The UK’s Treasury Committee has written to the Association of British Insurers (ABI) demanding answers about the way the insurance industry is responding to Covid-19. The letter includes specific questions on business interruption (BI) and asks where there might be room for “flexibility” when it comes to potential cover. Chair of the committee Mel Stride said he sent the open…
Chubb has allegedly been hit by a Maze ransomware attack and has confirmed it is investigating a security incident. Ransomware operator Maze has claimed that it encrypted devices on Chubb’s network in March. Maze has not yet published any of the data it says it has stolen. Chubb has confirmed it is currently investigating a computer security incident that may…
Corporates with employees working from home during the current coronavirus pandemic are at new levels of risk from cybercriminals looking to exploit weak systems, according to Zurich. It said companies must make sure systems are as secure as possible and alert employees of threats to cybersecurity when working remotely. The insurer added that companies must check employees are trained to…
Willis Towers Watson (WTW) has developed a pandemic tracker that will allow P&C clients to measure Covid-19 exposures. Launched by WTW’s risk and analytics team and integrated into its Global Peril Diagnostics tool, the new feature gives up-to-date information on confirmed Covid-19 cases around the world alongside clients’ property total insured values. WTW said it will also track any business…
Airmic has told CRE there is no real evidence that Covid-19 is causing problems for 1 April renewals but added that buyers are still facing problems from continuing “harsh market” conditions. The association’s technical director and deputy CEO Julia Graham said there are some operational delays to 1 April renewals, which are predominantly focused on the UK and London market,…
Lloyd’s has announced pre-tax profit of £2.5bn in 2019 following a £1bn loss a year earlier, as its numbers were boosted by “sustained” rate increases, “improving” underwriting discipline, lower claims and strong investment performance. The market’s improved 2019 results follow heavy losses in previous years, including a £2bn shortfall in 2017. Since then, Lloyd’s has undergone a performance review and…
The Covid-19 outbreak is predicted to cause a recession in the eurozone and UK with GDP predicted to fall 2% this year, equivalent to a €420bn loss, said ratings agency Standard & Poor’s (S&P). A lockdown of four months though could reduce the GDP for eurozone countries by as much as 10%, it warned. The ratings agency said economic costs…
Zurich Insurance Group will roll out its new marine insurance platform for small and medium cargo, after a successful introduction last year in markets including Spain, Germany, Singapore and Mexico. The platform will now to be extended to North America, the Nordics and further countries in Latin America later this year. The Zurich Swift Insurance Platform offers web-based access to…
Independent (re)insurance broker BMS Group has acquired Spanish broker Jurado Mata through its European subsidiary BMS Iberia. Jurado Mata, based in Granada, supports Spanish businesses with affinity and commercial cover, as well as offering personal lines. BMS has acquired 100% of the business for an undisclosed sum. Its staff and operations will transfer into BMS Iberia. Juan Mata, CEO of…
There is a 6% risk of Fortune 1000 firms losing $100m or more in a year to cyberattacks, according to a probabilistic study by cybersecurity research firm Cyentia. Based on its study and projections, Cyentia found that more than 60% of Fortune 1000 firms had suffered at least one public cyber breach during the past ten years. The firms said…