Insurers entering less legal disputes with policyholders: survey

Insurers entering less legal disputes with policyholders: survey

Insurers entering less legal disputes with policyholders: survey

New research has found that insurers are less willing to raise disputes or get into conflict with policyholders as they enact new strategies focused on client retention in the current competitive climate. The report by consulting firm Gracechurch notes that this attitude is also due to the need for insurers to reduce the costs of raising disputes, given low investment…

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…

London market moves ahead with single claims protocol

London market moves ahead with single claims protocol

London market moves ahead with single claims protocol

Key underwriting groups in the London market have approved a Single Claims Agreement model proposed by brokers that will allow lead carriers to authorise non-complex claims up to a specified value on behalf of all following carriers. Both the International Underwriting Association (IUA) and the London Market Association (LMA) have given the green light to the model that will be…

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Oil price affecting political risk in key African states

Political events can have a significant influence on the price of oil, but the price of oil also has a strong influence on political events. In 2016, the latter was in full force, with enormous geopolitical consequences from the downturn in the price of oil, according to a new report from Marsh. Its 2017 Oil and Gas Risk Reward Index…

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

Greek authority clarifies IPT exemptions

The Greek Independent Authority of Public Revenue has provided clarification on Insurance Premium Tax (IPT) exemptions and the treatment of cancelled insurance contracts in Greece, according to TMF Group. According to the provisions of the decision, issued in the circular POL. 1028/22.2.2017, the following insurance premiums are exempted from IPT: – Insurance contracts for ships and aircrafts of Article 3…

RIMS advises businesses on cyber insurance needs

RIMS advises businesses on cyber insurance needs

RIMS advises businesses on cyber insurance needs

A company’s assessment of its cyber insurance needs should begin with an assessment of the sources of risk and perils and whether they are covered by traditional policies or are excluded, according to a report from the US Risk and Insurance Management Society (RIMS). The report, Cyber Insurance: Considerations for Businesses, states that organisations considering standalone cyber coverage should determine…

Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

Nigerian government settles Naicom, PenCom feud over annuities

The Nigerian government has settled the lingering feud between the National Insurance Commission (Naicom) and National Pension Commission (PenCom) on the administration of annuity assets in the country. Both agencies argue that life insurance firms and pension fund custodians have the legal mandate to warehouse and administer annuity assets in Nigeria respectively. To resolve the face-off, the Minister of Finance,…

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…

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Europe’s new regime on insurance distribution: Germany adopts controversial approach to implementation

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution (recast) (IDD) sets a new European legal framework for insurance distribution. The IDD has to be implemented in the member states by 23 February 2018, and first steps are being taken in this direction. On 21 November 2016, the German Federal Ministry…

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