A new AMRAE report finds that the French insurance market is now hard pretty much across the board and warns of “rising tensions” as we enter what it predicts will be a “bitter” renewal season. A graphic included in the association’s annual State of the Market provides a worrying illustration of how gloomy the picture looks right now for French buyers. The graphic’s…
The Airmic leadership has called for urgent work to be carried out by all parties in the commercial risk transfer chain to deliver greater certainty and consistency in policy wordings, as policyholders grapple with big questions over what is covered under key coverages such as business interruption (BI) and cyber. John Ludlow, CEO of Airmic, yesterday focused on the increasingly…
Cyber insurance rates are expected to harden in line with increased demand as buyers respond to new risks linked to Covid-19, according to a new survey by Willis Re. It found that 74% of 1,000 insurance buyers, risk managers, underwriters, claims staff, actuaries and brokers polled worldwide think the costs of cyber cover will rise. Some 75% said there will…
Risk managers must take steps to protect their businesses from a rising tide of fraud during the pandemic, according to expert speakers at Airmic Fest. The current environment is ripe for fraudsters and likely to lead to an increase in cybercrime and fraudulent personal injury claims, as well as supply chain and employee-related fraud, panellists said on a fraud session…
Whistleblower reports to the UK’s Information Commissioner’s Office (ICO) about potential data breaches and misuse of customer information have reached an all-time and are up 34% on last year, according to numbers from law firm RPC. They show that in the 12 months to the end of March, there were 427 whistleblower reports to the regulator, up from 319 the…
Insurance Europe, the European insurance industry’s representative body, has called on the European Commission to adopt a voluntary approach to the ethical use of artificial intelligence (AI) in the sector or risk stifling this critical development area. The Brussels-based insurer group makes the call in its response this week to a consultation by the EC on ethical and legal requirements…
Munich Re expects claims in the low triple-digit–million euro range from the explosion at Beirut’s port last month and another low triple-digit–million loss from Hurricanes Hanna, Isaias and Laura, with Covid-19-related losses slowing since the end of June. On the wider reinsurance market, Munich Re said Covid-19 is a wake-up call for major threats such as cyberattacks and climate change.…
German risk managers are not happy with the reduction in capacity, rising prices and new exclusions for cyber coverage that is being carried out with little or no discussion about alternatives, according to Alexander Mahnke, president of the German risk and insurance management association GVNW. During his keynote speech yesterday at the start of the GVNW’s virtual annual Symposium, Mr…
S&P Global Ratings believes that the cyber insurance market is set to grow rapidly over the next decade, according to a new report ‘Cyber risk in a new era: insurers can be part of the solution’. S&P says that the Covid-19 pandemic is encouraging organisations to speed up their digital transformation which will inevitably increase systemic vulnerabilities to cyberattacks. “Although…
Ed has hired John Head as a broker and producer in its professional and executive risk team. Mr Head joins from Paragon International Insurance where he was a cyber and technology E&O broker with a primary focus on the US wholesale market. At Ed, he will support the broker’s professional and executive risk portfolio and strengthen its cyber offering. Henry…