Terror and cyber attacks boost demand for crisis cover

Terror and cyber attacks boost demand for crisis cover

Terror and cyber attacks boost demand for crisis cover

Insurance buyers are increasingly turning to crisis management solutions from insurers as they seek to manage fast-evolving security and cyber threats, according to Arthur J Gallagher (AJG). The past two years have seen a number of attacks in Europe and elsewhere in which terrorists used vehicles, knives, guns and explosives, often acting as lone wolves or in marauding attacks, to…

Supply chain market evolving, but needs kick start

Supply chain market evolving, but needs kick start

Supply chain market evolving, but needs kick start

The supply chain insurance market has made significant strides in recent times and risk managers are being offered broader coverage than ever before. But it needs more companies to take out cover to boost momentum. The shock 2011 Thai floods and Japanese tsunami focused the minds of the risk transfer and management community on supply chain and business interruption (BI)…

ABI tells BA fliers to claim from the airline, not insurers

ABI tells BA fliers to claim from the airline, not insurers

ABI tells BA fliers to claim from the airline, not insurers

The Association of British Insurers (ABI) is advising consumers to seek redress from British Airways (BA), amid concerns that BA staff have been directing passengers delayed by the recent computer systems failure to their travel insurers. “If you have been affected by the recent British Airways computer systems failure you may be entitled to compensation for disruption and additional expenses,”…

British Airways’ ‘textbook’ crisis offers risk management lessons

British Airways’ ‘textbook’ crisis offers risk management lessons

British Airways’ ‘textbook’ crisis offers risk management lessons

The massive IT systems failure at British Airlines (BA) over the weekend is yet another example of the airline industry’s growing dependency on technology, and clearly highlights the need for organisations to beef up their crisis management resources for critical systems. BA is likely to face a multimillion-pound bill following the two-day global IT systems outage that grounded flights at…

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could lead to higher risk appetite for BI supply chain covers

Digitalisation could help companies better manage business interruption (BI) risk and thus lead to increased appetite for BI supply chain covers at risk transfer partners, according to Heike Trilovszky, Munich Re’s German operation head. Lack of historic data, complex interdependencies and the potential for big accumulation of risk mean that BI caused by supply chain disruption remains a challenging area…

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…

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…

London attack to spark further demand for widening terror cover

London attack to spark further demand for widening terror cover

London attack to spark further demand for widening terror cover

Insured losses from the horrific terror attack on central London this week will be small, but the attack is likely to spark a rise in demand for specialist terror and political violence cover, with business interruption (BI) protection top of the list. Tim Davies, co-head of sabotage and terrorism at Lloyd’s insurer Sompo Canopius, told Commercial Risk Europe that sadly this…

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