Ransomware attacks “skyrocketed” by 105% in the first quarter of 2019, according to notifications collated by insurer Beazley’s Breach Response Services team. Beazley said there was also a change in style of ransomware attack, with perpetrators targeting larger organisations and demanding higher ransomware payments to unlock systems. Banking trojans have been “increasingly problematic” for companies in the first quarter of…
Aviva, RSA, AXA XL and AIG have been named as additional insurers, along with Zurich Insurance and Liberty, in dispute with British Steel over a £30m claim for a damaged blast furnace at its Scunthorpe, UK premises, as the firm enters insolvency this week. The company’s representative in the claim, Mactavish, told Commercial Risk Europe the case is the most “catastrophic failure…
Leading Dutch risk managers have warned fellow risk and insurance managers across Europe that, in their view, the commercial market is definitely hardening and is likely to continue. There is also rising concern about the appetite of the leading insurers for global programmes business. The risk managers said the best response to the hardening market is to continue in the…
UK risk and insurance managers’ association Airmic has welcomed plans to modernise the Lloyd’s market, which include proposals to create a platform for trading complex risks.
British Steel is in dispute with Zurich Insurance and other insurers about a £30m claim for a damaged blast furnace at its UK, Scunthorpe premises, as it enters insolvency this week. The claim follows an incident in June 2017. The company’s representative Mactavish argues that if the claim been settled sooner it could have helped save the stricken firm, which…
European countries dominate FM Global’s 2019 Resilience Index, taking nine of the top ten positions, led by Norway as the most resilient business environment. FM Global said the top ten was “reshuffled” for 2019, with Norway up from fourth place in 2018. Demark came second, with Switzerland – last year’s most risk-resilient country – in third. The UK was a…
Allianz Global Specialty Services (AGCS) has expanded its environmental impairment liability cover to boost emergency response to pollution and contamination events worldwide. In partnership with loss adjuster and consultant GM Consultant, AGCS said the cover will offer global clients immediate support on a 24/7 basis as well as claims investigation services. HETI will continue to provide emergency response for clients…
Casino owner MGM Resorts International said its insurers would cover the majority of a potential $800m bill to settle lawsuits brought by victims of the October 2017 shooting at its Mandalay Bay hotel and casino in Las Vegas. While the potential losses are estimated at $800m, MGM said it has $751m in insurance cover and that such payments have been…
If brokers do not step up and meet their clients’ needs they may simply be cut out of the loop, warned a group of leading German risk managers. Brokers need to be careful to maintain their relevance and expertise if they are to continue to have a meaningful role in the commercial insurance sector, added the group of German risk…
HDI Global Specialty has appointed Martin Jackson as head of aviation and space. Replacing Tim Slade, Mr Jackson joins the London office from Neon Underwriting, where he worked as class underwriter for marine and transport, including aviation. With more than 30 years’ experience in aviation underwriting, Mr Jackson has also worked at Aspen, where he oversaw the expansion of its…
