BI, cyber and nat cats top risk list for 2018 finds Allianz Barometer

BI, cyber and nat cats top risk list for 2018 finds Allianz Barometer

BI, cyber and nat cats top risk list for 2018 finds Allianz Barometer

Business interruption (BI), cyber and natural catastrophes are the leading business risks this year, according to more than 1,900 risk experts from 80 countries polled for the latest Allianz Risk Barometer. The survey by Allianz Global Corporate & Specialty (AGCS), reveals that BI and cyber also remain the leading two risks in Europe, where changes to legislation/regulation and natural catastrophes…

Munich Re and easyJet develop groundbreaking cancellation cover

Munich Re and easyJet develop groundbreaking cancellation cover

Munich Re and easyJet develop groundbreaking cancellation cover

An innovative business interruption coverage that protects airlines against financial shocks caused by major flight cancellations has been devised by Munich Re in collaboration with easyJet. The policy, which allows an airline to partially reduce its liquidity reserves, provides financial protection against events such as volcanic ash clouds, severe winter storms, or the grounding of a fleet for safety reasons.…

Hurricane losses set new cat record in 2017: Munich Re

Hurricane losses set new cat record in 2017: Munich Re

Hurricane losses set new cat record in 2017: Munich Re

Heavy hurricane losses contributed to an annual insured loss record of $135bn in 2017, according to Munich Re. Its figures show that at about $68bn, Hurricanes Harvey, Irma and Maria landed the US with 50% of the total insured loss bill, up from a long-term average of 32%. Before Christmas, Swiss Re’s sigma calculated global insured catastrophe losses at $136bn,…

AIR drops insured loss estimate for Hurricane Maria

AIR drops insured loss estimate for Hurricane Maria

AIR drops insured loss estimate for Hurricane Maria

AIR Worldwide has reduced its insured loss estimate for Hurricane Maria to between $27bn and $48bn, from its previous estimate in September of between $40bn and $85bn. Most of the losses from the storm were recorded in Puerto Rico, and AIR now estimates insured losses on the island to total between $25bn and $43bn. The modelling firm said losses from…

FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

FM Global sees growing concern over flood BI

Business interruption concerns are driving bigger investments in flood mitigation by large corporates, according to Thierry Masurel, manager, Paris operations at FM Global in France. In a year that has seen some of the biggest storms and flooding in living memory hit parts of the US and Caribbean, large companies are becoming more aware of business interruption following flood, Mr…

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

Less is more to ensure BI claims certainty, says Swiss Re

A broadening of coverage in business interruption (BI) insurance due to price pressure and competition is leading to concerns about claims certainty, according to Swiss Re Corporate Risk Solutions (SRCS). The BI proportion of Property Damage claims continues to grow and in some cases eclipses physical loss to assets by more than double. It is not uncommon for BI losses to…

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR’s California wildfires estimate increases four-fold

AIR Worldwide has increased its insured loss estimate for October’s Californian wildfires to between $8bn and $10bn, up from $2bn–$3bn stated previously. The catastrophe modelling firm said the revised figure reflects new information about policy terms and a revaluation of replacement values for high-value homes. AIR’s loss estimate covers damage to residential and commercial properties, as well as motor and…

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Charles Taylor Adjusting appoints new director in France

Loss adjuster Charles Taylor Adjusting has appointed Glyn Symonds as director of operations in France. Based at the company’s new Marseille office, Mr Symonds will oversee Charles Taylor Adjusting’s French offices. He will identify new business opportunities in France and be responsible for claims in the country and French-speaking territories. Mr Symonds joins Charles Taylor Adjusting after a 40-year career…

Marsh launches Resilience for UK mid-sized buyers

Marsh launches Resilience for UK mid-sized buyers

Marsh launches Resilience for UK mid-sized buyers

Marsh has launched a new insurance and risk management solution designed to simplify commercial insurance for mid-sized firms in the UK. Resilience promises to offer greater protection against major threats, including cyber risk business interruption and unseen events. Resilience offers commercial insurance policies from a panel of ten insurers to guarantee competition, but all cover is bound by Resilience wordings…

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurance industry foots 25% of hurricane bill

Bermuda’s insurers and reinsurers are expected to pay for at least 25% of total insured losses, currently estimated at $100bn, from Hurricanes Harvey, Irma and Maria, according to the Association of Bermuda Insurers & Reinsurers (ABIR). The association said Bermuda’s insurance industry has already begun paying claims. Kevin O’Donnell, ABIR chair, and president and CEO of RenaissanceRe Holdings, said: “At…

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