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…

Ferma concerned that buyers’ view missing from EU cyber insurance report

Ferma concerned that buyers’ view missing from EU cyber insurance report

Ferma concerned that buyers’ view missing from EU cyber insurance report

Ferma has welcomed the publication of an EU report on standardising various aspects of cyber insurance, but “regrets” that the voice of buyers is not represented, with evidence gathered only from the insurance industry. In particular, Ferma is concerned that the Commonality of Risk Assessment Language in Cyber Insurance report by the European Union Agency for Network and Information Security…

P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates expected, but may be limited to US cat

P&C reinsurance rates are expected to increase, particularly on US catastrophe-exposed lines, as a result of the significant catastrophe events in the third quarter of 2017, according to Fitch Ratings. However, the ratings agency said there is less certainty over more widespread rate rises outside of these lines, given the excess capital and the potential for new capital to enter…

FSB reconsidering GSII ‘too big to fail’ criteria – report

FSB reconsidering GSII ‘too big to fail’ criteria – report

FSB reconsidering GSII ‘too big to fail’ criteria – report

Global financial regulators have decided to throw out the ‘too big to fail’ gauge for assessing the riskiness of insurers, according to a report from Reuters that cites a source briefed on the matter. If true, the decision would be a big win for companies such as American International Group (AIG), which face more intense scrutiny under the regulation and…

New project finance offering from Liberty Specialty Markets

New project finance offering from Liberty Specialty Markets

New project finance offering from Liberty Specialty Markets

Liberty Specialty Markets (LSM), part of Liberty Mutual Insurance, has launched a new project finance offering for large-scale energy and infrastructure projects. The new offering is part of LSM’s Global Financial Risks (GFR) product range. Liberty’s GFR team has expanded its coverage to include credit insurance for large-scale energy and infrastructure projects and has now bound its first project finance…

More insurers take action on coal and climate change

More insurers take action on coal and climate change

More insurers take action on coal and climate change

Insurance companies have pulled $20bn out of investments in coal and a growing number are refusing to underwrite new coal projects, according to a scorecard on the industry from the Unfriend Coal campaign. Zurich announced this week that it will divest from and cease offering insurance to companies that depend on coal for more than 50% of their business. The…

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

ENISA calls for standardisation of cyber insurance

The European Union Agency for Network and Information Security (ENISA) has called on the insurance industry and policymakers to standardise cyber insurance coverage, language and risk assessments, in a major new report. In its report published on Wednesday (15 Nov), the EU’s cybersecurity agency makes several recommendations for policymakers and insurers, aimed at harmonising cyber insurance in a bid to…

Beazley revamps SME cyber policy

Beazley revamps SME cyber policy

Beazley revamps SME cyber policy

Beazley has expanded its cyber insurance policy for small and medium-sized businesses (SMEs), in direct response to the growing intensity of cyberattacks. The insurer said its redesigned Beazley Breach Response (BBR) cyber policy, first launched in 2009, “covers the universe of cyber risks” facing SMEs, in particular business interruption. Mike Donovan, global focus group leader for Beazley’s technology, media and…

NFIP reauthorisation to 2022 passed by House of Representatives

NFIP reauthorisation to 2022 passed by House of Representatives

NFIP reauthorisation to 2022 passed by House of Representatives

Risk management society RIMS has called on the US Senate to follow the lead of the House of Representatives this week and reauthorise the National Flood Insurance Program (NFIP) before it expires on 8 December. Reauthorisation under the proposed House bill would extend the NFIP until 2022. Welcoming the decision by the House of Representatives on Tuesday, RIMS vice-president Robert…

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