XL Catlin is offering a coverage extension to its UK general liability product that provides cyber insurance for mid-sized and large companies that do not currently buy standalone cyber cover. The extension, in the form of an endorsement, covers key costs and liabilities associated with a data breach or cyberattack. Essentially, it adds first-party cyber and business interruption to UK…
There will be more than $2bn of event cancellation insurance in place to cover risks at the 2018 Fifa World Cup, with terrorism property protection estimated at $1bn and top players each insured for up to $200m, according to specialty insurer Beazley. The World Cup kicks off this month on June 14 in Moscow. While teams prepare ahead of the…
XL Catlin has appointed Donnacha Smyth as president of global excess casualty insurance, in a move that sees him return to the insurer after two years heading the international excess casualty team at Aspen Insurance. Mr Smyth, who was chief excess casualty officer at XL Catlin between 2007 and 2016, will be based in Dublin. He will lead the group’s…
With the spotlight shining on corporate behaviour and gender pay, employment claims are rising, creating growing interest in employers’ practices liability insurance (EPLI). Recent months have seen an increasing number of employment-related risks, from sexual harassment claims in the entertainment and charities sectors, to gender pay reporting in the UK. From April this year, UK firms with more than 250…
Brit Global Specialty USA has added more senior executives to its professional liability team. Tom Rea has joined the team as senior vice-president, miscellaneous professional liability and Jim Kelly has joined as assistant vice-president, construction professional. Mr Rea is based in Glastonbury, Connecticut and reports to Tom Bongi, executive vice-president, professional liability for Brit Global Specialty USA. He will focus…
Despite the fact that 2017 was a severe year of natural catastrophes, the Asian insurance market has seen little impact in terms of rate changes, much to the disappointment of many insurers and reinsurers. Rates in the region have been deteriorating for several years, due to excess capacity and strong competition. This has led insurers to question whether certain commercial…
Concerns over a lack of safeguards in the EC’s proposed pan-EU collective redress mechanism focus on the fact that the loser-pays principle and need for consent to be part of an action are missing, as well as fears that rules governing who can bring a class action will not preclude third-party litigation funders from delivering mass US-style litigation in Europe.…
SCOR has reorganised its growing SCOR Business Solutions (SBS) unit in a move it says will make the firm more relevant to customers, be easier for brokers to use and help deliver planned growth in the large global corporate primary market. The Paris-based group said that in line with its current strategic ‘Vision in Action’ plan, it is “enhancing the…
Global commercial insurance rates have risen for the second consecutive quarter, up 0.9% on average, driven by increases in property business and finpro lines, according to Marsh. However, overall pricing continues to fall in continental Europe, even though the rate of decline slowed again, the broker’s global insurance market index shows. The rise in global commercial insurance pricing was driven by…
Business interruption is the top concern for the food and beverage industry, with 53% of 68 respondents citing the risk. Reputational risks, with a 31% rating, occupy the second spot, showing a decrease from 2017, according to the Allianz Risk Barometer 2018. Risks from natural catastrophes and fire are at number three and number five respectively, and both represent new…