Chubb moves terrorism models forward with Impact Forecasting initiative

Chubb moves terrorism models forward with Impact Forecasting initiative

Chubb moves terrorism models forward with Impact Forecasting initiative

Chubb has partnered with Aon’s Impact Forecasting to develop a new terrorism risk model for New York’s Manhattan district, which can be replicated for other major cities. The two companies said they will use a new approach to model terrorism exposures, which will include more realistic quantifications of P&C losses and workers’ compensation. Sean Ringsted, chief digital officer and chief…

Pool Re secures £2.3bn terrorism retrocession cover

Pool Re secures £2.3bn terrorism retrocession cover

Pool Re secures £2.3bn terrorism retrocession cover

Munich Re has led the placement of £2.3bn retrocession cover for UK terrorism reinsurer Pool Re. The programme, spread across 50 global reinsurers, runs for three years and is the largest terrorism risk on record, up from the £2.1bn in place last year. The policy is structured as an aggregate excess-of-loss treaty. The programme is activated if Pool Re losses…

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Hong Kong’s Jing An to offer cyber and terrorism cover in Philippines

Jing An Special Risks (JASR), a Hong Kong-based specialty insurer, has been awarded a licence by the Philippines Insurance Commission to offer cyber and terrorism cover to corporate clients in the country. “Our products intend to cover businesses against the following threats: war and terror, cyber, kidnap and ransom, marine piracy, and crisis response,” stated Gene Yu, JASR chairman and…

BHSI exits Hong Kong EC terrorism pool

BHSI exits Hong Kong EC terrorism pool

BHSI exits Hong Kong EC terrorism pool

Berkshire Hathaway Specialty Insurance (BHSI) has announced its withdrawal from the Hong Kong Government’s employee compensation (EC) terrorism pool, in a move that will make it the first insurer in Hong Kong to offer EC terrorism coverage directly. The pool was established in the wake of the 2001 terror attack in New York, when worldwide capacity for terrorism coverage was…

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