Substantial increase in credit and political risk capacity, says BPL Global

Substantial increase in credit and political risk capacity, says BPL Global

Substantial increase in credit and political risk capacity, says BPL Global

There is a growing appetite for credit and political risk business among insurers, with a substantial increase in market capacity in the last three years, according to specialist broker BPL Global. BPL said maximum lines for non-payment private obligor risks and public obligor risks rose by 30% to $2.4bn and $3.0bn respectively. It said this comes off the back of…

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Growing cyber awareness and mitigation efforts failing to reduce risk, says Marsh CEO

Cyber risk awareness is growing and more money is being spent on mitigation but this is not yet leading to a reduction in the risk, John Doyle, president and CEO of Marsh, told delegates at an OECD conference in Paris yesterday. Business, the insurance industry and governments need to rethink their approach to cyber risk and work more collaboratively to…

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Mayor of Cologne in London to promote city as EU insurance hub

Henriette Reker, the Mayor of Cologne, was in London today to meet leading representatives of the London insurance and reinsurance market and explain why Cologne should be considered as a viable option for UK and international insurers seeking a base for their European Union (EU) operations. The bulk of premium generated by Lloyd’s still comes from the US, with increasing…

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Marsh’s 2018 political risk map suggests choppy waters ahead for multinationals

Turbulence in political risk – particularly Brexit negotiations, trade protectionism and the North Korea missile crisis – will continue into 2018 and feature high on the agenda of multinationals, Marsh said on publishing its Political Risk Map 2018 with BMI Research. In Europe, the political risk landscape continues to be dominated by the UK’s exit from the European Union and…

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

NDB scheme raises cyber liability for Australia’s companies

The imminent introduction of Australia’s notifiable data breaches (NDB) scheme is likely to dramatically increase the liability from a cyberattack for companies, according to a local insurer. The NDB scheme comes into force on 22 February and will require companies to inform both the Office of the Australian Information Commissioner as well as affected customers, in the event of a…

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK rate increases fail to materialise, with market largely flat: Willis

UK corporate insurance buyers have avoided the hefty rate rises some predicted following record catastrophe-driven losses in the insurance and reinsurance markets last year, with the market largely flat, according to line-by-line analysis by Willis Towers Watson. However, with rate rises failing to materialise, buyers may instead face more selective underwriting as insurers focus on costs and reassess the quality…

Cyber breaches take on new forms, warns Beazley

Cyber breaches take on new forms, warns Beazley

Cyber breaches take on new forms, warns Beazley

Cyber hacks and malware were the most common cause of data breach in 2017, according to Beazley, accounting for 36% of incidents reported by its clients last year, followed by accidental disclosure at 28%, and insider breach and social engineering at 10% each. The insurer’s latest analysis also reveals three growing cyber threats to business, in the form of payroll…

Navigators’ post-Brexit strategy takes shape

Navigators’ post-Brexit strategy takes shape

Navigators’ post-Brexit strategy takes shape

To succeed as a global insurer, it is necessary to have underwriters on the ground in local markets, including Europe, according to Navigators Group president and CEO Stan Galanski. In a fourth-quarter earnings call, Mr Galanski said Navigators’ acquisition of Benelux insurers ASCO and BDM last year is part of a strategy to expand the US insurer’s specialty business in…

Nat cat claims take a bite out of 2017 profits at Brit

Nat cat claims take a bite out of 2017 profits at Brit

Nat cat claims take a bite out of 2017 profits at Brit

Specialty insurer Brit paid out $250m in natural catastrophe-related claims in 2017, producing a 112.4% combined ratio. CEO Matthew Wilson said the losses were in line with its expectations given the nature and scale of the events and Brit’s market share. Profit after tax was $21.5m for 2017, compared with $157.6m for 2016; gross written premiums totalled $2.06bn (2016: $1.91bn),…

AMRAE teams with insurers and others to boost cyber response

AMRAE teams with insurers and others to boost cyber response

AMRAE teams with insurers and others to boost cyber response

Risk managers and insurers need to accelerate the development of cyber risk culture within their organisations, clearly explain the content of different cyber coverage options to allow easier comparisons and strengthen trust between cyber policyholders and transfer partners, according to a group of leading French experts. A working party is being created, led by the French Insurance Association (FFA) and…

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