Risk Management
Clarity and closer relationships needed in cyber insurance market, risk managers hear
Greater clarity is needed around where cyber insurance policies stand with regard to war and terrorism exclusions, catastrophe risk and ransomware, the global head of financial lines at Allianz Global Corporate and Specialty said on Tuesday.
‘Do not destroy your product,’ Ferma board member warns insurers
A Ferma board member has warned insurers not to “destroy” their product after outlining how relationships with underwriters had been strained in recent months amid quickening market hardening.
Effects of climate change bite at UK corporate insurance renewals
British-based corporations are already finding it harder to access insurance coverage because of the effects of climate change, Marsh & McLennan’s director of climate resilience told risk managers on Tuesday.
Airmic CEO John Ludlow to step down
John Ludlow, CEO of risk manager association Airmic, is expected to step down in early 2021.
Blog: Decommissioning cruise ships
The impact of Covid-19 on the cruise ship industry has been graphically displayed recently on social media with the first vessels being run up the beaches in Turkey in preparation for recycling. Ian Butterworth, Forum of Insurance Lawyers member and…
Infectious disease climbs and terrorism falls among concerns of global business leaders
Infectious disease is now the second main concern for business executives globally, jumping 28 places from its ranking in 2019 in the wake of the Covid-19 pandemic, according to the World Economic Forum’s interactive map on Regional Risks for Doing…
Aviva’s Phil Bayles on trading in a hard market
As trusted advisors providing access to high quality risk management resources brokers can help clients meet the challenges that lie ahead and should be in contact with insurers as early as possible to review cost and cover options, says Aviva’s chief…
Tokyo Olympics a reminder of risk landscape beyond the pandemic, says WTW
The coronavirus pandemic has underscored the need for the organisers of events like the postponed Tokyo Olympics and risk managers in general to give serious consideration to every item in their risk registers, a research team at Willis Towers Watson has…
Industry must look at risks beyond pandemic in tackling non-damage BI challenge
Work to create a vehicle for dealing with catastrophic and systemic risks in the wake of the coronavirus pandemic must take into account the full spectrum of risks capable of causing comparable levels of disruption, prominent industry figures said on…
Briefing: The great home/office flip flop
This week will have seen many of us who had been ready to get back to the office reconsider, as guidelines across England shifted.
Virgin Atlantic dropped insurance broker due to alleged lack of hard market know-how
Virgin Atlantic switched its insurance broker three weeks before the renewal date of its directors and officers policy out of frustration with poor communication and a lack of faith in brokers’ ability to deal in a hard market, its head of risk said at a…
Climate-related litigation could produce 'grey or black swan event'
Business may not be devoting enough attention to the financial risks associated with climate change-related litigation and business transformation, Axa XL spokespeople told risk managers on Wednesday.
Analysis: One in five D&O buyers witnessing 400% premium increases
One in five UK directors and officers insurance buyers faced rate rises of 400% or more during this year’s renewals, according to Airmic.
Airmic unveils cross-body Resilience Alliance
Airmic has joined with three other professional membership organisations to create the Resilience Alliance in an effort to join up thinking between different disciplines involved in business resilience.
Blog: Forewarned is forearmed - From Tianjin to Beirut and where next?
On 4 August, a massive explosion devastated the city of Beirut. DAC Beachcroft partner and London Forum of Insurance Lawyers member Toby Vallance and DAC Beachcroft solicitor Michael McMillen consider the marine impact of the blast and whether lessons…
Blog: Covid-19 is no Black Swan
Rather than focusing on hindsight and a fatalistic approach to risk, pursuing a more forward-looking, proactive strategy will improve resilience when, not if, the next crisis strikes, writes Hélène Galy, director of the Willis Research Network.
Blog: Why sprinklers should be mandatory in schools
Schools have a fire risk almost twice as high as other non-residential buildings, yet are poorly equipped to prevent a fire becoming a major disaster, according to new research by Zurich. Tilden Watson, Zurich Municipal head of education, explains why…
Return to city offices will not be ‘short and sharp’ select committee hears
Office spaces in central London and other densely populated cities are not built to accommodate a rapid return for workers while Covid-19 remains a health concern, a Bank of England official has told MPs.
Insurers must make voices heard on uninsurable events, urges Denmark's former Prime Minister
Helle Thorning-Schmidt, the former prime minister of Denmark, has urged the insurance industry to share fears and cost analyses on uninsurable events to make governments accountable for action on climate change and pandemics.
Future Focus 2030: The climate change podcast
It is the year 2030. The focus on climate change continued to gather momentum throughout the 2020s. But despite pressure to bring the date forward the UK government is still committed to helping reduce gas emission to net zero by 2050.
Leisure and hospitality sector faces 'plethora' of employers' liability claims
Businesses in the leisure and hospitality sector have been warned they face “inevitable” employers’ liability claims from employees who contract the coronavirus on the job or are otherwise injured as a result of changes made by businesses post-lockdown.
Blog: The new noise-induced hearing loss?
Nearly two million workers in the UK are at risk of developing hand-arm-vibration syndrome, a debilitating, permanent condition caused by working with hand-held power tools. While it might not attract the same attention as other occupational diseases,…
Blog: Covid-19 and the impact of emerging risks on the art market
The art market has a Covid-sized hole in its sales. Going online may be the key to its future – but it’s risky. Robert Read, head of fine art at Hiscox, explains why insurers can help.