O2 seeks £100m from Ericsson for business interruption: reports

O2 seeks £100m from Ericsson for business interruption: reports

O2 seeks £100m from Ericsson for business interruption: reports

UK mobile operator O2, owned by Spain’s Telefonica, is seeking up to £100m compensation from Swedish firm Ericsson for business interruption and supply chain failure caused by its software, according to media reports. O2 smartphone users were unable to use their mobile phone data last Thursday and Friday. Ericsson, which supplies software to O2 and other mobile network providers, blamed…

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates Californian wildfire losses of up to $13bn

AIR estimates insured losses of between $6bn and $9bn for the Camp Fire in northern California, taking its total loss for the state’s two big November wildfires to between $9bn and $13bn. Meanwhile, Aon has said that insured US wildfire losses will exceed $10bn for the second year running. This may force insurers to rethink how they view the risk…

Cat bond could be exhausted by Californian wildfire

Cat bond could be exhausted by Californian wildfire

Cat bond could be exhausted by Californian wildfire

The Californian utility Pacific Gas & Electric Co (PG&E) has warned investors that it could be held liable for starting the Camp wildfire that is still burning in northern California, and conceded that if its equipment is determined to be the cause it could be subject to significant liability in excess of its insurance coverage. PG&E renewed its liability insurance…

AGCS bolsters ART business in Asia-Pacific

AGCS bolsters ART business in Asia-Pacific

AGCS bolsters ART business in Asia-Pacific

Allianz Global Corporate & Specialty (AGCS) is expanding its alternative risk transfer (ART) business with the launch of a new unit dedicated to Asia-Pacific. Former Marsh & McLennan managing director Richard Green will head up the new business. Mr Green has been based in Asia since 2005 and was previously regional head of ART and cyber insurance at Marsh, where…

Financial protection for denial of access after social unrest from Marsh

Financial protection for denial of access after social unrest from Marsh

Financial protection for denial of access after social unrest from Marsh

In response to a growing problem of denial of access after social unrest, causing business interruption losses, Marsh has launched a new standalone insurance solution that provides financial protection to global businesses following any denial of access to their properties as a result of social unrest. Marsh said that as the number of events, including strikes, riots, civil commotion and…

RMS confirms Hurricane Michael losses of up to $10bn

RMS confirms Hurricane Michael losses of up to $10bn

RMS confirms Hurricane Michael losses of up to $10bn

RMS has placed insured loss figures for Hurricane Michael between $6.8bn and $10bn, in line with estimates from other catastrophe modelling firms. RMS’s figures includes wind and storm surge damage, as well as losses to the US’s National Flood Insurance Program (NFIP). Wind damage is expected to range between $6.4bn and $8.7bn, with surge loss between $400,000 and £1.3bn. The…

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