Greater clarity is needed around where cyber insurance policies stand with regard to war and terrorism exclusions, catastrophe risk and ransomware, the global head of financial lines at Allianz Global Corporate and Specialty said on Tuesday.
A Ferma board member has warned insurers not to “destroy” their product after outlining how relationships with underwriters had been strained in recent months amid quickening market hardening.
British-based corporations are already finding it harder to access insurance coverage because of the effects of climate change, Marsh & McLennan’s director of climate resilience told risk managers on Tuesday.
The Court of Appeal has rewritten the approach to calculating personal injury accommodation claims in a landmark judgment that awarded the claimant additional damages of £802,000 for the cost of special accommodation.
The value of premiums written in Europe but overseen and managed by the London company market dropped 60% in 2019, according to the International Underwriting Association.
Six insurers and the Financial Conduct Authority have been granted permission to fast-track an appeal of last month’s business interruption test case judgment to the Supreme Court.
Confusion around assisted driving systems fuelled in part by carmakers’ marketing must be tackled in order to avert serious road collisions, Thatcham Research has warned as it unveils a new safety scoring system.
Lloyd’s has launched a parametric insurance product to cover SME business interruption losses caused by IT disruption or downtime.
The Financial Conduct Authority and seven out of the eight insurers involved in the regulator’s business interruption test case have filed applications to ‘leapfrog’ an appeal of the High Court judgment handed down earlier this month to the Supreme Court.
The coronavirus pandemic has underscored the need for the organisers of events like the postponed Tokyo Olympics and risk managers in general to give serious consideration to every item in their risk registers, a research team at Willis Towers Watson has…
Work to create a vehicle for dealing with catastrophic and systemic risks in the wake of the coronavirus pandemic must take into account the full spectrum of risks capable of causing comparable levels of disruption, prominent industry figures said on…
Virgin Atlantic switched its insurance broker three weeks before the renewal date of its directors and officers policy out of frustration with poor communication and a lack of faith in brokers’ ability to deal in a hard market, its head of risk said at a…
Business may not be devoting enough attention to the financial risks associated with climate change-related litigation and business transformation, Axa XL spokespeople told risk managers on Wednesday.
One in five UK directors and officers insurance buyers faced rate rises of 400% or more during this year’s renewals, according to Airmic.
In August, Aviva announced that it was aiming to roll out a motor insurance product under its main brand on price comparison websites this autumn.
Lloyd’s posted a £438m loss in the first half of 2020 driven by £2.4bn of Covid-19 claims, which added 18% to its combined operating ratio.
One in ten jobs at the Motor Insurers’ Bureau are at risk of being cut, with the organisation citing among other factors the need to minimise costs due to challenges posed by the current economic climate.
Moody’s has revised its outlook for the global reinsurance sector to negative, citing weakened profitability in the wake of the coronavirus pandemic, bringing it into line with other ratings agencies.
Munich Re has called for government-backed risk pools to be created to insure against the effects of future pandemics.
Munich Re expects its losses from August’s warehouse explosion in Beirut and a trio of recent North Atlantic hurricanes to both reach “low triple-digit million euro” sums.
Early estimates of the insured losses resulting from Hurricane Laura range from $4bn to $12bn, with the damage concentrated in southern Louisiana.