Construction firms with loss history may struggle to secure full PI cover

Construction firms with loss history may struggle to secure full PI cover

Construction firms with loss history may struggle to secure full PI cover

There are concerns that construction companies with a poor loss history or inadequate risk management will not able to buy professional indemnity (PI) cover as hard market conditions spread around the world. The warning comes as a leading construction risk manager said blanket rate increases currently being offered by the PI market are simply not taking into account underlying risk…

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Jason Harris will replace QBE’s CEO of international business Richard Pryce, who is retiring at the end of this year. Mr Harris was CEO of global property and casualty at AXA XL with responsibility for financial lines, construction, engineering, ART and risk engineering. He will take on his new role in the fourth quarter and report to QBE’s…

Risk managers advised on dangers of mothballed facilities

Risk managers advised on dangers of mothballed facilities

Risk managers advised on dangers of mothballed facilities

Most corporate insurance managers will be focusing on how, if possible, to call on their liability coverage to help their company through the current pandemic, but they also need to act on the property risks posed to their mothballed production facilities and industrial plants or face some potentially nasty surprises, warns Allianz Global Corporate & Specialty (AGCS). “Many companies are…

Business urged not to take adversarial approach to supply chain Covid-19 problems

Business urged not to take adversarial approach to supply chain Covid-19 problems

Business urged not to take adversarial approach to supply chain Covid-19 problems

Aon’s Peter Kapler has urged the construction industry and wider business community not to take a short-sighted, adversarial approach to dealing with supply chain and contractual problems thrown up by Covid-19, which could lead to insolvencies and do no one any good. Mr Kapler, who is SVP national director in Aon’s Canadian construction services group, added that the outbreak will…

Insureds say hardening market is making construction claims more complex

Insureds say hardening market is making construction claims more complex

Insureds say hardening market is making construction claims more complex

Insureds are blaming the hardening insurance market for making claims more complex in the construction sector, according to a snapshot survey conducted by José María Navas, executive director of claims preparation in EMEA at Aon. Interviewing a selection of construction sector risk managers, he asked why claims are becoming so complex. The most popular answer was it is a direct consequence of…

Leading buyer seeks consistency in volatile construction market

Leading buyer seeks consistency in volatile construction market

Leading buyer seeks consistency in volatile construction market

A lack of consistency and price volatility in the construction insurance market is a problem currently for buyers, said a leading risk manager at Commercial Risk’s latest conference, as other experts warned that the cost of cover has risen sharply and further increases are on the way. Paul Marshall, risk and insurance manager at Bechtel, said the construction market is…

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

The Middle East crisis will see premiums rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF. Jonathan Moss, head of marine and trade at DWF, said: “The latest chapter of turbulence in the Middle East will undoubtedly lead to insurers and reinsurers – particularly in lines such as hull, war, piracy,…

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets promises to be stable option for European buyers as market changes

Liberty Specialty Markets (LSM) will continue its push into Europe and be a stable partner for risk managers through changing market conditions, according to Kerry McKay, head of distribution in Europe at LSM. LSM has grown significantly in Europe during the past three years, and will continue to expand steadily in the region, despite the retrenchment of some insurers in…

Insurance market hardening into 1 January renewals

Insurance market hardening into 1 January renewals

Insurance market hardening into 1 January renewals

Insurance buyers in Europe face a hardening market in early 2020 renewals for many risks, but they are not looking at blanket increases across the board as was the case back in 2001/2002, according to brokers and risk management associations. The buyer representatives urged insurers to exercise caution and distinguish between good and bad risks, or they may sour long-term…

PI rates sent sky-high in wake of Grenfell fire: Reuters

PI rates sent sky-high in wake of Grenfell fire: Reuters

PI rates sent sky-high in wake of Grenfell fire: Reuters

Professional indemnity (PI) buyers in the construction sector are facing huge hikes in premiums following London’s Grenfell Tower fire in 2017, according to a report by Reuters. Building contractors, architects and surveyors are among the professionals affected by the insurance industry’s response to the fire, which killed 72 people and has been blamed on external cladding fitted during a refurbishment.…

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