World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

There will be more than $2bn of event cancellation insurance in place to cover risks at the 2018 Fifa World Cup, with terrorism property protection estimated at $1bn and top players each insured for up to $200m, according to specialty insurer Beazley. The World Cup kicks off this month on June 14 in Moscow. While teams prepare ahead of the…

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re has welcomed a move this week by the UK Government to begin law changes that would allow the pool to extend terrorism cover to non-damage business interruption (NDBI) losses. Meanwhile, commercial property MGA European Property Underwriting Ltd (EPUL) has launched terrorism insurance for UK businesses as an alternative to protection provided by Pool Re that includes cover in…

XL Catlin and partners launch crisis response service

XL Catlin and partners launch crisis response service

XL Catlin and partners launch crisis response service

XL Catlin has added a crisis response service for corporate clients that find themselves caught up in one of 45 named crises including natural catastrophes, criminal activities, cyber issues and political events. Corporate CPR (Crisis Prevention and Response) will assist companies of any size to prevent potential crises and put in place response systems to protect staff, assets, property and…

Industrial firms must do more to reduce BI risk and claims: HDI

Industrial firms must do more to reduce BI risk and claims: HDI

Industrial firms must do more to reduce BI risk and claims: HDI

HDI Global has published new guidance to help engineering companies develop business continuity management (BCM) and prevent business interruption claims, which it said have become increasingly serious at large industrial firms. HDI added that prevention of claims “takes priority” over insurance. On publishing its Risk Engineering Guideline, HDI said industrial firms need to make their supply chains as robust as…

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

Japan set to back Asean parametric disaster insurance fund

The Japanese government is set to fund the launch of a parametric disaster insurance pool designed to provide Asean nations with easily distributable recovery funds following natural catastrophes. According to a report in the Nikkei Asian Review, the Southeast Asia Disaster Risk Insurance Facility (Seadrif) will be formally announced later in May at the annual meeting of the Asian Development…

Fast-changing risks force buyers and market to rethink BI cover

Fast-changing risks force buyers and market to rethink BI cover

Fast-changing risks force buyers and market to rethink BI cover

A growing dependence on technology and efficient supply chains is forcing a rethink of business interruption (BI) insurance, but a one-stop solution for large buyers remains some way off. The Wannacry and NotPetya cyberattacks in 2017 caused major disruption to some businesses and their supply chains. Earlier last year, British Airways was thrown into chaos after it suffered a major…

Companies struggling with GDPR policies and extended security

Companies struggling with GDPR policies and extended security

Companies struggling with GDPR policies and extended security

Organisations are struggling to put in place policies and procedures to meet General Data Protection Regulation (GDPR) requirements, with governance, risk and compliance (GRC) efforts often grinding to a halt at their internal network perimeter, experts warn. Speaking during a panel debate on third-party risks under the GDPR, they also stressed that regulators have the power to stop data processing…

Airmic welcomes Pool Re terror coverage extension

Airmic welcomes Pool Re terror coverage extension

Airmic welcomes Pool Re terror coverage extension

UK risk management and broker associations have welcomed news that the country’s terrorism pool is to offer non-damage business interruption insurance for terrorist attacks. Pool Re says the change will make it the first government-backed terrorism pool to offer non-damage business interruption cover for acts of terror. The reinsurer has already extended its offering to include cyber terrorism, which it…

Demand for cyber and BI solutions grows

Demand for cyber and BI solutions grows

Demand for cyber and BI solutions grows

Interest in cyber and non-damage business interruption solutions is growing, according to insurers and brokers attending this year’s AMRAE conference in Marseille. Marsh has seen mounting interest in non-damage business interruption and cyber cover in France, with numerous clients asking for CBI studies, according to Fabrice Domange, chief executive of the broker’s French operation. “Boards are more aware of business…

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

BI risks rise for energy sector as supply chains intertwine, warns Marsh

Global energy firms face growing business interruption (BI) risks during the next ten years following changes to business practices, including supply chain integration and asset consolidation, according to Marsh. At its Energy Industry Conference in Dubai this week, the broker also noted that about three quarters of energy executives view BI as the biggest cyber loss concern. In a report…

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