Business interruption
Air India crash claim could reach around £150m
The fatal crash of Air India flight AI171 on Thursday (12 June) is expected to cost the insurance industry more than $200m (£147.2m), more than the direct written premium for aviation in India, according to analysts GlobalData.
M&S attack proves public-private cyber risk pool is required
Editor’s View: The cyber attack against M&S shows insurance alone can’t swoop in to save the day when cyber criminals attack major retailers, so the government must partner with providers now to ensure national resilience, argues Emma Ann Hughes.
Cyber events halt 1 in 7 businesses for at least a day
One in seven businesses have lost a day or more to a cyber event in the last 12 months, according to global research for commercial insurer QBE.
Ransomware ban could lead to higher claim costs
The government’s proposed ban on ransomware payments is “well intentioned” but lacks “nuance”, according to Tom Egglestone, head of international claims at Resilience.
Zurich expands SME proposition to online retailers
Zurich has expanded its commercial combined offering to include coverage for SME online retailers, Insurance Post can reveal.
What lessons should the industry learn from retail cyber attacks?
Following several high-profile cyber attacks against retail businesses in recent months, figures throughout the insurance industry have highlighted the importance of comprehensive risk management, alongside robust cyber cover.
Recent power cuts highlight coverage disparities
Recent high-profile power outages demonstrate the importance of policyholders ensuring the cover they have in place is fit for their business’s purposes, Fenchurch Law managing partner Joanna Grant has told Post.
Ardonagh’s rebrand; Google Cloud’s expansion; Insure Your Paws’ product
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Quarterly weather damage claims payouts hit record £200m
In the first quarter of this year, claims for weather-related damage to people’s homes and possessions topped £200m for the first time ever, according to data from the Association of British Insurers.
Howden hits back at £20m lawsuit
Howden has hit back at a £20m lawsuit brought against it by a luxury hotel group, calling it “the product of hindsight” and arguing it “lacks any proper foundation in fact or law”.
Throwback Thursday: Strikes impact Post
Insurance Post’s Throwback Thursday steps back in time to April 1980 to remind you what was going on this week in insurance history when our publication was lighter than usual on news due to the printing industry going on strike.
Brown & Brown buys broker; Crif and Crawford collab, Atec hire
Weekly Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.
Trump’s tariffs impact on insurance laid bare
The introduction of US president Donald Trump’s tariffs on Wednesday (9 April) will increase the cost of claims, particularly in motor and home insurance, experts have warned.
Heathrow blaze sees insurers brace for claims
A fire at a substation near Heathrow airport this morning (21 March) has left more than 1000 flights cancelled, meaning insurers are prepping for an influx of claims.
Hiscox offers update on plan for genAI underwriting
Hiscox and Google Cloud have shared plans to introduce generative artificial underwriting to more lines of business and explained what it took to get it working last year for terrorism cover.
Throwback Thursday: CU & GA’s vow; Beazley’s hoax cover
Insurance Post’s Throwback Thursday steps back in time to March 1998 to remind you what was going on this week in insurance history when Commercial Union and General Accident were making promises, and bomb threat cover was created.
Lloyd’s predicts potential $2.4trn extreme space weather loss
The latest systemic risk scenario from Lloyd’s and the Cambridge Centre of Risk Studies has revealed that the global economy could be exposed to losses of $2.4trn over five years if a solar storm occurred.
Pool Re reduces taxpayers’ exposure to UK terrorism risk
Pool Re has completed the placement of a new retrocession programme, shifting more of the financial risk arising from acts of terrorism away from taxpayers and back to the private market.
Howden hit with £20m negligence lawsuit
A luxury hotel group has lodged a professional negligence lawsuit against Howden, alleging oversights by the broker meant it found itself unable to claim for Covid-related business interruption losses in 2020.
FCA CEO promises fewer large-scale changes for insurers
Nikhil Rathi, CEO of the Financial Conduct Authority, has promised to reduce unnecessary regulatory burdens and support growth of the insurance sector, with less large-scale rule changes in the next five years.
How insurance helped and hindered the care sector
Almost five years on from the first Covid-19 pandemic lockdown, Scott McGee examines how insurers helped care providers make sense of the barrage of government guidance, why some have pulled back from offering cover, plus what the industry is doing today…
Settlement reached in Covid event cancellation dispute
A $90m (£71.2m) reinsurance dispute involving several Lloyd’s syndicates over losses incurred by Covid-enforced event cancellations in the US and UK during 2020 and 2021 has been settled.
Court’s judgment will have far-reaching corporate insurance ramifications
The Court of Appeal has handed down its latest judgment in relation to Covid-related business interruption insurance claims, with some of its findings likely to have significant ramifications for commercial lines insurance more broadly.
Thatcham and Elixirr partner; Lockton’s facility; Cowbell joins ABI
Friday Round-Up: Insurance Post wraps up the major insurance deals, launches, investments and strategic moves of the week.