XL Catlin looks to plug motor terror gap

XL Catlin looks to plug motor terror gap

XL Catlin looks to plug motor terror gap

XL Catlin has launched a global terrorism product for commercial motor fleet operators, helping plug a gap that currently exists in cover. Recent years have seen terror attacks in Europe and North America where vehicles have been used as a weapon, causing bodily injury, physical damage and business interruption. Last year, a terror suspect killed eight people by driving a…

MGA EPUL launches Pool Re alternative for terrorism risks

MGA EPUL launches Pool Re alternative for terrorism risks

MGA EPUL launches Pool Re alternative for terrorism risks

Commercial property MGA European Property Underwriting Ltd (EPUL) has launched terrorism insurance for UK businesses as an alternative to protection provided by Pool Re, including cover in Europe. The standalone terrorism policy covers businesses in the UK and Northern Ireland for material damage and business interruption cover. Terrorism cover will also be available in Europe. Under EPUL’s offering, insureds can…

World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

World Cup cover runs to billions of dollars

There will be more than $2bn of event cancellation insurance in place to cover risks at the 2018 Fifa World Cup, with terrorism property protection estimated at $1bn and top players each insured for up to $200m, according to specialty insurer Beazley. The World Cup kicks off this month on June 14 in Moscow. While teams prepare ahead of the…

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re hails ‘landmark’ government move to extend terror coverage to non-damage BI

Pool Re has welcomed a move this week by the UK Government to begin law changes that would allow the pool to extend terrorism cover to non-damage business interruption (NDBI) losses. Meanwhile, commercial property MGA European Property Underwriting Ltd (EPUL) has launched terrorism insurance for UK businesses as an alternative to protection provided by Pool Re that includes cover in…

MI5 chief warns of IS attacks in Europe

MI5 chief warns of IS attacks in Europe

MI5 chief warns of IS attacks in Europe

Islamic State is proactively looking for further targets in Europe, head of UK security service MI5 Andrew Parker told a meeting of European security chiefs in Berlin. Mr Parker also explained that UK counterterror forces have prevented 12 potential terrorist attacks in the UK since March last year, when an Islamic State attack in Westminster became the first of a…

UK nerve agent attack exposes insurance gap that needs rethink: Pool Re

UK nerve agent attack exposes insurance gap that needs rethink: Pool Re

UK nerve agent attack exposes insurance gap that needs rethink: Pool Re

The recent nerve agent attack in UK city Salisbury, which hospitalised three victims and closed parts of its shopping district for weeks, has exposed an insurance gap that needs to be addressed, according to UK terrorism reinsurer Pool Re. Chemical, biological, radiological and nuclear (CBRN) attacks are excluded from commercial property and business interruption insurance policies, but the head of…

Pool Re explores ILS option with GC Securities

Pool Re explores ILS option with GC Securities

Pool Re explores ILS option with GC Securities

Pool Re has stepped up its interest in transferring UK terrorism risk to the insurance-linked securities (ILS) market with the appointment of an adviser and placing agent GC Securities, part of MMC Securities. Pool Re said it has been looking into ILS as an alternative to the traditional reinsurance market for some time. GC Securities will offer Pool Re expertise…

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

HWI launches new underwriting venture in Hong Kong

A new Hong Kong-based managing general agent (MGA) has been launched by independent insurer HWI International Group. NuVu Underwriting Hong Kong is set to begin writing business from 1 July 2018, subject to regulatory approval, and will be headed by Jeremy Austen. The MGA will initially concentrate on property, marine, personal accident, fine art, specie and terrorism. While HWI has…

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Aon’s 2018 maps show political violence and risk on the rise

Political violence risk has increased worldwide for the third year in a row, while broader political risk is also up, according to analysis by Aon. The broker’s newly released 2018 political risk, terrorism and political violence risk maps also suggest that the global threat posed by Islamic State (IS) has peaked, with its reach likely to fall in 2018. Political…

Stable terror market may yet see rate increases: Marsh

Stable terror market may yet see rate increases: Marsh

Stable terror market may yet see rate increases: Marsh

The terrorism insurance market is likely to remain stable in 2018 but rates may yet increase as a result of last year’s heavy natural catastrophe losses, according to Marsh. Terrorism insurance capacity remains “abundant”, backed by new entrants and the commitment of incumbent terrorism insurers, Marsh said. However, following large catastrophe losses in 2018, pricing could increase, the broker predicted…

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