TMK launches VFX and post-production media insurance

TMK launches VFX and post-production media insurance

TMK launches VFX and post-production media insurance

Tokio Marine Kiln (TMK) has launched a hybrid product, VFX and Post-Production Media Insurance, for companies specialising in online or offline editing and digital content. Post-production media insurance, which combines traditional commercial insurance with cyber and reputational management cover, was designed to address the need for insurance cover in the face of cyber attacks and accidental security breaches. Policyholders will…

RMS questions Sendai Framework that aims to reduce nat cat risk

RMS questions Sendai Framework that aims to reduce nat cat risk

RMS questions Sendai Framework that aims to reduce nat cat risk

Nat cat expert Dr Robert Muir-Wood, chief research officer at RMS, has questioned the metrics behind the Sendai Framework that is used to measure progress on managing natural disasters around the world. With the United Nations (UN) conference on disaster risk reduction starting today, Dr Muir-Wood said important targets set against the Sendai Framework could undermine evidence presented by UN…

Fenchurch Law appoints new associate

Fenchurch Law appoints new associate

Fenchurch Law appoints new associate

UK firm Fenchurch Law, which specialises in complex insurance disputes and works solely for insureds, has appointed Alex Rosenfield as an associate in its professions team. Fenchurch Law said Mr Rosenfield brings experience of property damage, business interruption and professional indemnity claims for professional clients including accountants, solicitors, IFAs and surveyors caught up in claims disputes. Mr Rosenfield joins Fenchurch…

RIMS survey highlights plethora of BI challenges facing insureds

RIMS survey highlights plethora of BI challenges facing insureds

RIMS survey highlights plethora of BI challenges facing insureds

Risk managers have named difficulties quantifying losses as their greatest challenge when handling business interruption (BI) claims. The RIMS Business Interruption Survey 2017 revealed that 58% of risk managers find calculating losses from a business interruption claim the most significant hurdle, followed by 46% that experienced difficulties in providing paperwork to insurers. The survey of 400 RIMS members, conducted in…

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

Global companies’ preparedness for the top 10 risks they face has deteriorated and risk readiness of global firms is at an all-time low, according to Aon’s 2017 Global Risk Management Survey. Global preparedness for the top 10 risks fell from 58% in 2015 to 53% in 2017. Aon said the findings are “worrisome”, particularly given that this year’s report surveyed…

Aon’s flagship survey reveals ‘worrisome’ fall in preparedness for leading risks

Aon’s flagship survey reveals ‘worrisome’ fall in preparedness for leading risks

Aon’s flagship survey reveals ‘worrisome’ fall in preparedness for leading risks

European companies’ preparedness for the top 10 risks they face has deteriorated and risk readiness of global firms is at an all time low, according to Aon’s 2017 Global Risk Management Survey. The biannual survey of risk decision-makers across the world named damage to reputation/brand as the number one global risk, followed by economic slowdown and increasing competition. Global preparedness…

A legal guide to cyber BI cover in Asia

A legal guide to cyber BI cover in Asia

A legal guide to cyber BI cover in Asia

Business interruption (BI) insurance, in the traditional context of commercial property insurance, is well established. While in Asia BI wordings are largely consistent, the wordings found in most traditional BI policies have not been universally adopted in the modern context of cyber risk/data breach BI insurance which, broadly, is directed at the disruption caused to a business through lack of…

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Insured losses from Cyclone Debbie to top $1.3bn: Swiss Re

Total insured losses resulting from cyclone Debbie are estimated to cost at least $1.3bn due to a significant number of commercial and corporate claims, according to reinsurer Swiss Re. The tropical cyclone hit the Queensland coast in late March, causing five fatalities and widespread flooding and property damage, including the loss of electricity for 68,000 people. Classified as a Category…

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Drinks company Coca-Cola is demanding close to $1m in compensation from its insurers for unpaid business interruption (BI) losses incurred during the Nepal-India blockade between 2015 and 2016. The lawsuit, filed in Coca-Cola’s home state of Atlanta, implicates both insurer Hannover Re and underwriter Lloyd’s, and claims that the losses were covered under its political risk policy. The blockade, which…

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japan’s commercial quake insurance gap unlikely to narrow in short term: Fitch

Japanese corporates continue to be significantly underinsured for commercial earthquake risk, despite the large economic losses incurred in the March 2011 earthquake in Tohoku region and the Kumamoto earthquake in 2016, states Fitch Ratings in a new report. Fitch does not expect demand for earthquake insurance from Japanese corporates to dramatically increase, because premiums are regarded as too expensive. Japanese…

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