Business interruption
Aviva has axed 1200 of 1800 jobs set to be cut
Operating profits for Aviva’s UK general insurance business fell 35% to £250m in 2019, though the result excludes the £45m cost of strengthening reserves following July’s Ogden rate revision, as it revealed it has cut 1200 jobs across the company so far.
Coronavirus to gain notifiable disease status across UK
Businesses disrupted by the coronavirus outbreak may be able to recoup their losses if they have purchased insurance policy extensions indemnifying losses stemming from “notifiable disease”, following updates to public health statutes.
Pool Re development a 'massive change': Biba
Graeme Trudgill, executive director at the British Insurance Brokers’ Association, has pledged to support Pool Re during consultations about the future of the mutual reinsurer.
ABI flags 'potentially serious implications' as Pool Re classified part of government
The Office for National Statistics has judged that Pool Re should be classified as part of the central government subsector in a surprise move that has raised questions about the future of the mutual reinsurer.
Insurance Monitor: Brexit: finding corridors of deviation
In this month's column, David Worsfold, a long-running commentator on the insurance market, explores how the insurance industry could find itself rather lonely in its corridors of deviation after Brexit is finalised, the complexities of Covid-19 for the…
Insurance policies likely to provide limited protection from coronavirus costs
Businesses seeking to use insurance to recoup costs incurred by the ongoing coronavirus outbreak are likely to find their cover wanting, due to a raft of exclusions, stringent notification criteria and sublimits.
Coronavirus: Organisations urged to review business continuity and crisis management plans
As the number of confirmed Novel Coronavirus cases hit 2014 yesterday, businesses have been advised to make sure they factor the virus into their risk plans.
Address cyber and climate risks or face 'critical impact', warns AGCS CEO
Companies face “a critical impact” if they fail to address cyber and climate risks, the CEO of Allianz Global Corporate and Specialty has warned.
Pool Re broadens SME business interruption coverage
Pool Re has expanded its definition of SMEs to include firms with assets up to £5m, increasing the number eligible for its business interruption cover at no extra cost.
Analysis: Revisiting 'Flood Re Plus' for businesses
The idea of a Flood Re Plus scheme has been mooted by Airmic as a solution for those businesses that struggled to obtain flood cover
Harris Balcombe creates head of cyber risks role
Mark Harris has joined loss assessor Harris Balcombe as head of cyber risks, Post can reveal.
Q&A: Graham Smart, The Chartered Institute of Loss Adjusters
Graham Smart has replaced Luke Exford as president of the Chartered Institute of Loss Adjusters. He spoke to Hiriyti Bairu about how loss adjusting has evolved over the years and the challenges facing the sector.
Blog: Machinery breakdowns - what are the risks to businesses?
Although cyber takes the headlines, machinery breakdown can be equally damaging to businesses, according to Owen Lewis, group manager for account engineering at FM Global's London operations, with a recent analysis of the company's client losses…
Analysis: Reservoir dams - a water-tight insurance risk?
With almost 3000 dams supplying drinking water to towns and cities they are a common feature in the UK countryside. However, when heavy rain in August threatened the integrity of the emergency spillway at Toddbrook Reservoir an emergency evacuation of…
Analysis: The challenges of cyber modelling
The size and complexity of cyber perils are constantly increasing and pose a major challenge to insurers and insureds alike as they attempt to assess potential cyber losses.
City-based insurers face down disruption from Extinction Rebellion
Insurance firms could face further disruption, after Extinction Rebellion activists shut down roads around the City of London yesterday in a bid to raise awareness of climate “inaction”.
Complex supply chains increasingly under strain: Airmic
Developments in geopolitics, climate and technology are increasingly putting supply chains under strain, the Association of Insurance and Risk Managers in Commerce has warned.
London company market premiums written in Europe on the rise
Gross premiums written in London by the company market increased 6.7% in 2018, reaching £19.56bn, according to the International Underwriting Association.
Remedying Risk: Avoiding chinks in the armour of terrorism cover
Today’s terror attacks come in many forms – from homemade bombs to suicide bombers, knife and acid attacks to vehicles ramming pedestrians. Chris Parker, head of Beazley’s terrorism, political violence and kidnap & ransom underwriting team argues all are…
Analysis: Rash of cancelled cover highlights the role of the broker
A rise in the volume of UK businesses that have cancelled at least one type of insurance cover over the past few years has served to highlight the importance of the broker’s role in the insurance buying process
Aston Lark's Peter Blanc on rethinking terrorism insurance
Non-damage business interruption terrorism insurance became available through Pool Re recently. And while Aston Lark's CEO Peter Blanc believes this is good he argues that once again the insurance profession has managed to make the whole topic pretty…
Blog: Whaley Bridge throws spotlight on non-damage business interruption cover
This month’s dam breach at Whaley Bridge brought a small community to a standstill, with many businesses unable to trade for a full week due to the enforced evacuation of the town and its surroundings writes Sarah Baker, head of business interruption, UK…
Hong Kong protests highlight civil unrest exposures as risk appetites wane
Brokers have warned policies may include exclusions for strikes, riots and civil commotion, as insurer risk appetites in the region wane amid continued protests in Hong Kong.
This week in Post: Big fish, little fish, cardboard box?
It might be the name, but this week I’ve spotted some similarities between Gibraltarian unrated insurer-facing-liquidation Lamp Insurance and an angler fish, sparking some strange and slippery debate in the office.