Chubb has upgraded its cyber risk tool with new features to allow businesses to identify global cyber threats. The Chubb Cyber Index, first launched last year, also features cost analysis, insights on cyber insurance limits and deductibles, as well as an incident cost calculator to estimate losses, including the price of response services. Chubb said the tool gives business real-time…
Continental Reinsurance has launched an agriculture insurance programme as part of its new capabilities. “We have read the signals of our environment and have responded without a doubt,” said group MD/CEO, Dr Femi Oyetunji. “In line with our organising principle of localisation, we have found it imperative to expand our product relevance to further build on market development.” Continental Re…
Castel Specialty, a division of club-style MGA platform Castel Underwriting, has entered the construction and engineering market to take advantage of improving conditions for carriers. The new proposition is primarily aimed at the UK, North America, Australia and Canada as well as other key markets. It will be headed by Colin Rose, who joins from Beazley, and is backed by…
Beazley is now offering cyber and management liability to French insurance buyers working at companies with turnover of up to €350m. Available through e-broking platform myBeazley, the companies will now have access to cyber service Beazley Breach Response (BBR) and management liability (ML) insurance, including D&O, crime and employment practice covers. Buyers can take out the covers separately or combine…
The Institute of International Finance (IIF), a group of 450 financial companies worldwide, has recommended that policymakers, regulators and supervisors promote the development of a common standard lexicon and taxonomy for cyber risk with involvement from both the industry and public sector, which would help policyholders better understand and compare the cover on offer. The IIF, whose membership includes the…
Protection & indemnity (P&I) clubs could call general rate increases of up to 7.5% when buyers renew in February 2020 but are closely watching to see who will make the first move, according to a new market report from Lloyd’s broker Tysers. Tysers says it is too early to know which way the market will swing, but explains there are…
AXA XL Insurance has appointed Peter Welton as UK head of energy. Mr Welton takes on responsibility for developing the energy book from Luis Prato, who was promoted to chief underwriting officer for the UK in September. Based in London, Mr Welton moves from his current role as senior class underwriter for downstream energy and power. He joined Catlin Underwriting…
Shipowners operating in the Middle East can expect further big increases in the cost of war risk insurance, following the most recent attack on an Iranian oil tanker off the coast of Saudi Arabia, according to law firm DWF. Elborne Mitchell said the attack highlights the increasing problems for insurers, brokers and ultimately insureds operating in the region, as they…
MS Amlin has ceased underwriting new and renewal aviation business – excluding war risks, which continue to be accepted by its war unit. The company announced at the end of last month that aviation, along with eight other classes of business, will “no longer form part of its future strategic direction”. Aviation is the first of the nine classes earmarked…
Reinsurance prices are rising for natural catastrophe risk, but the good news for risk managers is that large commercial insurers and market observers do not anticipate much increase in the cost of reinsurance as a whole at coming renewals. This means there should be less pressure on insurers to raise rates because of rising reinsurance costs. Catastrophe losses in 2017…