London market issues cyber risk exclusion clauses to tackle silent cover

London market issues cyber risk exclusion clauses to tackle silent cover

London market issues cyber risk exclusion clauses to tackle silent cover

New model exclusion clauses have been issued by the London market to make it easier for insurers to exclude cyber risks from traditional lines of cover. The clauses are in response to growing concern from insurers over silent or non-affirmative cyber cover in other lines of business. They are also a response to regulatory pressure. Publishing two exclusion clauses, the…

Average Atlantic hurricane season forecast with six hurricanes and 14 named storms

Average Atlantic hurricane season forecast with six hurricanes and 14 named storms

Average Atlantic hurricane season forecast with six hurricanes and 14 named storms

Colorado State University (CSU) hurricane researchers have increased their 2019 hurricane season forecast slightly from April, and now believe that the 2019 Atlantic hurricane season will have activity near the 1981-2010 average. The researchers now estimate that 2019 will have about six hurricanes and 14 named storms (the average is 6.4 hurricanes and 12.1 named storms). They also forecast that…

Rising concern over geopolitical risks and growing interest in transfer option

Rising concern over geopolitical risks and growing interest in transfer option

Rising concern over geopolitical risks and growing interest in transfer option

As geopolitical risks fly up the risk management agenda, Willis Towers Watson has found lively interest in its new suite of geopolitical risk services and products based on a partnership with Oxford Analytica. Geopolitical risks are an increasing threat as companies wake up to the serious impact political volatility can have upon their business in the global, integrated economy. Willis…

Short-termism in hardening market hampering innovation, warns Airmic

Short-termism in hardening market hampering innovation, warns Airmic

Short-termism in hardening market hampering innovation, warns Airmic

There is growing tension in the commercial insurance market between the need for long-term collaboration to deliver innovation and short-term behaviour from insurers as things begin to harden, warns Airmic. Speaking during a press conference at the association’s annual conference this week, Julia Graham, Airmic’s technical director and deputy CEO, said these tensions are harming the insurance market’s ability to…

Regulators urged to support insurer innovation

Regulators urged to support insurer innovation

Regulators urged to support insurer innovation

Insurance regulators need to take a more flexible approach to commercial insurance if carriers are to respond to emerging and intangible risks, according to Nicolas Aubert, head of Great Britain at Willis Towers Watson. Willis is asking insurance regulators like the UK’s Prudential Regulatory Authority to take a more flexible approach and enable insurers to provide transversal coverages that are…

Growing demand for global cyber insurance programmes to counter cross-border threat

Growing demand for global cyber insurance programmes to counter cross-border threat

Growing demand for global cyber insurance programmes to counter cross-border threat

Multinational cyber insurance programmes are in their infancy, but interest is growing and longer term they should help companies manage an increasingly global threat. Corporations are increasingly exposed to cross-border cyber risks through extended supply chains, the growing importance of third-party vendors and mounting international data protection and privacy laws, according to a new whitepaper by Chubb. This will increasingly…

AXA XL boosts wellbeing offering with new employer’s liability insurance

AXA XL boosts wellbeing offering with new employer’s liability insurance

AXA XL boosts wellbeing offering with new employer’s liability insurance

AXA XL Insurance has launched a new employer’s liability policy in partnership with IPRS Health. AXA XL HealthAssist will offer UK corporates a combination of traditional employer’s liability insurance with a wellness, health and injury rehabilitation service. Employees under the scheme will have access to physiological and psychological support service provided by IPRS Health. These range from physiotherapy for physical…

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses at lowest level since turn of century: AGCS

Large shipping losses were at their lowest level last year since the turn of the 21st century, according to maritime statistics from Allianz Global Corporate & Specialty (AGCS). There were just 45 total losses globally in 2018. This is down from 98 in 2017 and 55% lower than the ten-year average of 104. It is the fourth consecutive year that…

Only 14% of D&Os understand cover

Only 14% of D&Os understand cover

Only 14% of D&Os understand cover

Risk managers should help directors and officers better understand their D&O insurance cover, according to a report from Airmic and AIG. The results of Airmic’s annual survey suggest that further work is needed to ensure directors and officers are aware of the evolving threats they face and insurance they have in place. Only 14% of Airmic members were confident that…

Judgments needed as interpretation of Insurance Act proves tricky

Judgments needed as interpretation of Insurance Act proves tricky

Judgments needed as interpretation of Insurance Act proves tricky

Key aspects of the Insurance Act and damages for late payment are proving difficult to interpret and will need to be tested by the courts, according to legal experts. When the Insurance Act 2015 came into force on 12 August 2016, it was the most significant change to UK insurance contract law since the Marine Insurance Act 1906. It restricted…