Remote working in Covid-19 pandemic will spike cyber risk, warns Zurich

Remote working in Covid-19 pandemic will spike cyber risk, warns Zurich

Remote working in Covid-19 pandemic will spike cyber risk, warns Zurich

Corporates with employees working from home during the current coronavirus pandemic are at new levels of risk from cybercriminals looking to exploit weak systems, according to Zurich. It said companies must make sure systems are as secure as possible and alert employees of threats to cybersecurity when working remotely. The insurer added that companies must check employees are trained to…

Lloyd’s returns to £2.5bn profit helped by sustained rate increases

Lloyd’s returns to £2.5bn profit helped by sustained rate increases

Lloyd’s returns to £2.5bn profit helped by sustained rate increases

Lloyd’s has announced pre-tax profit of £2.5bn in 2019 following a £1bn loss a year earlier, as its numbers were boosted by “sustained” rate increases, “improving” underwriting discipline, lower claims and strong investment performance. The market’s improved 2019 results follow heavy losses in previous years, including a £2bn shortfall in 2017. Since then, Lloyd’s has undergone a performance review and…

Beazley reports 131% ransomware spike and warns Covid-19 will heighten cyber risk

Beazley reports 131% ransomware spike and warns Covid-19 will heighten cyber risk

Beazley reports 131% ransomware spike and warns Covid-19 will heighten cyber risk

Ransomware attacks surged 131% in 2019, according to Beazley, which has warned that cyber risks could be exacerbated by employees working from home during the Covid-19 pandemic. Beazley Breach Response Services (BBR Services), which bases its data on breaches reported by corporate clients, said ransom sums demanded by criminals also increased, with cases of seven- or even eight-figure demands. There…

Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

Insurers in the UK, France and Germany will face “moderate” business interruption (BI) losses from disruption and closures as a result of coronavirus, with the bulk of policies excluding pandemic-related claims, according to a report by Moody’s. But it warned this could cause the industry reputational damage. Moody’s said while losses and claims may be low, the insurance sector faces…

AXA XL launches autonomous vehicle cover

AXA XL launches autonomous vehicle cover

AXA XL launches autonomous vehicle cover

AXA XL has launched cover for autonomous vehicle developers and manufacturers, with bespoke protection for new and evolving risks, as well as core coverage for standard threats. Under the core coverage element, AXA XL will insure third-party liability, damage to property and vehicle theft. It will then add options tailored to each client. Extensions include statutory motor liability, cyber, crisis…

Lloyd’s to close underwriting rooms and introduces continuity clause

Lloyd’s to close underwriting rooms and introduces continuity clause

Lloyd’s to close underwriting rooms and introduces continuity clause

Lloyd’s will close its underwriting room at 4pm today and review the decision on a weekly basis in direct response to the Covid-19 pandemic and government advice to avoid non-essential contact. In a notice on its website, Lloyd’s said it remains open for business and is ready to support its customers around the world. Lloyd’s closed the underwriting floors for…

Clarify virus coverage and communicate early, clearly and concisely, advise Airmic members

Clarify virus coverage and communicate early, clearly and concisely, advise Airmic members

Clarify virus coverage and communicate early, clearly and concisely, advise Airmic members

Risk managers must move quickly to explain to their bosses what coronavirus losses are covered, or not covered, by their insurance programme, according to Scott Feltham, group insurance manager at Compass Group, the UK-based multinational contract food service group. Mr Feltham advised fellow risk managers and Airmic members to particularly focus on business interruption (BI) coverage, which many non-insurance experts…

Mactavish warns Covid-19’s impact on insurance sector could be greater than 9/11 and worsen hard market

Mactavish warns Covid-19’s impact on insurance sector could be greater than 9/11 and worsen hard market

Mactavish warns Covid-19’s impact on insurance sector could be greater than 9/11 and worsen hard market

Mactavish has warned that Covid-19’s impact on the commercial insurance sector could be greater than 9/11, with heavy investment losses exacerbating the hard market and premiums rising dramatically, cover being withdrawn, more exclusions and rejected claims. It has therefore called for a range of emergency government and industry measures to support the insurance market and its customers, including a temporary…

Mactavish calls for emergency coronavirus measures to support insurers and their clients

Mactavish calls for emergency coronavirus measures to support insurers and their clients

Mactavish calls for emergency coronavirus measures to support insurers and their clients

Mactavish has called for a range of emergency measures to support the insurance industry and its customers hit by the coronavirus, including a temporary freeze on insurance rates and automatic renewals at 1 April. The move comes amid fears that investment losses suffered by insurers as markets tumble could lead to a dramatic further hardening of the commercial insurance market.…

ABI says very few firms covered for Covid-19 business interruption

ABI says very few firms covered for Covid-19 business interruption

ABI says very few firms covered for Covid-19 business interruption

The Association of British Insurers (ABI) has said any enforced government business closure could help some larger firms claim for Covid-19 business interruption (BI), but will not help the majority of companies that are simply not covered for the risk. While Mactavish said the amount of claims paid will be much smaller than many predict because losses will generally fall…

1 2 3 123