Just 25% of UK businesses facing Brexit-related risks have informed their insurers, putting claims at high risk of being rejected, according to new research from Mactavish. The firm added that individual directors could be exposed to litigation if they fail to inform insurers of such risks because of traditional limitations in D&O insurance. Mactavish found that 22% of senior executives…
New International Maritime Organization (IMO) regulations on fuel and emissions will create “unique challenges” for maritime operators in 2020, according to UK P&I Club’s Stuart Edmonston. Operators will need to comply with IMO 2020 rules that cap sulphur content used in fuel and come into force on 1 January. “From a loss-prevention perspective, the most obvious discussion point for 2020…
D&O underwriters are increasing their scrutiny of US American Depository Receipts (ADRs), following recent cases that point to likely increased class action exposure for foreign companies. Recent legal cases in the US have shown foreign companies with ADRs – derivative securities issued by a depositary bank – may be more exposed to securities class action litigation than previously thought. In…
The Philippines government has signed a memorandum of understanding with the Government Service Insurance System (GSIS), which provides insurance cover for government assets in 25 provinces in the catastrophe-exposed eastern seaboard of the country. A statement issued by the GSIS confirms that the facility will provide cover for up to PHP1trn ($19.7bn). The Bureau of the Treasury reportedly said it…
New approaches led by insurers to tackle the threat of silent cyber risks will boost the cyber insurance market, according to Fitch Ratings. Recent actions by three major carriers on the growing and unquantified threat of silent cyber risk “will likely shape market direction”, the ratings agency said. “A more active approach by insurers to write affirmative coverage or more…
A new syndicate is to launch at Lloyd’s for 2020 after several unprofitable syndicates have withdrawn for the new year of account. Victor Syndicate 2288 will begin underwriting with capacity of £57m, backed by Marsh-owned US managing general agency Victor Insurance Holdings, which has appointed third-party managing agency Asta to oversee the syndicate. Victor Insurance said the new syndicate will…
Insurance buyers will encounter growing cyber exclusions in liability policies at renewal, with attempts to address silent cyber liability proving a complex task that is creating coverage uncertainty for policyholders. Insurers are now beginning to develop and apply cyber exclusions to non-physical cyber liability, according to Jean Bayon de la Tour, head of cyber at Marsh in continental Europe. Broadly,…
Pool Re, the UK’s government-backed terrorism reinsurer, has fleshed out the details of its newly launched division that offers insurers, captives and large corporates a range of terrorism risk management and modelling services. The new division, called Pool Re Solutions, will expand the reinsurer’s existing capabilities in counterterrorism intelligence and risk modelling, and create a new risk management offering. It…
Political risk is weighing on business confidence in the UK financial services sector, according to a survey by CNA Hardy that found 25% of respondents ranked it the number one threat in 2020 – almost double the figure in the same poll a year ago. Meanwhile, confidence levels among European financial services firms have risen this year and pulled away…
The US cybersecurity insurance market grew nearly 15% last year to reach $3.6bn, according to the National Association of Insurance Commissioners (NAIC). In its 2019 Report on the Cybersecurity Insurance and Identity Theft Coverage Supplement, NAIC reveals that approximately 500 insurers have provided businesses and individuals with cybersecurity insurance, with 96% of the insurers writing cybersecurity insurance as part of…