More insurers named in British Steel’s dispute over £30m claim as insolvency hits

More insurers named in British Steel’s dispute over £30m claim as insolvency hits

More insurers named in British Steel’s dispute over £30m claim as insolvency hits

Aviva, RSA, AXA XL and AIG have been named as additional insurers, along with Zurich Insurance and Liberty, in dispute with British Steel over a £30m claim for a damaged blast furnace at its Scunthorpe, UK premises, as the firm enters insolvency this week. The company’s representative in the claim, Mactavish, told Commercial Risk Europe the case is the most “catastrophic failure…

British Steel in dispute with insurers over £30m claim

British Steel in dispute with insurers over £30m claim

British Steel in dispute with insurers over £30m claim

British Steel is in dispute with Zurich Insurance and other insurers about a £30m claim for a damaged blast furnace at its UK, Scunthorpe premises, as it enters insolvency this week. The claim follows an incident in June 2017. The company’s representative Mactavish argues that if the claim been settled sooner it could have helped save the stricken firm, which…

Marsh index reports growing global and European commercial insurance price increases

Marsh index reports growing global and European commercial insurance price increases

Marsh index reports growing global and European commercial insurance price increases

Average global commercial insurance prices increased 3% in the first quarter of 2019, with prices up 2% in continental Europe and 2.9% in the UK, according to Marsh’s Global Insurance Market Index. It is the largest global increase since the index began in 2012 and the sixth consecutive quarter of rising prices. The index reveals that composite pricing in the first…

Beazley appoints global head of property division

Beazley appoints global head of property division

Beazley appoints global head of property division

Richard Montminy has been appointed as global head of Beazley’s property division. The appointment takes effect from 20 May 2019. He will be responsible for developing Beazley’s global property strategy and will lead property teams based across the US, the UK (including at Lloyd’s) and Singapore. He will report to chief underwriting officer Adrian Cox and join Beazley’s executive committee.…

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

US April storm season hits new record, exposes protection gap

Storms in the US set a new record for April – one of the busiest storm months of the year – with almost 250 tornadoes touching down in the country last month; the highest number in April since 2011, according to Aon. Publishing its Global Catastrophe Report for April, Aon said the storms added to multibillion-dollar losses in the US.…

Record insurtech investment levels belie lack of obvious value: WTW

Record insurtech investment levels belie lack of obvious value: WTW

Record insurtech investment levels belie lack of obvious value: WTW

Investment in the insurtech sector reached record highs in Q1 2019 yet there is a lack of obvious value in the many of the newest insurtech offerings, according to a recent report. The latest Quarterly Insurtech Briefing from insurance broker Willis Towers Watson (WTW) shows that the highest number of transactions yet (85 with a total value of $1.42bn) were…

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich on track to meet P&C targets as rates rise

Zurich is on track to meet turnaround targets for its P&C business this year, as it delivered a 4% boost to gross written premiums during Q1 to $9.2bn on like-for-like sales, and average rate increases of 2%. Zurich said it is ahead of targets set for the 2017-2019 period as part of a three-year plan to pull the insurer out…

Brit adds physical damage to cyber policy

Brit adds physical damage to cyber policy

Brit adds physical damage to cyber policy

Brit has boosted its cyber insurance product by offering physical damage cover alongside business interruption, data privacy and cyber liability, with limits up to $150m. The update to Brit’s five-year-old Cyber Attack Plus policy also offers $100m limits for standalone, non-physical damage cyber cover, which the company said are the highest offered globally. The policy covers first- and third-party risks.…

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