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 –…

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL working to tackle non-affirmative cyber cover in suite of products

AXA XL is reviewing its policies to tackle non-affirmative, also known as silent, cyber cover wherever possible, the insurer told Commercial Risk Europe. The company’s head of international cyber, James Tuplin, said AXA XL will then decide product by product whether and how cyber cover is included in its range of insurances. A growing number of insurers and insurance markets,…

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Hormuz crisis means Indian importers face huge hike in marine cargo premiums

Indian companies that import crude oil, petroleum products, chemicals and fertilisers from the Arabian Gulf and through the Strait of Hormuz are paying “phenomenally higher” cargo insurance premiums to cover war and strikes, an Indian broker has told newspaper Hindu Business Line. Standard Cargo insurance clauses exclude war and strikes. To acquire the cover, buyers need to attach the war…

ILS market could be ‘critical enabler’ for emerging risks, claims Singapore regulator

ILS market could be ‘critical enabler’ for emerging risks, claims Singapore regulator

ILS market could be ‘critical enabler’ for emerging risks, claims Singapore regulator

The insurance-linked securities (ILS) market is willing and able to pick up significant gaps in cyber and terrorism cover as traditional insurers seek to limit their exposure and, for Asian companies at least, Singapore is the place to go to investigate this potential, according to Gillian Tan, executive director of the Monetary Authority of Singapore (MAS). Singapore enacted rules two…

Pool Re covers non-damage BI extension with £40m retro deal

Pool Re covers non-damage BI extension with £40m retro deal

Pool Re covers non-damage BI extension with £40m retro deal

UK terrorism reinsurer Pool Re has placed a £40m retrocession programme to cover non-damage business interruption (BI) losses for its members. This follows an extension of its remit from terrorism property damage to include BI for non-physical damage following a terrorist attack. The new programme is led by Liberty Specialty Markets with Munich Re and AXA XL named as participating…

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Business risks rocked by political uncertainty: PwC CEO survey

Government-related threats, led by overregulation, are dominating the top ten risk list for CEOs, with policy uncertainty and trade conflicts two new issues entering the list, at number two and four respectively, according to PwC’s 22nd Annual Global CEO Survey. Political uncertainty and concerns over trade have pushed risks such as terrorism and climate change out of the top ten…

BIBA’s new head of general insurance on state of market, terrorism and Brexit

BIBA’s new head of general insurance on state of market, terrorism and Brexit

BIBA’s new head of general insurance on state of market, terrorism and Brexit

Last month, the British Insurance Brokers’ Association (BIBA) appointed Alastair Blundell, formerly head of distribution at Tokio Marine Kiln, to the newly created position of head of general insurance. We caught up with him at BIBA’s annual conference to discuss his priorities and some of the other big issues in the marketplace. What will be the big areas of focus…

New terrorism and sabotage offering from Ensurance UK

New terrorism and sabotage offering from Ensurance UK

New terrorism and sabotage offering from Ensurance UK

Specialist MGA and Lloyd’s coverholder Ensurance UK has launched a new terrorism and sabotage offering. The new product offers full terrorism and sabotage cover for businesses and a range of policy extensions including non-damage business interruption, denial of access, loss of attraction, and active shooter. According to Ensurance UK: “The product will support the construction focus of Ensurance as well…

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

Pool Re and BIBA launch terrorism insurance guide for brokers and SMEs

The British Insurance Brokers’ Association (BIBA) and Pool Re have collaborated with a number of government departments and other industry experts to launch a new guide on terrorism insurance. It is designed to improve brokers’ understanding of this fast-growing risk class and boost sales of this line of insurance among small and medium-sized enterprises (SMEs) in the UK. Pool Re…

Pool Re could extend cyber cover, says its CUO

Pool Re could extend cyber cover, says its CUO

Pool Re could extend cyber cover, says its CUO

The UK’s terrorism reinsurer Pool Re could extend its cyber offering if the need arises, its chief underwriting officer Steve Coates told CRE. A number of high-profile cyberattacks have been linked to nation states, including the 2017 WannaCry and NotPetya malwares. Such attacks pose a challenge for insurers, which typically exclude war and terrorism risks from traditional P&C lines. Cyber…

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