World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

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…

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

GDP at risk from geopolitical and security threats in leading cities up 16%

Annual GDP under threat from geopolitical and security risks to the world’s largest cities rose by 16% in the past year, according to research by the Centre for Risk Studies at the Cambridge Judge Business School. Its 2018 Global Risk Index, upon which the Lloyd’s City Risk Index published this week is based, the centre finds that interstate conflict, which…

Swiss Re’s latest SONAR report highlights emerging risks for insurers and society

Swiss Re’s latest SONAR report highlights emerging risks for insurers and society

Swiss Re’s latest SONAR report highlights emerging risks for insurers and society

The biggest emerging risks faced by the re/insurance industry and society include emerging geopolitical risks, the re-emergence of asbestos, and risks from new technologies such as cyber, biased algorithms and the erosion of risk diversification. This is according to Swiss Re’s 2018 SONAR report which features 18 emerging risk themes and seven emerging trend spotlights that the re/insurance industry needs…

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Political violence risk has increased worldwide for the third year in a row, while broader political risk is also up, according to analysis by Aon. The broker’s newly released 2018 political risk, terrorism and political violence risk maps also suggest that the global threat posed by Islamic State (IS) has peaked, with its reach likely to fall in 2018. Political…

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

Reinsurance space remains buyer’s market at 1 April renewals: Willis Re

The 1 April reinsurance renewals continued the trend set in January with a broadly flat pricing environment for loss-free programmes, as reinsurers failed to push through rate increases, according to Willis Re. Although ongoing reinsurance price declines witnessed during recent years have halted, plentiful capital, ongoing interest from the insurance-linked securities (ILS) sector and large primary insurers re-entering the reinsurance…

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Trade credit insurer gives APAC stable risk rating

Global trade credit insurer Atraidus has given a moderate and stable forecast for the economic prospects within Asia-Pacific in its latest report, which examines the political and economic risks in the region’s 11 major economies. And while no major risks are highlighted in the report, it does warn of an expected increase in the number of insolvencies in the region,…

Insurance market weathers 2017 losses but clouds remain on the horizon

Insurance market weathers 2017 losses but clouds remain on the horizon

Insurance market weathers 2017 losses but clouds remain on the horizon

European corporate risk and insurance managers will be relieved by evidence from international insurer and reinsurer 2017 results and renewals reports. While Hurricanes Harvey, Irma and Maria have halted the seemingly endless softening of insurance and reinsurance rates, or at least reduced price declines, they have not yet led to a dramatic hardening as seen after previous catastrophic losses in…

JLT acquires US trade credit and political risk broker

JLT acquires US trade credit and political risk broker

JLT acquires US trade credit and political risk broker

Jardine Lloyd Thompson Group plc (JLT) has acquired International Risk Consultants (IRC), a US specialist trade credit and political risk broker. IRC is based in Columbus, Ohio, and operates across the US, Brazil, China and Hong Kong, providing trade credit, single-and-multi-buyer, and political risk insurance. According to JLT, the acquisition combines IRC’s deep-rooted credit and political risk specialty expertise with…

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

European commercial rates fall despite first global increase for five years: Marsh

Global commercial insurance rates rose for the first time in five years during the last quarter of 2017, almost exclusively due to a rise in property premiums, according to Marsh’s Global Insurance Market Index. But while rates were up 0.9% in the UK, they fell by 1.1% on average in continental Europe despite the pace of decline slowing. Marsh said…

Substantial increase in credit and political risk capacity, says BPL Global

Substantial increase in credit and political risk capacity, says BPL Global

Substantial increase in credit and political risk capacity, says BPL Global

There is a growing appetite for credit and political risk business among insurers, with a substantial increase in market capacity in the last three years, according to specialist broker BPL Global. BPL said maximum lines for non-payment private obligor risks and public obligor risks rose by 30% to $2.4bn and $3.0bn respectively. It said this comes off the back of…

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