Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

Maritime experts call for urgent action to curb piracy in Gulf of Guinea

The maritime community has called for urgent action to tackle piracy risk in the Gulf of Guinea, which now appears a daily threat to ships and crew operating in the region. At a symposium on maritime security in the Gulf of Guinea held at the International Maritime Organisation’s (IMO) headquarters, industry members and experts noted that the number of attacks…

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Government-related threats, led by overregulation, are dominating the top ten risk list for CEOs, with policy uncertainty and trade conflicts two new issues entering the list, at number two and four respectively, according to PwC’s 22nd Annual Global CEO Survey. Political uncertainty and concerns over trade have pushed risks such as terrorism and climate change out of the top ten…

Risk managers urged to take part in Lloyd’s consultation on modernisation plans

Risk managers urged to take part in Lloyd’s consultation on modernisation plans

Risk managers urged to take part in Lloyd’s consultation on modernisation plans

Lloyd’s ambitious modernisation plans have been broadly welcomed by buyers and market participants alike. However, some question the market’s ability to deliver on the bold proposals and say without input from insureds the changes may not meet the future needs of risk managers. Lloyd’s published its long-term strategic plan in early May. It would see the 330-year-old insurance market transformed…

Construction brokers unprepared for tech risks: HSB Engineering

Construction brokers unprepared for tech risks: HSB Engineering

Construction brokers unprepared for tech risks: HSB Engineering

The majority of brokers (71%) are unaware of new technological developments in the construction industry and their impact on insurance risks, according to new research from Munich Re’s HSB Engineering. John Nicholls, construction product leader at HSB Engineering, said: “It’s important insurance brokers are aware of how the construction sector is evolving and what role technology plays in today’s building…

Aviva announces major cuts but corporate and specialty drive likely to continue

Aviva announces major cuts but corporate and specialty drive likely to continue

Aviva announces major cuts but corporate and specialty drive likely to continue

Leading UK-based composite insurer Aviva’s new CEO Maurice Tulloch has announced a big efficiency drive that involves the loss of 1,800 jobs from its 30,000 workforce, annual cost savings of £300m a year by 2022, and debt reduction of £1.5bn. Mr Tulloch also announced a division of the group business into two distinct operations, life and general, and a new senior management…

Vector premiums increase as demand for cyber BI grows

Vector premiums increase as demand for cyber BI grows

Vector premiums increase as demand for cyber BI grows

Vector, the high-limit cyber insurance joint venture from Beazley and Munich Re, has experienced a sizeable jump in premium as demand for cyber business interruption (BI) insurance continues to grow. A number of industrial and critical infrastructure companies were hit hard by the 2017 WannaCry and NotPetya contagious malware attacks. Shipping company Maersk, pharma group Merck and food manufacturer Mondelez…

Reinsurance market is hardening rather than hard, says S&P

Reinsurance market is hardening rather than hard, says S&P

Reinsurance market is hardening rather than hard, says S&P

The current reinsurance market is hardening but is not yet a truly hard market, according to S&P Global Ratings. It said the market has been affected by continued loss creep from the 2017 and 2018 catastrophes. “Following disappointing reinsurance pricing increases in 2018 and early 2019, it seemed that no amount of catastrophe losses would be sufficient to harden the…

Gibraltar-based Lamp Insurance into liquidation

Gibraltar-based Lamp Insurance into liquidation

Gibraltar-based Lamp Insurance into liquidation

Gibraltar-based LAMP Insurance Company has been declared in default by the UK’s Financial Services Compensation Scheme (FSCS). The insurance company was placed into liquidation on 31 May 2019, by Order of the Supreme Court of Gibraltar. The unrated firm provided a range of insurance policies to the UK retail and commercial market, including home insurance, GAP insurance, health insurance and…

Average hurricane season predicted as nat cat risk rises up corporate agenda

Average hurricane season predicted as nat cat risk rises up corporate agenda

Average hurricane season predicted as nat cat risk rises up corporate agenda

Resilience to natural disasters is a growing board-level issue as hurricanes increasingly mean large losses for corporates, according to insurers. The annual Atlantic hurricane season began on 1 June. Following an active and costly 2017 and 2018, this year is expected to be a little quieter. According to Karen Clark, president and CEO of catastrophe modelling firm Karen Clark &…

BMS’s independence boosted by new investment

BMS’s independence boosted by new investment

BMS’s independence boosted by new investment

London-based specialist broker BMS has attracted long-term investment from Canadian pension fund British Colombia Investment Management Corporation (BCI) and Preservation Capital Partners (PCP) in a deal that values the company at £500m BMS said the move secures its future as one of just a few independent brokers, with “significant” shares still held by staff and management. BMS has operated as…