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…

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…

Elevated levels of civil unrest to continue in 2020, warns Maplecroft

Elevated levels of civil unrest to continue in 2020, warns Maplecroft

Elevated levels of civil unrest to continue in 2020, warns Maplecroft

The world experienced a big increase in civil unrest during 2019 and this trend could be the “new normal”, according to the latest Civil Unrest Index from political risk analysts Verisk Maplecroft. A quarter of the world’s countries saw significant increases in civil unrest last year, with notable violent outbreaks in Hong Kong, Lebanon and Chile. The number of countries…

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Iran conflict fears ease but foreign firms advised to prepare for the worst

Foreign companies are being advised to prepare for ongoing volatility in the Middle East, but the risk of a wider conflict involving Iran appears to have receded for now, according to political risk experts. However, insurance premiums will rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF Recent weeks have seen dramatic…

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

Risk managers with operations in the Middle East must brace for rising premiums as tensions boil over, says DWF

The Middle East crisis will see premiums rise exponentially in marine and other lines for companies operating in the region, according to law firm DWF. Jonathan Moss, head of marine and trade at DWF, said: “The latest chapter of turbulence in the Middle East will undoubtedly lead to insurers and reinsurers – particularly in lines such as hull, war, piracy,…

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