Cost of building resilience far less than inaction, say WEF experts

Cost of building resilience far less than inaction, say WEF experts

Cost of building resilience far less than inaction, say WEF experts

The cost of inaction far outweighs the cost of building resilience to risk, according to expert speakers at the launch of the World Economic Forum’s (WEF) Global Risks Report 2021, who urged companies and governments to take a holistic, rather than short-term, approach to risk management. The report warns that the world faces short-term societal and technological risks created by…

AIR finds that US storm surge losses could almost double by 2050

AIR finds that US storm surge losses could almost double by 2050

AIR finds that US storm surge losses could almost double by 2050

Losses from US storms could increase by about 20% by 2050 as more hurricanes make landfall, with storm surge losses modelled to increase by at least a third and potentially almost double, according to new research from AIR-backed Axis Capital Holdings. The research, which was also conducted with the Brookings Institute, finds that increased losses could be even higher for…

Sedgwick creates Nordic hub

Sedgwick creates Nordic hub

Sedgwick creates Nordic hub

Sedgwick is combining its Norwegian and Swedish operations to create a new regional hub in Scandinavia, which the firm said will support growth in the region. The new hub will begin operation in February. Sedgwick said it will provide “consistent and expanded” services to clients across the entire region, giving Scandinavian and international clients a central point of contact. Sedgwick…

Liberty launches new German terrorism cover

Liberty launches new German terrorism cover

Liberty launches new German terrorism cover

Liberty Specialty Markets (LSM) has launched new terrorism insurance cover for SME German corporate buyers. LSM entered the German war and terrorism market in 2018 and has since used standard London market cover for German risks. The new policy is, however, specifically tailored for the German SME sector and compares with standard terrorism cover in the market, known as Allgemeine…

Axis’s Covid-19 losses rise by $125m in Q4

Axis’s Covid-19 losses rise by $125m in Q4

Axis’s Covid-19 losses rise by $125m in Q4

Axis Capital Holdings said Covid-19 claims will cost a further $125m in Q4 and have been impacted by last week’s UK BI ruling, with total catastrophe and weather-related losses for the period to range between $195m and $205m. Axis’s Covid-19 losses come on top of $235m worth of pandemic claims  booked in the first quarter of last year. The additional…

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

The Supreme Court’s ruling on Covid-19 business interruption (BI) claims is a credit negative for UK (re)insurers and will broadly lead to additional losses, but the financial impact should be manageable for insurers net of reinsurance protection, said Moody’s Investors Service. Moody’s added that the clarity provided by the judgment will end “damaging” disputes between insurers and their clients. The…

World must ‘wake up’ to existential threats says WEF as report lays out Covid-19 risks

World must ‘wake up’ to existential threats says WEF as report lays out Covid-19 risks

World must ‘wake up’ to existential threats says WEF as report lays out Covid-19 risks

The world faces short-term societal and technological risks created by Covid-19 that will give way to economic pressures over the medium term and geopolitical problems in the long run, warns the World Economic Forum’s (WEF) Global Risks Report 2021. With climate change still the biggest existential threat, it says risk resilience is more important than ever to help the world…

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Business interruption (BI) has reclaimed its position as the top risk facing global firms, followed by a pandemic outbreak in second place and cyber incidents a close third, after taking the number one spot last year, according to Allianz Global Corporate & Specialty’s (AGCS) Risk Barometer 2021. BI held the top spot for four consecutive years in the Allianz Risk…

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

Last week’s UK Supreme Court ruling on Covid-19-related non-damage business interruption (BI) claims was a big victory for policyholders, and has clearly set out a path for businesses of all sizes to claim under BI policies, overturning established case law in the process, say legal experts. The Supreme Court judgment represents a “resounding” win for policyholders, according to Aaron Le…