Beazley, Chaucer and Talbot form Singapore political risk consortium

Beazley, Chaucer and Talbot form Singapore political risk consortium

Beazley, Chaucer and Talbot form Singapore political risk consortium

Three insurers in the Lloyd’s market have joined forces to form a political risk consortium in Asia, offering large-scale capacity for a wide range of political and contract frustration risks. Beazley, Chaucer and Talbot will work together to provide capacity of up to $130m for individual risks, with a policy period of up to seven years, through a new Lloyd’s…

Election fever growing in east Africa

Election fever growing in east Africa

Election fever growing in east Africa

Elections in Kenya and Rwanda are entrenching democracy, as Steve Mbogo reports Rwanda and Kenya will hold elections in August. But unlike for Rwanda, it is a bad season for Kenya as elections make everyone anxious and uncertain, with the consequences being reduced momentum of economic growth. A history of election-related violence is the cause. It is not a misplaced…

Confidence in investment into Africa remains high

Confidence in investment into Africa remains high

Confidence in investment into Africa remains high

FDI flows to Africa may be threatened by global economic uncertainty, but delegates at the fourth annual African Trade Insurance Agency roundtable heard that Africans can do more to help themselves and boost intra-African trade. Liz Booth reports from the event Africans must learn to do more for themselves and to seek out investment support, according to speakers and delegates…

Willis poaches Hiscox political risk veterans

Willis poaches Hiscox political risk veterans

Willis poaches Hiscox political risk veterans

Willis Towers Watson has recruited Claire Simpson and Victoria Padfield to its Political Risk and Trade Credit team in London as part of a broader expansion of its Financial Solutions division. Ms Simpson has been appointed global claims director. Both Ms Simpson and Ms Padfield held underwriting positions with Hiscox prior to joining Willis Towers Watson. Ms Simpson was head…

Piracy attacks increase in first quarter: IMB

Piracy attacks increase in first quarter: IMB

Piracy attacks increase in first quarter: IMB

Piracy increased during the first quarter of 2017 as hotspots continued off Nigeria and around the southern Philippines, according to statistics from the ICC International Maritime Bureau (IMB). Piracy and armed robberies targeted a total of 43 ships in the first quarter of 2017, up from 37 incidents in the same period last year. A total of 33 vessels worldwide…

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

APAC companies top the charts for risk preparedness: Aon survey

Global 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. Global preparedness for the top 10 risks fell from 58% in 2015 to 53% in 2017. Aon said the findings are “worrisome”, particularly given that this year’s report surveyed…

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast joins ATI member countries

Ivory Coast has joined the African Trade Insurance Agency (ATI) in a bid to reach emerging country status by 2020. ATI is a multilateral investment insurer whose specialised investment and commercial risk insurance products are expected to help attract up to US$2bn of inward investments and trade into the country and to potentially help lower its sovereign borrowing costs by…

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Coca-Cola sues Lloyd’s and Hannover Re for $1m over BI losses in Nepal

Drinks company Coca-Cola is demanding close to $1m in compensation from its insurers for unpaid business interruption (BI) losses incurred during the Nepal-India blockade between 2015 and 2016. The lawsuit, filed in Coca-Cola’s home state of Atlanta, implicates both insurer Hannover Re and underwriter Lloyd’s, and claims that the losses were covered under its political risk policy. The blockade, which…

Lloyd’s targets Asia for cyber insurance demand

Lloyd’s targets Asia for cyber insurance demand

Lloyd’s targets Asia for cyber insurance demand

Lloyd’s CEO Inga Beale anticipates a “massive increase” in cyber insurance business across Asia this year. Lloyd’s currently has a 25% share of the global cyber insurance market, with the majority of it written in the US and a growing amount in Europe. In both cases, a big driver of adoption has been regulation – more specifically the requirement to…

Coface sees global business confidence growing but political risk widespread

Coface sees global business confidence growing but political risk widespread

Coface sees global business confidence growing but political risk widespread

Despite persistent political risk, business confidence is reported to be growing in the advanced economies, and financial markets are buoyant. This, combined with economic recovery in the emerging countries, has led Coface to upgrade its global growth forecast to +2.8% and that of global trade to +2.4%. Coface said the rise in business confidence is perceptible but is not yet…

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