Liberty Specialty Markets expands war and terrorism team

Liberty Specialty Markets expands war and terrorism team

Liberty Specialty Markets expands war and terrorism team

Liberty Specialty Markets (LSM) has appointed Jennie Beard to the new role of senior underwriter for war and terrorism, following recent growth in the business line. Ms Beard will report to Paul Beattie, underwriting manager for war and terrorism, and will be based at LSM’s headquarters in London. Ms Beard joins the company from Sompo Canopius, where she was co-head…

Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

Confidence down at UK multinationals as risk ‘blindspots’ surface

As UK multinationals report a marked drop in confidence levels in response to political and economic upheaval driven, in part, by Brexit, there are worrying signs they are taking their eyes off other pressings risks, finds a survey by CNA Harvey. The insurer believes this is leading to risk “blindspots” that are only likely to increase as UK multinationals look…

New approach needed for growing political risk

New approach needed for growing political risk

New approach needed for growing political risk

Companies need to take a more structured approach to managing growing geopolitical and economic uncertainty, according to a panel debate at the Ferma Forum. Increasing nationalism and protectionism, as well as growing political volatility in Europe, are creating greater uncertainty for European businesses, according to the panellists. Carl Bildt, former prime minister of Sweden and keynote speaker at the forum,…

Pool Re pushes for non-damage BI terror cover

Pool Re pushes for non-damage BI terror cover

Pool Re pushes for non-damage BI terror cover

Pool Re, the UK’s government-backed terrorism reinsurance fund, is “anxious” for the insurance market to respond to the changing terrorist threat posed by Islamist extremists and offer non-damage business interruption (NDBI) to insurance buyers. Julian Enoizi, chief executive of Pool Re, said talks are underway to extend Pool Re’s cover, which has traditionally covered physical damage or loss to commercial…

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…

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…

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