Civil unrest drives demand for political violence cover
by Gill Montia
Story link: Civil unrest drives demand for political violence cover
Demand for political risk insurance has been rising, according to Lloyd’s, as civil unrest and political violence continue to threaten businesses around the world. Unrest is being fuelled by a number of factors, including discontent over corruption and a lack of economic opportunities, as well as rising fuel and food prices, and a scarcity of [...]
Millions lost by UK firms in “Payment Diversion” scams
by Gill Montia
Story link: Millions lost by UK firms in “Payment Diversion” scams
UK businesses are being alerted to the dangers of “Payment Diversion” or “Mandate” fraud, which involves criminals fraudulently changing a supplier’s bank account details. According to KPMG, 11 new cases of this type of fraud have been examined by its forensic experts in the last six months, with cases ranging in value from just over [...]
Energy industry faces new decommissioning risks
by Gill Montia
Story link: Energy industry faces new decommissioning risks
Willis is warning that the energy industry faces new risks associated with decommissioning and dismantling oil and gas installations. According to the broker, in the years ahead a significant number of offshore oil and gas platforms will reach the end of their productive lives – in the North Sea alone it is estimated that over [...]
Marsh launches Mumbai energy hub
by Gill Montia
Story link: Marsh launches Mumbai energy hub
Marsh has launched a global energy hub in Mumbai, India, to serve the risk and insurance needs of the growing oil and gas sector in the region. The broker now has 12 energy hubs worldwide, which act as local centres of expertise and allow clients to access the firm’s full global energy sector capabilities. Notably, [...]
Munich Re reinsurers Chinese photovoltaic manufacturer
by Gill Montia
Story link: Munich Re reinsurers Chinese photovoltaic manufacturer
Munich Re is reinsuring performance guarantees for Chinese photovoltaic manufacturer, Yingli Green Energy, regarding its multi-crystalline modules. The cover aims to help Yingli manage the long-term technical guarantee risk on its balance sheet. Among other things, the agreement covers the risk of the firm’s multi-crystalline modules failing to achieve, during the first ten years, a [...]
Mental health main secondary condition for work absentees
by Gill Montia
Story link: Mental health main secondary condition for work absentees
Analysis by Legal & General (L&G) of research into the Department of Work and Pensions Fit for Work Service shows that 73% of respondents who were absent from work reported more than one health condition, with mental health illnesses the most commonly reported secondary condition. For example, 44% of respondents who reported that their main [...]
Guy Carpenter re-evaluates terrorism risk and coverage
by Gill Montia
Story link: Guy Carpenter re-evaluates terrorism risk and coverage
The rise in political instability and civil unrest across the globe, including uprisings in the Middle East and protests in Greece and Spain, have highlighted the need for tailored terrorism and political violence protection, according to Guy Carpenter. In a new report on the terror reinsurance market, the broker highlights the increasingly diverse and dispersed [...]
Beazley launches Gulf of Guinea piracy product
by Richard Kilner
Story link: Beazley launches Gulf of Guinea piracy product
Beazley has responded to the recent increase in hijacking in the Gulf of Guinea by launching Gulf of Guinea Piracy Plus, the first tailored pirate policy designed specifically for ship-owners whose vessels are active in the area. The product provides coverage for the kidnapping of crew for ransom and the illegal seizure of the vessel [...]
Munich Re provides serial cover for offshore wind farm
by Gill Montia
Story link: Munich Re provides serial cover for offshore wind farm
Munich Re says it has become the first insurance group to offer serial loss cover for offshore wind energy units. Corresponding cover for a North Sea wind farm has been signed by Marcus A Wassenberg, chief financial officer of manufacturer REpower, Dr Thomas Blunck, a member of Munich Re’s board and Thomas Haukje, managing partner [...]
Groupama launches e-traded SME commercial products
by Gill Montia
Story link: Groupama launches e-traded SME commercial products
Groupama Insurances has made its first e-traded product live for full-cycle trading on Open GI, Acturis and Insurecom. Optima Property, Groupama’s online commercial property owner’s product, is now live for full-cycle trading on the three software houses, while Optima Trade Plus, a policy for micro SMEs, is available on Acturis and Insurecom, with Open GI [...]
Value of metal theft claims soar
by Gill Montia
Story link: Value of metal theft claims soar
Theft of metal from empty commercial properties in the UK has led to a 2,500% increase in the cost of this type of claim since 2004, Zurich has found. According to the insurer, it’s the damage caused by thieves attempting to get to the metal which is proving the biggest problem for property owners, with [...]
Mental disorders keep one million Britons off work
by Gill Montia
Story link: Mental disorders keep one million Britons off work
New research from Legal & General (L&G) shows that over one million Britons are claiming benefits because mental and behavioural disorders mean they can’t work, an increase of over 25% in the last ten years. According to Department for Work and Pensions figures, 1,031,700 people were claiming sate benefits in February 2012 because mental and [...]
Friends tracks rise in worker stress levels
by Gill Montia
Story link: Friends tracks rise in worker stress levels
A new study from Friends Life reveals that a third of the UK’s working population has called in sick due to stress, with over half of this group having been unable to work because of stress at some point during the last 12 months. Almost half of respondents have felt more stressed since the onset [...]
Lloyd’s call to action on cyber crime
by Gill Montia
Story link: Lloyd’s call to action on cyber crime
“European companies must act now to protect themselves against the growing threat of cyber crime.” The warning comes from Lloyd’s, which claims that most firms don’t understand the cyber risks they are facing. Whether it’s a leaked email, stolen laptop or network-crippling virus, Lloyd’s reckons that cyber threats are currently at an unprecedented scale, leaving [...]
Guy Carpenter unveils Asian industrial park database
by Gill Montia
Story link: Guy Carpenter unveils Asian industrial park database
Guy Carpenter has developed a database of industrial parks across Asia to help clients identify and evaluate potential risks in the region. The new facility, which takes in industrial parks in China, Taiwan, Thailand and Indonesia, uses digitised boundaries and gives access to maps through i-aXs, the firm’s exposure visualisation and portfolio management platform. Using [...]
Aviva adds minifleet and PI to e-trading platform
by Gill Montia
Story link: Aviva adds minifleet and PI to e-trading platform
Aviva is adding two further products to Fast Trade, its online e-trading platform. Minifleet and professional indemnity join 13 other commercial auto-rated products, with a promise that brokers can expect full-cycle functionality from quote to renewal, instant access to documentation and a fast-tracked referral process within one hour. Minifleet is Aviva’s first motor policy on [...]
ABI welcomes outcome of civil litigation damages appeal
by Gill Montia
Story link: ABI welcomes outcome of civil litigation damages appeal
A decision by the Court of Appeal to revise its original decision in the case of Simmons v Castle has been welcomed by the Association of British Insurers (ABI). The ABI applied to re-open the judgment on the grounds that it would upset the package of Government reforms to the civil litigation system by introducing [...]
Mental health better understood in the workplace
by Gill Montia
Story link: Mental health better understood in the workplace
Increased understanding of mental health issues at work has prompted a steady rise in the number of UK employees claiming for psychiatric disorders on both income protection and private medical policies, Aviva reports. In 2011, conditions such as depression, stress and anxiety were the biggest cause for claim across the insurer’s income protection solutions, which [...]
XL expands French operations
by Gill Montia
Story link: XL expands French operations
XL Group has opened a new office in Lyon with a team that will serve middle-market companies with annual turnover of €30 million to €300 million. The insurer has appointed Auberi Etienne and Clotilde Bartok to respond to the needs of companies and broking houses across France’s south-east region. Mr Etienne, who has been appointed [...]
UK business braced for ageing-workforce health issues
by Gill Montia
Story link: UK business braced for ageing-workforce health issues
In its latest Health of the Workplace report, Aviva is claiming that companies are already seeing a change in their workforce demographics, prompting fears that ageing-workforce health issues will affect their business. The removal of the Default Retirement Age, increased longevity and continued financial pressures on the over 55s mean that nearly a third of [...]
