, reports Aviva.
A year on from the collapse of Lehman Brothers and rescue of American International Group, global credit markets and bank funding costs are showing signs of much greater stability, reports the Bank for International Settlements (BIS).
British Standards Institute (BSI) has launched an online self-assessment tool for organisations to improve their data protection.
BT Group has added to its range of business continuity product offerings, which it says will "help companies and government organisations around the world avoid downtime hitting customer services operations."
Climate change risks could cost nations up to 19% of their gross domestic product (GDP) by the year 2030, with developing countries the most vulnerable, according to a report from the Economics of Climate Adaptation Working Group.
Rate increases for directors' and officers' liability (D&O) insurance have affected financial institutions, but the commercial sector has proved more resistant with an average premium reduction of 5% for renewal business in the second quarter of 2009, reports Willis.
New environmental liability legislation and an increase in the landfill tax are causing businesses to cut more corners when disposing of waste, warns Aviva Risk Management Solutions (ARMS).
The pension shortfall at FTSE 250 companies has doubled in 12 months widening to £12bn at the end of June 2009 against £6bn a year earlier according to a report by Pension Capital Strategies and Cazenove.
The number of new cases of swine flu in the UK is continuing to fall, according to the latest figures from the NHS.
Nearly three in four of Europe's leading transportation firms are reviewing their approach to risk management as a result of the economic downturn, research commissioned by Marsh suggests.
Hugh Jones provides two case studies and offers a detailed review of managing risk in the hostile environment of the Niger Delta
Stuart White reviews the principles of product liability and the extent to which insurance can cover potential claims
