Terrorism
Insurers to remain reliant on Pool Re in face of large potential losses
Insurers are likely to continue to participate in Pool Re despite the proposed levy increase, according to a briefing from AM Best.
Pool Re satisfied with terror deal despite ceding increased premium to Treasury
Members vote in favour of deal that will see 50% of premium go to government
Marsh unveils Pool Re alternative terrorism facility
Marsh has unveiled a new UK terrorism facility to provide cover to clients with commercial property assets in the UK.
Airmic throws support behind Pool Re modernisation plans
Risk management association Airmic has claimed plans to modernise Pool Re will make the terrorism reinsurance scheme more attractive to business as well as diversifying its risk base.
Insurers' ransom payments to be banned in Bill
A legislation change that will prevent insurers from making ransom payments to terrorist groups is expected to be announced today.
Pool Re members vote in favour of Treasury retrocession changes
Pool Re members have voted unanimously in favour of approving the demands made by HM Treasury for changes to its retrocession agreement.
Pool Re hails Treasury 'concessions' ahead of EGM vote
Pool Re has welcomed "significant concessions” from HM Treasury in its quest to modernise the terrorism scheme.
Pool Re members urged to back amended retrocession deal
An extraordinary general meeting has been convened for members of government-backed terrorism facility Pool Re, following news that HM Treasury plans to amend the terms of its retrocession agreement.
Experts reveal ‘significant’ links between insurance fraud and terrorism
Met commissioner says one-third of counter-terrorism policing is fraud-related
Editor's Comment: Is terror the fraud tipping point?
In August the UK’s terror threat level was raised from “substantial” to “severe”, the second highest of five levels, in response to conflicts in Iraq and Syria.
Government's Pool Re levy increase leaves insurers little room to manoeuvre
The timing of the government's proposed increase to its Pool Re fee has left insurers with few options, according to market commentators, as time to negotiate alternative reinsurance arrangements is limited.
Insurers likely to benefit as Treasury looks to hike Pool Re fee
The government’s attempt to increase the fees it receives from Pool Re will provide substantial growth opportunities for independent insurers as buyers look for alternative cover, according to Lockton’s terrorism head.
Reinsurance terrorism market softening, claims Guy Carpenter
The terrorism market for reinsurance is softening, according to a report by Guy Carpenter, which claimed greater capacity and an absence of major terrorist-related losses has led to an increase in competition.
15% drop in large-scale terror attacks prompts RMS model update
A 15% reduction in the frequency of large-scale terror events in many cities has prompted RMS to release an update version of its probabilistic terrorism model.
Bridge Insurance Brokers launches bespoke programme for mine clearance firms
Bridge Insurance Brokers has launched a division to deliver bespoke insurance programmes to organisations involved in mine removal and post conflict security.
Post Blog: Six reasons you cannot miss Claims Club meeting 3
Next month the Post Claims Club returns with its third quarterly meeting.
War risks market faces 'substantial rate increases' in wake of MH17 loss
The war risks market is likely to experience “substantial rate increases” following the total loss of Malaysia Airlines flight MH17, according to a report by AM Best.
Beazley CEO Horton braced for MH17 war claims
Beazley chief executive Andrew Horton has admitted the speciality insurer could face exposure following last week’s Malaysia Airlines flight MH17 disaster.
Atrium agrees to settle MH17 hull war loss
Atrium Syndicate 609 has confirmed it is the lead hull war policy insurer for Malaysia Airlines and has agreed to settle that aspect of the MH17 loss.
MH17 hull war losses unlikely to exceed 2001 Tamil Tigers attack
The costs of hull war risks emanating from the downing of Malaysia Airlines flight MH17 are not expected to exceed the $380m (£222m) losses following the 2001 Tamil Tigers attack on Sri Lanka’s Bandaranaike Airport, according to loss adjusting sources.
Market warns broadened terrorism coverage could impact reinsurers
Major changes to coverage offered at renewal include extended hours clauses
Competition leads reinsurers to drop terrorism exclusion clauses
Heightened competition for reinsurance renewal has resulted in reinsurers withdrawing the terrorism exclusion clauses that were introduced after the September 11 attacks.
Isis Iraq insurgency set to push rates up amid fears unrest could spread
Extremist group’s actions have led to evacuation enquiries from oil and gas firms
Comment: Covering the cup on and off the pitch
From terrorist attacks to heatstroke, the insurance industry is covering a vast array of risks at the World Cup