UK firms risk non-payment of Brexit insurance claims, warns Mactavish

UK firms risk non-payment of Brexit insurance claims, warns Mactavish

UK firms risk non-payment of Brexit insurance claims, warns Mactavish

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…

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

IMO sulphur cap rules top 2020 maritime risk agenda, says UK P&I Club

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…

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

Foreign firms face increased US class action exposure and scrutiny from D&O insurers

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…

Philippines government seeks further cat protection to cover own assets

Philippines government seeks further cat protection to cover own assets

Philippines government seeks further cat protection to cover own assets

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…

Action on silent cyber risks will drive market growth: Fitch

Action on silent cyber risks will drive market growth: Fitch

Action on silent cyber risks will drive market growth: Fitch

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…

US managing agency launches new Lloyd’s syndicate

US managing agency launches new Lloyd’s syndicate

US managing agency launches new Lloyd’s syndicate

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…

Buyers face coverage uncertainty as liability market moves to exclude silent cyber

Buyers face coverage uncertainty as liability market moves to exclude silent cyber

Buyers face coverage uncertainty as liability market moves to exclude silent cyber

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 gives detail on new terror risk management services

Pool Re gives detail on new terror risk management services

Pool Re gives detail on new terror risk management services

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 damages confidence of UK financial services firms, finds CNA Hardy survey

Political risk damages confidence of UK financial services firms, finds CNA Hardy survey

Political risk damages confidence of UK financial services firms, finds CNA Hardy survey

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…

NAIC report highlights growth of US cybersecurity insurance market

NAIC report highlights growth of US cybersecurity insurance market

NAIC report highlights growth of US cybersecurity insurance market

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…

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