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…

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…

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…

Virtual terrorism and CBRN threat grows

Virtual terrorism and CBRN threat grows

Virtual terrorism and CBRN threat grows

Islamic terrorists are moving online as they come under increasing pressure on the ground, according to a report by UK terrorism reinsurance facility Pool Re. The UK and Europe face a persistently high threat from terrorism, a threat that is not about to reduce, according to analysis by Pool Re’s Terrorism Research and Analysis Centre. The terrorism reinsurer predicts that…

Hiscox and Control Risks launch security risk insurance

Hiscox and Control Risks launch security risk insurance

Hiscox and Control Risks launch security risk insurance

Hiscox has teamed up with risk management consultancy Control Risks to unveil a new insurance policy for security risks including terrorism, bribery, extortion and industrial espionage. The Security Incident Response policy draws on Control Risks’ expertise to provide incident response, crisis management and recovery, while Hiscox will provide cover for criminal, political, terrorism and political violence, kidnap and extortion risks.…

Barbican Insurance appoints terrorism underwriter

Barbican Insurance appoints terrorism underwriter

Barbican Insurance appoints terrorism underwriter

Barbican Insurance Group has boosted its terrorism team with the appointment of Charlotte Pritchard as terrorism underwriter. Ms Pritchard joins Barbican’s malicious acts team from Sompo Canopius, where she worked as assistant underwriter of political violence and terrorism. Jessica Johnson, underwriting manager for Barbican’s malicious acts team, said the firm’s terrorism account “is evolving at an unprecedented rate in response…

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