Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Growing demand for multinational insurance despite headwinds

Demand for multinational insurance programmes continues to rise despite mounting anti-globalisation sentiment and protectionism, with captives, mid-sized companies and firms from emerging markets driving growth. Some companies in mature markets have scaled back programmes as they reduce their global footprint, but are generally looking at covering a wider range of risks in international programmes. According to brokers and insurers, demand…

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG to affirm or exclude cyber cover in P&C policies from January 2020

AIG announced yesterday that, as of January 2020, virtually all of its commercial property and casualty policies will begin affirmatively covering or excluding physical and non-physical cyber exposures. The US-based international insurance group said this move will address “market concerns” that traditional commercial insurance policies across the industry – from property to general liability – are often silent about cyber…

Political risk capacity rides high at more than $3bn

Political risk capacity rides high at more than $3bn

Political risk capacity rides high at more than $3bn

Capacity for political risks is riding close to an “all-time high” at $3.09bn and is also strong for buyers in the credit insurance market, according to analysis from broker Gallagher. It said that trade and secured non-trade government counterparty capacity stands at $3.12bn, with a further $2.48bn for trade and secured non-trade private counterparty risks. Capacity for unsecured non-trade stands…

Corporate debt dynamics increase risk of hard landing for China’s economy

Corporate debt dynamics increase risk of hard landing for China’s economy

Corporate debt dynamics increase risk of hard landing for China’s economy

Recent efforts by the Chinese government to cushion its economic slowdown, partly sparked by the trade dispute with the US, by cutting taxes and easing monetary policy, are forcing corporate debt levels up again and will make it more difficult to avoid an economic hard landing in the medium term, according to trade credit insurer Atradius. The has insurer published…

New credit and political risk underwriter for Canopius Asia-Pacific

New credit and political risk underwriter for Canopius Asia-Pacific

New credit and political risk underwriter for Canopius Asia-Pacific

Global specialty (re)insurer Canopius has appointed Jamie Jeffers as underwriter, credit and political risk, Canopius Asia-Pacific. The appointment is effective from 9 September 2019. Mr Jeffers will join Canopius from Willis Towers Watson, where he served as executive director, financial solutions – credit and political risk. He will be based in Singapore and will report to Yann Marmonier, head of…

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…

Australian mining firm wins $55m insurance payout

Australian mining firm wins $55m insurance payout

Australian mining firm wins $55m insurance payout

Kingsgate Consolidated, an Australian mining firm, has been awarded a $55m payout from a political risk policy it has with Zurich Insurance Australia, over the closure of its goldmine in Thailand. The goldmine, based in Chatree in the Thai provinces of Phichit and Phetchabun, is the largest in Thailand, with more than 1,000 employees. It was shut down in December…

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

China and North Korea adding to new levels of political risk, warns Marsh

Multinationals face “unprecedented uncertainty” caused by growing political risk, Marsh warned on publishing its Political Risk Map 2019. Marsh added that trade disputes, protectionism and geopolitical tensions have created an “unstable” environment for multinational companies with direct foreign investment. The updated Political Risk Map uses data from Fitch Solutions to rate more than 200 countries’ political, economic and operational stability.…

1 2 3 5