Insurers grow wary of trade credit risk as coronavirus spreads

Insurers grow wary of trade credit risk as coronavirus spreads

Insurers grow wary of trade credit risk as coronavirus spreads

Trade credit insurers are beginning to moderate their risk appetite as the coronavirus (Covid-19) raises the threat of increased insolvencies and non-payment within supply chains, brokers have told CRE. Trade credit insurance is one of the insurance lines most exposed to coronavirus because a global squeeze on supply and demand further stresses companies and their supply chains. According to ratings…

Trade tensions to rise in 2020 and threaten political stability, finds Marsh risk map

Trade tensions to rise in 2020 and threaten political stability, finds Marsh risk map

Trade tensions to rise in 2020 and threaten political stability, finds Marsh risk map

Escalating trade tensions are expected to continue throughout 2020, causing persistent global political and economic uncertainty for multinational businesses, warns a new risk map and report from Marsh. The Political Risk Map 2020 and accompanying report was produced by Marsh JLT Specialty’s Credit Specialties Practice, and is based on data from Fitch Solutions and industry risk analysis. The map rates…

BPL records surge in demand for credit and political risk cover within Europe

BPL records surge in demand for credit and political risk cover within Europe

BPL records surge in demand for credit and political risk cover within Europe

Demand for credit and political risk insurance (CPRI) has rocketed in Europe, with the region buying 75% more cover during the last two years through specialist broker BPL. A report by BPL says Europe is now the third-largest buyer of CPRI polices, with $5.7bn worth of business booked to the brokers portfolio at January 2020. The CPRI market has traditionally…

Extractive industries lead demand for credit and political risk insurance

Extractive industries lead demand for credit and political risk insurance

Extractive industries lead demand for credit and political risk insurance

The oil, mining, metals and extractive industries continue to make up the largest proportion of demand for credit and political risk insurance (CPRI) coverage, according to BPL Global, a CPRI broker. In its annual report, it says about a third of all BPL Global’s 2019 enquiries related to these sectors – of which about half were bank-financed deals. Sian Aspinall,…

Civil unrest, conflict and trade wars to drive political risk in the 2020s

Civil unrest, conflict and trade wars to drive political risk in the 2020s

Civil unrest, conflict and trade wars to drive political risk in the 2020s

Corporates are being warned to expect an increase in conflicts, civil unrest and trade disputes in coming years, as political risk continues to intensify and spread around the world. “Political risks are inherently difficult to predict, but unquestionably the world is becoming a more volatile place,” Andrew van den Born, managing director of financial solutions at Willis Towers Watson (WTW),…

TMK boost special risks team

TMK boost special risks team

TMK boost special risks team

Tokio Marine Kiln (TMK) has appointed Charlotte Pritchard as an underwriter within its special risks team. Ms Pritchard joins TMK from Barbican Insurance Group, where she worked as an underwriter specialising in malicious acts, including terrorism and political violence. TMK said Ms Pritchard will focus on political violence and accelerate the growth of its terrorism book. She will report to…

New head of trade credit, political risk and surety for Markel International

New head of trade credit, political risk and surety for Markel International

New head of trade credit, political risk and surety for Markel International

Markel International has appointed a new head of its trade credit, political risk and surety team. Carl Titterton has been appointed as divisional managing director of trade credit, political risk and surety, with effect from 1 February, 2020. He will report to James Hastings, managing director of wholesale, and will become a member of Markel International’s wholesale leadership team. Mr…

Hartford expands CPRI business through new London arm

Hartford expands CPRI business through new London arm

Hartford expands CPRI business through new London arm

US-based insurance group The Hartford has confirmed that it has opened a new credit and political risk insurance (CPRI) unit in London as part of its international expansion drive in this fast-growing specialty line. The insurer launched its US CPRI operation in December 2018, shortly before it completed its $2.1bn acquisition of specialty insurer Navigators, its Lloyd’s operation and expanding…

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

All eyes on 1 April renewals following year-end hardening

Year-end insurance renewals were challenging for many European buyers as the market hardening accelerated in the last few weeks of 2019, according to brokers and leading risk managers. Tough conditions are expected to continue through 2020, but there is hope that things will begin to settle down and the rate of change will slow. Latest figures from Marsh show that…

Nat cat insured losses return to below-average levels in 2019: Willis Re

Nat cat insured losses return to below-average levels in 2019: Willis Re

Nat cat insured losses return to below-average levels in 2019: Willis Re

Insured natural catastrophe losses of $53bn last year trailed the $65bn average of the past nine years and were 34% lower than 2018, according to analysis by Willis Re. The insured loss is the lowest since 2016, with heavy consecutive years of 2017 and 2018 sandwiched in between. Willis Re’s figures confirm those from other sources. Swiss Re has placed…

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