AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions to slash 20% of book as strategic review kicks in

Swiss Re Corporate Solutions (SRCS) is pulling back from several underperforming classes that will see its gross written premium reduce by around 20% as Swiss Re’s primary insurer attempts to turn around its troubled business. The firm reassured analysts and customers that it will build upon its recent investment to become a lead carrier in areas of focus, and deliver…

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Insurance costs to rise as two more tankers hit in Gulf of Oman

Two further torpedo attacks on oil tankers in the Gulf of Oman that left one vessel ablaze and both adrift are likely to drive insurance rates up and persuade marine and energy insurers to tighten conditions, according to international law firm DWF. The likely total value of goods involved in the latest attacks is about $65m, according to risk management…

AGCS announces new global leadership roles for aviation and marine

AGCS announces new global leadership roles for aviation and marine

AGCS announces new global leadership roles for aviation and marine

Allianz Global Corporate & Specialty SE (AGCS) has appointed Tom Fadden as AGCS global head of aviation, with immediate effect. On 1 July 2019, Ulrich Kadow will be appointed as AGCS global head of marine. Both will report directly to chief underwriting officer specialty Paul O’Neill, who will directly oversee the energy line of business on an interim basis. Mr…

Tokio Marine HCC boosts marine team

Tokio Marine HCC boosts marine team

Tokio Marine HCC boosts marine team

Tokio Marine HCC has appointed Paul Knighton as marine liability and logistics underwriter, further expanding the company’s specialist marine team that launched in January this year. Mr Knighton joins Tokio Marine HCC with 18 years’ experience in the London market, most recently at Skuld where he was head of marine cargo and property. He has also worked at TT Club…

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…

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…

Beazley launches marine cyber cover ahead of IMO guidelines

Beazley launches marine cyber cover ahead of IMO guidelines

Beazley launches marine cyber cover ahead of IMO guidelines

London-based international insurer Beazley has launched a new cyber policy and risk management service for shipowners and operators, as they prepare to meet new International Maritime Organization (IMO) cyber risk measures. Beazley said its Cyber Defence policy is aimed at vessel owners and operators, to cover physical damage and loss of hire caused by a cyberattack. Buyers in the maritime…

IUMI concerned by erosion of global premium base and attritional losses

IUMI concerned by erosion of global premium base and attritional losses

IUMI concerned by erosion of global premium base and attritional losses

The International Union of Marine Insurance (IUMI) has warned that while, in general, major losses remain stable, “the continued erosion of the global premium base means that attritional losses are becoming much more significant”. It added that the increased risk of large, more complex and costly claims has the potential to impact all marine underwriting sectors in 2019. According to…

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