Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

Terror threat sees spike in right-wing attacks

More than a third of terrorist attacks (36%) in advanced markets were perpetrated by right-wing terrorists last year and have driven up casualty rates, according to data analysed by Pool Re in its latest threat report. The UK government-backed reinsurer says the “more active and lethal” right-wing movement has complicated the terrorist landscape. Such attacks are more likely to cause…

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face ‘biggest upward price shift’ in years: WTW

Insurance buyers with US risks face the “biggest upward price shift” for years during 2020, with increases across more lines than in “recent memory”, according to Willis Towers Watson (WTW). Property, excess liability and D&O cover will be hardest hit, according to the broker. It notes that several other lines of business are looking at increases “topping out at well…

Pool Re launches new terrorism risk management unit

Pool Re launches new terrorism risk management unit

Pool Re launches new terrorism risk management unit

The UK’s government-backed terrorism reinsurer Pool Re has launched a specialist unit to house its risk management and risk modelling expertise to help build terrorism resilience. CEO Julian Enoizi said the launch of Pool Re Solutions marks a “turning point” in the relationship with terrorism risk. Pool Re Solutions will consist of a risk awareness team to provide analysis and…

Politically motivated cyberattacks most severe geopolitical risk, survey finds

Politically motivated cyberattacks most severe geopolitical risk, survey finds

Politically motivated cyberattacks most severe geopolitical risk, survey finds

Politically motivated cyberattacks cause the most severe disruptions of all geopolitical risks for organisations across the world, according to survey findings revealed at Commercial Risk Europe’s latest event. The survey also found that only a quarter of firms polled buy political risk insurance, with the majority saying it is more efficient to manage the risk internally. We held our Political…

US House Financial Services Committee passes TRIA reauthorisation

US House Financial Services Committee passes TRIA reauthorisation

US House Financial Services Committee passes TRIA reauthorisation

The US House Financial Services Committee has passed H.R. 4634, the Terrorism Risk Insurance Program Reauthorization Act (TRIA) of 2019. The bipartisan bill will provide for a seven-year reauthorisation of the programme. Congresswoman Maxine Waters, chairwoman of the House Committee on Financial Services, said: “This bipartisan bill provides a simple long-term reauthorisation of the Terrorism Risk Insurance Program. Without a…

IFTRIP conference highlights ILS interest in terrorism (re)insurance

IFTRIP conference highlights ILS interest in terrorism (re)insurance

IFTRIP conference highlights ILS interest in terrorism (re)insurance

There is growing insurance-linked securities (ILS) interest in terrorism (re)insurance, according to speakers at the annual International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) conference in Brussels. The conference also heard conflicting views on the issue of cyberterrorism, and support for non-damage business interruption cover following a terror event. The conference is the largest gathering of international terrorism reinsurance pools,…

New international cyber terrorism task force formed

New international cyber terrorism task force formed

New international cyber terrorism task force formed

The Geneva Association (GA) and the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP) have formed a joint taskforce on cyber terrorism and cyber warfare. The aim is to conduct research on cyber terrorism risks across the (re)insurance industry, and its initial findings are expected to be published mid-2020. The taskforce will be led by Dr Rachel Anne Carter, cyber…

Lloyd’s launches parametric hotel profit cover from new innovation unit

Lloyd’s launches parametric hotel profit cover from new innovation unit

Lloyd’s launches parametric hotel profit cover from new innovation unit

Lloyd’s is to offer hotels a profit protection policy that uses parametric triggers to indemnify buyers hit by unexpected events within their industry and outside their control. It is the first new product from Lloyd’s’ product innovation facility since its launch in June. Led by Tokio Marine Kiln, the product is also supported by Chaucer, Munich Re Syndicate, Beazley, Faraday…

Congress urged to pass long-term reauthorisation of TRIA

Congress urged to pass long-term reauthorisation of TRIA

Congress urged to pass long-term reauthorisation of TRIA

A group of US re/insurers, business organisations and insurance associations have written to Congress, urging it to work swiftly to pass a long-term reauthorisation of the Terrorism Risk Insurance Act (TRIA), which is currently set to expire at the end of 2020. The letter notes that since its initial enactment in 2002, the TRIA has served as a vital public-private…

Crisis incidents costs UK SMEs £8.8bn last year: Gallagher

Crisis incidents costs UK SMEs £8.8bn last year: Gallagher

Crisis incidents costs UK SMEs £8.8bn last year: Gallagher

Crisis incidents cost UK SMEs £8.8bn last year, according to research by Gallagher, with about one quarter of firms polled by the broker warning they would survive for less than one month if unable to trade following such an event. Gallagher’s poll of 1,1220 UK SMEs found that they paid an average of £6,416.50 to deal with crisis incidents –…

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