Articles by Harry Curtis
Clarity and closer relationships needed in cyber insurance market, risk managers hear
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.
‘Do not destroy your product,’ Ferma board member warns insurers
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.
Effects of climate change bite at UK corporate insurance renewals
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.
Catastrophically injured claimant granted accommodation costs in landmark ruling
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.
London company market’s grip on European premiums slipping away
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.
Insurers to continue BI dispute at fast-tracked Supreme Court appeal
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.
QIC cannot intervene in BI test case appeal
During Friday’s business interruption hearing, the court rejected an eleventh hour application by insurer QIC Europe Limited to intervene in the Financial Conduct Authority's test case.
Thatcham aims to tackle assisted driving confusion with scoring system
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 insurers launch parametric product to cover SME IT downtime
Lloyd’s has launched a parametric insurance product to cover SME business interruption losses caused by IT disruption or downtime.
FCA and seven insurers file 'precautionary' applications for Supreme Court BI test case appeal
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.
Tokyo Olympics a reminder of risk landscape beyond the pandemic, says WTW
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…
Industry must look at risks beyond pandemic in tackling non-damage BI challenge
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 dropped insurance broker due to alleged lack of hard market know-how
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…
Climate-related litigation could produce 'grey or black swan event'
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.
Analysis: One in five D&O buyers witnessing 400% premium increases
One in five UK directors and officers insurance buyers faced rate rises of 400% or more during this year’s renewals, according to Airmic.
Airmic unveils cross-body Resilience Alliance
Airmic has joined with three other professional membership organisations to create the Resilience Alliance in an effort to join up thinking between different disciplines involved in business resilience.
Analysis: Changing tactics - The strategy behind Aviva's aggregator push
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 sees underlying underwriting improvement as Covid weighs on H1 result
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 risk as MIB begins latest cutbacks
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.
Big three ratings agencies united in negative outlook for global reinsurers
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 calls for governments to back mandatory BI risk pools
Munich Re has called for government-backed risk pools to be created to insure against the effects of future pandemics.
Munich Re expects 'triple-digit million euro' losses from Beirut blast and recent hurricanes
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.
Tulsi Naidu to depart as Zurich UK CEO
Zurich’s Tulsi Naidu is set leave her role as UK CEO to take up the position of Asia Pacific CEO in Singapore from 1 January 2021.
Hurricane Laura insured loss estimates range from $4bn to $12bn
Early estimates of the insured losses resulting from Hurricane Laura range from $4bn to $12bn, with the damage concentrated in southern Louisiana.