Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Coronavirus outbreak poses big challenges for Asia-Pacific risk managers as toll rises

Risk managers in the Asia-Pacific region and worldwide need to brace themselves for a difficult start to 2020 as the rapidly escalating coronavirus outbreak in China and now worldwide hits the Chinese economy, global trade and supply chains, and equity prices. This year was predicted by many risk and insurance managers to be a difficult one as political risk rapidly…

London insurers to focus on climate change and cyber in 2020

London insurers to focus on climate change and cyber in 2020

London insurers to focus on climate change and cyber in 2020

Climate change and cyber warfare risks will be the two key London market topics that the International Underwriting Association (IUA), the body that represents the growing insurance company market in London outside of Lloyd’s, will focus upon in 2020, as stated in its latest business plan. The association announced this week that it has established a new market group to…

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio expands political violence and terror offering through Newbridge acquisition

Optio, the London-based MGA formed though the merger of Ascent Underwriting, Cove Programs and broker Bay Risk Services in September of 2018, has announced the acquisition of specialist political violence and terrorism MGA Newbridge Risk Partners for an undisclosed sum. Newbridge was formed in 2015 on the Castel platform, the specialist operation formed by London market underwriting group Barbican in…

Insurers look to put a price on climate change risk

Insurers look to put a price on climate change risk

Insurers look to put a price on climate change risk

Insurers and risk managers need to model and price for climate change risk and build resilience, as a warmer world looks ever more likely, according to Zurich Insurance Group. Two studies published last week indicate the risks of a warmer world are increasing, as governments fail to adequately tackle climate change. The latest annual UN emissions gap report reveals that…

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Five megatrends mean company directors face heightened D&O risk according to Allianz

Company executives are facing five “megatrends” that are set to create a heightened risk environment for D&O liability in 2020 and further challenge the profit margins of D&O insurers, according to Allianz Global Corporate & Specialty (AGCS), which said it has seen double-digit growth in D&O claims in the past five years. ‘Bad news’ or event-based claims have driven a…

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

Corporates urged to step up climate disclosure as liability and regulatory risk gather pace

A failure by corporates to improve climate risk disclosure would invite further regulation, according to experts taking part in a webinar hosted by Commercial Risk. Panellists agreed that while it is “early days” for companies adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), some corporates are not taking the measures seriously enough. Neil Beresford, a partner…

AXA XL launches first-of-its-kind risk innovation incubator

AXA XL launches first-of-its-kind risk innovation incubator

AXA XL launches first-of-its-kind risk innovation incubator

AXA XL Insurance has launched a first-of-its-kind risk incubator to give much-needed structure and process to innovation in the risk and insurance space. The so-called ‘Cube’ aims to deliver a bespoke risk management, technology or insurance solution for a client within six weeks. “This is a unique proposition in the insurance market that addresses an underserved need and will help…

Lloyd’s Lab develops first innovative liability solution

Lloyd’s Lab develops first innovative liability solution

Lloyd’s Lab develops first innovative liability solution

Risk analytics firm Praedicat has unveiled the first casualty insurance product to be developed in London’s innovation hub, Lloyd’s Lab. Developed for global industrial firms, the liability cover will close current gaps in coverage for products and chemicals that are typically excluded or underinsured. The solution will cover new technologies such as 5G and nanotechnology, as well as chemicals in…

HDI Global partners with industrial IoT innovator to deliver for clients

HDI Global partners with industrial IoT innovator to deliver for clients

HDI Global partners with industrial IoT innovator to deliver for clients

HDI Global has partnered with Schneider Electric to develop industrial internet of things (IIoT) insurance products and services, which the insurer said will reduce risk in real time for buyers and deliver more tailor-made insurance. Announcing the collaboration, the companies promised “digital transformation of industrial insurance through data”. HDI Global said it will use Schneider Electric’s Exchange and EcoStruxure internet…

London company commercial premiums rise 8% in 2018

London company commercial premiums rise 8% in 2018

London company commercial premiums rise 8% in 2018

The London company insurance market recorded commercial premiums up 8% to £28.4bn in 2018, according to figures from the International Underwriting Association (IUA) following analysis of more than 60 companies. The number compares with £35.5bn from the Lloyd’s market and shows that overall London market premium totalled £64bn last year. The majority of London company premium at £19.6bn was written…

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