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…

WeSpecialty launches comprehensive political risk and terror solution as market tightens

WeSpecialty launches comprehensive political risk and terror solution as market tightens

WeSpecialty launches comprehensive political risk and terror solution as market tightens

WeSpecialty, the fast-growing Paris-based specialty managing general agency backed by a number of leading Lloyd’s insurers offering capacity to French and global corporate insurance buyers, has launched an innovative solution to cover political violence, terrorism and political risks. Patrick de la Morinerie – founder and chairman of WeSpecialty, former deputy CEO of AXA Corporate Solutions and chairman of the International…

Pool Re to extend property cover to cyber terror attacks

Pool Re to extend property cover to cyber terror attacks

Pool Re to extend property cover to cyber terror attacks

Pool Re, the UK’s government-backed terrorism reinsurance fund, is interested in extending cover to include physical damage from cyber terrorism, a spokesman has confirmed to Commercial Risk Online. Pool Re chief executive Julian Enoizi told Reuters recently that he has held discussions with the government and industry, and that Pool Re hopes to add cyber to its coverage in the…

Pool Re reinsurance renewal increases limit to £2bn

Pool Re reinsurance renewal increases limit to £2bn

Pool Re reinsurance renewal increases limit to £2bn

Pool Re, the UK government-backed mutual terrorism reinsurer, has increased its commercial reinsurance cover to £2bn, compared with the £1.95bn of cover previously in place. The placement further distances Her Majesty’s Treasury (HMT) and thus, ultimately, the UK taxpayer from any potential liability. The two-layer programme was brokered by Guy Carpenter and placed with a panel of reinsurance companies that…

Ethiopia dam attack attempt not viable threat but indicates increased terrorism risk

Ethiopia dam attack attempt not viable threat but indicates increased terrorism risk

Ethiopia dam attack attempt not viable threat but indicates increased terrorism risk

A planned attack against Ethiopia’s Grand Renaissance Dam (GRD) hydroelectric project was thwarted by security forces on 1 March, according to an Ethiopia government spokesperson. Jordan Anderson, country risk analyst, IHS Markit, said: “The militants allegedly belonged to the Benishangul People’s Liberation Movement (BPLM) and were intercepted by security forces near the town of Asosa, the capital of Ethiopia’s Benishangul-Gumuz…

Changes to TRIPRA in US will impact captives in 2017

Changes to TRIPRA in US will impact captives in 2017

Changes to TRIPRA in US will impact captives in 2017

Changes to the 2015 US Terrorism Risk Insurance Program Reauthorization Act (TRIPRA), such as raising the programme trigger and increasing the insurer’s quota share, will affect captives in 2017, according to a briefing from Marsh. For 2017, the programme trigger increased to $140m and the federal reinsurance quota share was reduced to 83%, increasing the insurer quota share to 17%,…

Business votes digital risks as top three disruption threats

Business votes digital risks as top three disruption threats

Business votes digital risks as top three disruption threats

Digital risks rank as the top three interruption threats in a recent survey of global businesses, undertaken by the Business Continuity Institute (BCI). Cyber attacks emerged as the greatest perceived threat, with 88% of businesses concerned. This was followed by data breach in second place and IT/telecom outages in third. The results are from the BCI’s Horizon Scan Report, published…

Ironshore International ups capacity on terrorism & sabotage programmes

Ironshore International ups capacity on terrorism & sabotage programmes

Ironshore International ups capacity on terrorism & sabotage programmes

Ironshore International has increased capacity on its Terrorism & Sabotage programmes to $400m from the current $375m limit, effective immediately. Ironshore’s Terrorism & Sabotage cover provides insurance protection for businesses against damage to commercial and residential property, including business interruption resulting from terrorist attacks worldwide. Coverage is provided on either a full value or first loss basis, and optional policy…

Risk management key as 2017 to be difficult year for strategic planning

Risk management key as 2017 to be difficult year for strategic planning

Risk management key as 2017 to be difficult year for strategic planning

This year will be one of the most difficult for businesses’ strategic decision making since the end of the Cold War, according to Richard Fenning, CEO of Control Risks. Launching its annual RiskMap, he said: “The unexpected US election and Brexit referendum results, which caught the world by surprise, have tipped the balance to make 2017 one of the most…

New London e-platform gains momentum

New London e-platform gains momentum

New London e-platform gains momentum

A total of 1,600 risks have been placed using the London market electronic trading platform PPL since it launched in July 2016, said the London Market Group (LMG). LMG said it hoped to roll out the system to new classes of business to continue momentum and drive up usage of PPL. LMG said there has been a positive trend in…

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