Cyber insurance grows in US, especially among large companies, states Best report

Cyber insurance grows in US, especially among large companies, states Best report

Cyber insurance grows in US, especially among large companies, states Best report

Larger US companies, especially financial institutions and healthcare companies, are increasing cyber coverage, and the US market for cyber insurance grew significantly in 2017, according to a new AM Best special report. It reveals that direct premiums written rose nearly 32% year over year to $1.8bn, and policies in force jumped 24% to 2.6 million. However, Best notes that, despite…

Energy market on the edge

Energy market on the edge

Energy market on the edge

Energy insurance buyers have been spared large price hikes following last year’s hurricanes, but questions remain about the sustainability of current market conditions. Hurricanes Harvey, Irma and Maria were predicted to prompt meaningful energy rate increases but have resulted in only “modest” price rises, according to a recent Willis Towers Watson 2018 report on the sector. The limited impact was…

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Action stations: why the EC’s collective redress proposals concern risk managers and insurers

Concerns over a lack of safeguards in the EC’s proposed pan-EU collective redress mechanism focus on the fact that the loser-pays principle and need for consent to be part of an action are missing, as well as fears that rules governing who can bring a class action will not preclude third-party litigation funders from delivering mass US-style litigation in Europe.…

Cyber: Signs of market growing up as limits begin to tighten

Cyber: Signs of market growing up as limits begin to tighten

Cyber: Signs of market growing up as limits begin to tighten

Insurers and brokers are often accused of using fast-rising awareness of cyber risk at c-suite level as an excuse for creating a new revenue stream for them and, naturally, an extra, unwelcome cost for customers. Many risk managers across Europe, including Germany, have told Commercial Risk Europe that cyber should be included as an extension within existing lines of business…

Insurers and other experts say Hackitt Review doesn’t go far enough

Insurers and other experts say Hackitt Review doesn’t go far enough

Insurers and other experts say Hackitt Review doesn’t go far enough

Insurers and fire experts have criticised last week’s Hackitt Review into UK building regulations for stopping short of recommending a total ban on combustible materials that have been blamed for fuelling London’s Grenfell Tower fire last year. The review said current regulation of high-rise buildings in the UK is not fit for purpose. It called for changes to fire safety…

London market warns PRA proposals could limit credit cover and increase cost

London market warns PRA proposals could limit credit cover and increase cost

London market warns PRA proposals could limit credit cover and increase cost

London market insurers could withdraw from selling credit risk insurance to banks and increase the cost of cover if proposed regulations are introduced, according to the International Underwriting Association (IUA) and the Lloyd’s Market Association (LMA). Proposals by the UK’s Prudential Regulatory Authority (PRA) regulator in February, to strengthen requirements for unfunded credit protection under its Capital Requirement Regulation on…

XL Catlin hungry for autonomous tech risks

XL Catlin hungry for autonomous tech risks

XL Catlin hungry for autonomous tech risks

XL Catlin has “significant risk appetite” for new risks emerging from autonomous technology and has put together a team of experts to provide solutions. The new team can help provide protection at design and development stages, through to testing and implementation. The cover is available globally to all sectors of industry. Xl Catlin has also established a Global Autonomy Centre…

Hackitt report calls for change in UK fire safety culture

Hackitt report calls for change in UK fire safety culture

Hackitt report calls for change in UK fire safety culture

An independent review of fire safety following the 2017 Grenfell Tower disaster has called for radical changes in building regulation and fire safety risk management in the UK. The much-anticipated final report on The Independent Review of Building Regulations and Fire Safety calls for the creation of a new regulator and increased responsibilities for occupiers of buildings. The report focuses…

Dutch risk managers agree cyber cover should be standalone rather than in existing lines

Dutch risk managers agree cyber cover should be standalone rather than in existing lines

Dutch risk managers agree cyber cover should be standalone rather than in existing lines

Leading Dutch risk managers have agreed with their colleagues in Italy and Germany that arranging standalone cyber cover is preferable to trying to include it within existing traditional lines, to avoid uncertainty and assure the CFO and rest of the board they are actually covered. In the past, a good proportion of European risk managers have told Commercial Risk Europe…

European countries top FM Global’s resilience index but struggle on cyber risk

European countries top FM Global’s resilience index but struggle on cyber risk

European countries top FM Global’s resilience index but struggle on cyber risk

Business resilience to risk and disruption is highest in Switzerland, followed by Luxembourg and Sweden, finds a global index of 130 countries and jurisdictions published by FM Global. However, European countries have deteriorated when it comes to cyber resilience. Myanmar, Nigeria and Madagascar were the bottom three ranked countries in the overall index. Based on 12 measures of resilience across…

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