Coface has noted a deterioration in the average strength of companies in Europe and the US and has placed on “negative watch”, or removed “positive watch” from, eight developed countries. According to the trade credit insurer, the crisis in confidence responsible for recent volatility in the financial markets has begun its spread to the real [...]
Willis has joined forces with Lloyd’s insurer, Kiln, to launch a policy aimed at reducing the risks faced by hoteliers, given that bad news travels fast in the world of new media. According to the broker, illnesses such as Norovirus, which is responsible for about 90% of serious stomach upsets, and Legionnaire’s disease, a lung [...]
Beazley is expanding and restructuring its global underwriting team. From 1st January 2012, Colin Rose will become global head of construction & engineering, succeeding Hugh Phillips, who has led the team since 2008 and now has retirement plans. Mr Rose has been a senior underwriter at the firm since 2004, having previously held senior construction [...]
Marsh is urging companies to develop a deeper understanding of the environment surrounding their operational sites, as part of their overall risk management strategy. They can then properly assess the potential financial and reputational impact of causing environmental damage, while at the same gaining a clearer understanding of how to protect the environment. According to [...]
World Maritime Day, celebrated today, chose “Piracy: orchestrating the response” as its focus, the theme having been proposed by the International Maritime Organization (IMO) to highlight the challenges of modern-day piracy. According to IMO secretary general, Efthimios E Mitropoulos, the United Nations, governments, military forces, shipping companies, ship operators and ships’ crews, all have a [...]
Water damage is costing UK commercial property owners millions, according to recent research from Cadogan Keelan Westall. The property insurance specialist can reveal that nearly 50% of claims made on commercial buildings and their contents result from escape of water, at an estimated cost to property owners £185 million a year. In fact, commercial non-weather-related [...]
Marsh has enhanced its CoverCredit offering, having taken note of the difficulties experienced by some of the UK’s small and medium-sized enterprises in securing trade credit insurance. Developed with specialist in the field, Coface, the new package is available to businesses with annual sales of up to £10 million and provides protection against non-payment and [...]
Board level interest in anti-money laundering (AML) is being squeezed by other priorities, according to KPMG’s 2011 Global AML survey, with more firms risking “massive” fines. The study revealed a 9% drop in boards considering AML to be a high profile issue (from 71% in 2007 to 62% in 2011), as company chiefs focus on [...]
Aon’s kidnap and ransom practice has released its first in-depth piracy report, aimed at ship owners worldwide. The study makes use of piracy data from 2009 to 2011 to clarify changing trends in regional and seasonal Somali piracy activity, and look at the emerging threat of piracy off the west coast of Africa. The analysis [...]
“Although there is growing awareness of the threats and risks in cyberspace, there is still limited understanding of the nuances of the debate.” According to new research from Chatham House, the directors of one large insurance company admitted they had no idea how they should manage or mitigate a cyber attack and had even less [...]
Over 60% of (re)insurers believe Solvency II will increase focus on underperforming lines of business, according PricewaterhouseCoopers’ (PwC) fifth annual survey, “Unlocking value in run-off”. A third of respondents said they are expecting a significant level of restructuring activity in the next three years, with medical malpractice, credit and surety and employers’ liability lines of [...]
Towergate Insurance has declared that it is to be the only provider of business insurance for Confused.com, the price comparison website. Business insurance customers will be provided with a broad range of insurance by Towergate under the Confused.com brand, including restaurants, surgeries and liability, amongst others. The Guildford specialist commercial contact centre operation of Your [...]
Willis has launched a product for companies with key locations, suppliers or customers located in the vicinity of a nuclear power station. The new offering covers business interruption costs should a plant’s safety be compromised and an exclusion zone be put in place, having been developed in response to the Japanese earthquake and tsunami that [...]
In a snapshot survey of retailers hit by the riots two weeks ago, the British Retail Consortium (BRC) found that shop owners lost over 7,500 hours of trading and reported 11,088 members of staff affected by the violence. The BRC carried out its email survey of members in the week commencing Monday 15th August and [...]
Brit Insurance has highlighted the professional indemnity (PI) risks that accompany the amendment of the Legal Services Act 2007 and the trend for consolidation in the legal services sector, whereby firms merge to create global professional practices. Having witnessed an increase in claims from corporate law firms, the insurer suggests that some firms need to [...]
Towergate Insurance has urged businesses to review their insurance coverage in the light of the recent shocking bouts of looting to afflict London, and other cities across England. Last night the capital saw fewer and smaller disturbances, but other cities (including Manchester and Nottingham) saw violence flare up. Businessmen are being advised to ensure they [...]
Crawford & Company is warning that the UK’s recent civil disturbances are unlikely to be expressly declared a “Riot” by the police, irrespective of media coverage and references to the same. However, claims under the Riot Damages Act 1886 must be received by the local police authority within 14 days of an alleged incident, and [...]
The Association of British Insurers (ABI) has expressed its sympathy for residents and business owners who have suffered damage to their properties in the London riots. The Association’s director of general insurance and health, Nick Starling, says: “This is a time of enormous stress for them and their insurers will be on hand to answer [...]
The vast quantities of personal, identifiable information collected by the leisure and hospitality industry have made the sector a chief target for cyber attacks, according to Willis. The broker’s cyber risk unit reports a 56% rise in cyber claims over the past year, with an increasing proportion of victims in the hospitality industry. Willis warns [...]
