The burden of disproportionate regulation is making it harder to run a captive without the help of an external captive manager. But ongoing consolidation among brokers and a shortage of new talent have led to concern as to whether there is enough capacity, competence and variety in the captive manager market to meet the rising demand. These issues were raised…
The hardening insurance market and a reduction in coverage as a result of Covid 19 are leading more companies to consider self-insurance. And with a greater range of options available to companies, from reinsurance captives to direct captives to protected cell companies, there has never been a better time to consider a captive. This was the view of two leading…
The news that barely half of small businesses (SMEs) plan to buy cyber insurance anytime soon is worrying, especially given the heightened risk caused by the pandemic and the mass move to remote working. One problem may be the economics of this emerging line of coverage. It has been stated previously that SMEs do not believe they are a target…
Almost half of small companies have no plans to buy cyber insurance coverage, despite an increase in both the number of attacks and the vulnerability of companies. And those businesses that do turn to cyber insurance may well find they are faced with higher premiums. These are the findings of two separate pieces of research that looked at companies’ cybersecurity…
Zurich has called for the wider use of sprinklers in UK warehouses describing the current government requirements as “inadequate” and potentially damaging to the economic gains from a rise in e-commerce. The shift to online shopping during the pandemic has led to a surge in demand for storage and distribution space from retailers. But it has been accompanied by an…
The mass move to home working is causing a divide between personal and commercial insurance coverage that insurers are unable to solve because of system problems. According to digital insurance platform EIS, insurers are struggling to define their products as the lines between professional and domestic continue to blur. While there are a growing number of people working in converted…
The majority of UK insurers believe there is insufficient time to implement the Financial Conduct Authority’s (FCA’s) changes to pricing and reporting requirements, despite a recently issued extension. The FCA’s review of the general insurance market was originally announced in September 2020 and focused on three areas – pricing, governance and renewals. A July deadline was originally proposed, which was…
A vast majority of UK directors have a fundamental misunderstanding of their D&O insurance coverage and could be left footing the bill for legal claims potentially running into millions. This was the finding of a recent survey of UK board members. It found that as many as 83% are unaware that their D&O insurance is unlikely to cover them should…
Consolidation in the UK’s mid-market broker space continues to intensify following a number of acquisitions in April and March. While the mega merger of Aon and Willis Towers Watson awaits final approval from the European Commission, others are ploughing ahead with acquisitions in a bid to grow their portfolios and target the small and medium-sized enterprise (SME) commercial insurance market.…
We all have a plan until we get punched in the mouth, goes the saying. The Covid-19 pandemic has clearly been a punch in the face for global industry and has affected commercial relationships as a punch in the face would. The relationship between small and medium-sized businesses (SMEs) and their insurers has been severely tested, quite literally when it…