The words on everyone’s lips

The words on everyone’s lips

The words on everyone’s lips

Cyber risk/cyber security is the most-used word or phrase encountered by insurers in 2016 according to a report from AM Best. About one-third of insurers surveyed cited cyber as the most common buzzword, while ‘low/negative interest rates’ placed second (23.1% of responses) and ‘increasing regulation’ finished third with 10.6% of respondents citing the phrase. Those surveyed were also asked about…

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers urged to address emerging fracking risks

Insurers need to address growing fracking risks and develop policies to specifically cover the emerging threat, according to a new report from the Chartered Insurance Institute (CII). The report, which is focused on UK risks, says the expected increase in onshore fracking following government support for the technique needs to be tackled head-on by insurers through designing specific policy cover.…

Climate change could soon impact D&O cover – Clyde & Co

Climate change could soon impact D&O cover – Clyde & Co

Climate change could soon impact D&O cover – Clyde & Co

Underwriters need to start asking searching questions about how businesses are responding to climate change, according to law firm Clyde & Co. The warning came at a Clyde & Co seminar on the impact of climate change on D&O cover. There is potential for a growing volume of litigation and disputes, in which corporate boards are being held to account…

Atradius reveals world’s top emerging markets

Atradius reveals world’s top emerging markets

Atradius reveals world’s top emerging markets

Ivory Coast is among the global leading emerging market economies (EMEs) to watch, according to trade credit insurer Atradius, which also cites India, Indonesia, Kenya, Peru, Chile and Bulgaria as places to watch. However, it also warned businesses to take a proactive approach to risk management as they make any investments. The trade credit insurer said: “These economies have been…

Tokio Marine Kiln launches online drone insurance

Tokio Marine Kiln launches online drone insurance

Tokio Marine Kiln launches online drone insurance

Tokio Marine Kiln (TMK) has added Unmanned Aerial Systems (UAS) insurance to its One TMK digital exchange. Brokers can now quote and bind UAS policies online in real time from any location. The product, which TMK says features an enhanced policy wording, will be available immediately subject to agreed business terms with TMK and licensing. The One TMK digital exchange…

‘Most challenging’ market conditions unlikely to ease for insurers: Kendrick

‘Most challenging’ market conditions unlikely to ease for insurers: Kendrick

‘Most challenging’ market conditions unlikely to ease for insurers: Kendrick

There is little prospect of a change in commercial insurance market dynamics anytime soon, despite the fact the rating environment is tougher than ever for insurers, argued Andrew Kendrick, senior vice-president of Chubb Group and regional president for Europe, in a recent speech at the AM Best European Conference. In an honest appraisal of market conditions, Mr Kendrick also said…

AM Best raises aggregation concerns as insurers fight for emerging risk

AM Best raises aggregation concerns as insurers fight for emerging risk

AM Best raises aggregation concerns as insurers fight for emerging risk

Credit rating agency AM Best believes that high competition in traditional lines is forcing London market insurers to look for growth in emerging risk areas such as cyber, which can only be good for risk managers. But the credit ratings agency is not sure that insurers have the data needed to properly price such risks and will therefore ‘monitor closely’ potential aggregation risk and whether companies have strict loss limits in place.