Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re to plug cyber risk and NDBI gaps

Pool Re has received agreement in principal from the UK government to extend its coverage to cyberterrorism. To date, coverage for property damage resulting from “remote digital interference” has been excluded from terrorism policies reinsured by the government-backed mutual. Pool Re is also looking at closing gaps in non-damage business interruption (NDBI) coverage following a terror attack. Speaking at the…

UK terror threat level returns to ‘severe’ after Friday’s tube attack

UK terror threat level returns to ‘severe’ after Friday’s tube attack

UK terror threat level returns to ‘severe’ after Friday’s tube attack

The UK terror threat level has reverted to severe, after spending the weekend at critical following an attack on the London underground on Friday morning. The threat level was raised to critical, indicating threat of an imminent attack, on Friday evening after ISIS claimed responsibility for the bomb and police searched for the perpetrators. The homemade explosive device is reported…

New covers emerging for changing terror threat but more work needed to develop market

New covers emerging for changing terror threat but more work needed to develop market

New covers emerging for changing terror threat but more work needed to develop market

The terrorism market is still geared towards catastrophic, physical damage covers that do not lend themselves to the changing terror threat, but more relevant covers for today’s risk profile are emerging, according to Guy Carpenter. The reinsurance broker warned that restricted terrorism capacity, limited modelling capabilities and a lack of demand from SMEs is stunting the development of broader covers…

AGCS broadens terror policy coverage with bespoke extensions

AGCS broadens terror policy coverage with bespoke extensions

AGCS broadens terror policy coverage with bespoke extensions

Following recent terrorist events in Europe and Virginia, Allianz Global Corporate & Specialty (AGCS) has started offering bespoke coverage to US businesses faced with loss related to terrorism and political violence, both at home and overseas. Specifically, AGCS provides customisable protection beyond coverage provided by the US government’s Terrorism Risk Insurance Program Reauthorization Act and includes a broader definition of…

Towergate announces push into specialty lines with terror product

Towergate announces push into specialty lines with terror product

Towergate announces push into specialty lines with terror product

Towergate Underwriting has launched a new London business called Geo Specialty. The first market to go live is political violence, with others following throughout the year, Towergate said. Political violence is led by senior underwriter Marcus Meredith, who has joined Towergate from DUAL International. He brings with him a wealth of experience in political violence managing general agent underwriting, for…

Pool Re: Terrorism model must adapt to cover new threats

Pool Re: Terrorism model must adapt to cover new threats

Pool Re: Terrorism model must adapt to cover new threats

Insurers and the UK’s terrorism backstop Pool Re must adapt to new risks posed by non-traditional terror attacks, including the lone-wolf tactics behind this year’s atrocities in London and Manchester, according to Pool Re CEO Julian Enoizi. Speaking to Bloomberg, Mr Enoizi said insured losses from such terrorist attacks and cybercrime have resulted in non-physical losses for insurers, mainly business…

Terror and cyber attacks boost demand for crisis cover

Terror and cyber attacks boost demand for crisis cover

Terror and cyber attacks boost demand for crisis cover

Insurance buyers are increasingly turning to crisis management solutions from insurers as they seek to manage fast-evolving security and cyber threats, according to Arthur J Gallagher (AJG). The past two years have seen a number of attacks in Europe and elsewhere in which terrorists used vehicles, knives, guns and explosives, often acting as lone wolves or in marauding attacks, to…

Experts identify likely cyber terror targets

Experts identify likely cyber terror targets

Experts identify likely cyber terror targets

Transport and chemical plants are among the most attractive targets for cyber terrorists, although known terrorist groups are years away from launching sophisticated attacks, according to analysis from the Cambridge Centre for Risk Studies (CRS). CRS analysis found that chemical plants, commercial airliners, the Eurostar train and ordinance facilities are the most attractive targets for cyber terrorists that would have…

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

Asia Pacific continues to lead shipping losses but trend is positive: AGCS

The south China, Indochina, Indonesia and Philippines region continues to lead the world shipping losses table, according to the Allianz Safety & Shipping Review 2017. The insurer’s latest report reveals that 23 of the 85 total losses suffered in 2016 occurred in the region. The region also leads the longer-term table. From 2007 to 2016, it was a clear leader…

Marsh president: ‘Age of the Client’ or ‘Age of Risk or Disruption’?

Marsh president: ‘Age of the Client’ or ‘Age of Risk or Disruption’?

Marsh president: ‘Age of the Client’ or ‘Age of Risk or Disruption’?

The current environment is the ‘Age of the Client’ according to the president of Marsh, John Doyle. Speaking at the Marsh & McLennan Companies Young Professionals’ Global Forum 2017, he called upon delegates to take advantage of the multiple opportunities, pointing to the increasingly dynamic insurance arena, with the emergence of autonomous vehicles, new cyber risks and a constantly evolving…

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