FM Global to charge for data cover and clarify cyber wordings

FM Global to charge for data cover and clarify cyber wordings

FM Global to charge for data cover and clarify cyber wordings

From next month, FM Global will charge for data cover and introduce revised wordings to address silent cyber in its property insurance. The move accompanies changes in 2019 to the method by which FM Global quotes for cyber coverage, and introduction of cyber risk assessments in 2018. From July 2019, the FM Global Advantage policy will include a number of…

Companies will look elsewhere if insurers do not deliver on cyber, say German buyers

Companies will look elsewhere if insurers do not deliver on cyber, say German buyers

Companies will look elsewhere if insurers do not deliver on cyber, say German buyers

Commercial insurers need to be careful that they do not limit their ability to help companies manage cyber risk and force them to seek other solutions, warn German participants in our Risk Frontiers Europe project. GVNW board member Antje Mertens said insurers are reducing limits for cyber risk as they learn more about the scale of the issue and deal…

Linkage aims to grow profits to match growth in economy

Linkage aims to grow profits to match growth in economy

Linkage aims to grow profits to match growth in economy

Nigerian insurer Linkage Assurance plans to take advantage of opportunities in the economy and expected stability to grow its portfolio for increased shareholder value, while focusing on profitability, customer intimacy and operational efficiency. Chief Joshua Fumudoh, company chairman, said that in 2018, the underwriter achieved 31% growth in gross written premium to NGN5.39bn (from NGN4.10bn in 2017), despite the tough…

Leveraging new technology to efficiently manage a global partner network

Leveraging new technology to efficiently manage a global partner network

Leveraging new technology to efficiently manage a global partner network

Globalisation has reduced the distances and barriers between countries, allowing corporations to perform business in multiple markets, which has driven the need for international insurance. Insurance companies should have capabilities around the globe to be able to offer a comprehensive insurance solution for global customers and to deal with the complexities of different regulations and market practices. Global insurers such…

Caribbean insurers report income gains despite 2017 nat cat losses

Caribbean insurers report income gains despite 2017 nat cat losses

Caribbean insurers report income gains despite 2017 nat cat losses

Insurers in the Caribbean reported solid after-tax income in 2017, despite a 30% increase in net losses from the 2017 hurricanes, according to AM Best’s annual survey of the Caribbean Association of Insurance Regulators (CAIR) member countries. However, Best added that economic contractions pose a threat to the Caribbean’s growth potential, and enhanced regulation in certain markets adds new layers…

Cyber email attack predicted to cost $3.25bn in UK insured losses

Cyber email attack predicted to cost $3.25bn in UK insured losses

Cyber email attack predicted to cost $3.25bn in UK insured losses

UK businesses would only be insured for $3.25bn of $44bn total economic losses from a major cyberattack on an email service, according to risk modelling firm Kovrr. Kovrr said its potential loss figure from business interruption based on a three-day outage should cause insurers to check they are properly managing cyber exposure claims. For buyers, the exposure gap between potential…

EC introduces new rules to help insurers invest in SMEs

EC introduces new rules to help insurers invest in SMEs

EC introduces new rules to help insurers invest in SMEs

The European Commission (EC) has published new Solvency II rules that it says will make it easier for insurers to provide finance to companies, particularly small and medium-sized enterprises (SMEs). The EC said current levels of capital required under Solvency II make it costly for insurers to finance SMEs. This is particularly the case with long-term equity investments and private debt. Under…

AGCS shuffles liability underwriters

AGCS shuffles liability underwriters

AGCS shuffles liability underwriters

Allianz Global Corporate & Specialty (AGCS) Africa has announced that current head of financial lines, Nobuhle Nkosi, has taken on the additional role of head of liability. She takes over this responsibility from Storm Mhlambi, who has taken a new role of senior liability underwriter and regional practice group leader after relocating to Durban for personal reasons. Ms Nkosi joined…