Reinsurance News
business interruption
Pool Re approved to offer non-damage business interruption cover
12th February 2019
Pool Re, the UK’s government-backed terrorism reinsurer, has received Parliamentary approval to cover losses incurred by businesses that cannot trade or access their premises in the wake of a terrorist attack. The Counter-Terrorism and Border Security Bill 2018, which was granted Royal Assent today, will make Pool Re the first terrorism ... Read the full article
Cyber and business interruption top global risk rankings: Allianz
1st February 2019
Cyber incidents and business interruption (BI) are tied as the most concerning risks for global businesses in 2019 and beyond, according to the results of the latest Allianz Risk Barometer report. The annual survey by Allianz, which questioned 2,415 experts from 86 countries, found that 37% of respondents identified cyber as ... Read the full article
CFC expands cyber policy to include business interruption
9th January 2019
London-headquartered specialist insurer CFC has expanded its cyber insurance offering to include business interruption triggered by an IT system failure as well as a malicious event. Also included in the updated policy is full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of technology ... Read the full article
Aon develops new Non-Damage Business Interruption cover
20th November 2018
Re/insurance broker Aon has announced the launch of a new Non-Damage Business Interruption (NDBI) cover that is designed to protect the income streams of companies with high levels of intangible assets. Insurance protection for the new NDBI product is provided by a number of major re/insurers, Aon said, including Lloyd’s of ... Read the full article
Pool Re outlines new non-damage business interruption cover
15th November 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has outlined plans for its forthcoming non-damage business interruption (NDBI) cover, which is designed to protect businesses from interruption costs in the event of a terror attack even if their premises are not damaged. If approved in Parliament, the new NDBI cover will include ... Read the full article
Parametric insurance opportunity as German waterways face disruption
26th October 2018
Shipping companies in Germany could look to insurers for a new kind of parametric coverage following an unprecedented drop in the water levels of some rivers, caused by months of scarce rainfall and hot weather. German publication The Local reported that the docks at Cologne’s main port haven’t seen any new ... Read the full article
Marsh launches social unrest insurance solution
26th October 2018
Global re/insurance broker Marsh has announced the launch of a new standalone insurance solution that provides financial protection in the event of business interruption following social unrest. Underwritten by Chaucer, the global solution provides limits up to $20 million for denial of entry/leaving a property caused by events including protests, terrorism, ... Read the full article
Assured Risk develops StormPeace parametric business cover
27th July 2018
Assured Risk Cover (ARC), a residential hurricane insurance start-up, has launched a new parametric commercial insurance policy for small businesses in Florida under its StormPeace brand name. The new policy will contain all the features of the existing StormPeace residential policy, with the addition of business interruption coverage regardless of physical ... Read the full article
Beazley launches updated InfoSec cyber policy
18th June 2018
Beazley has launched an enhanced version of its Beazley InfoSec policy to ensure its large business clients remain protected against the evolving nature of cyber exposures. When Beazley's policy was first launched in 2006, policyholders were mainly concerned with third party exposure from the loss of personal customer data, but, more recently, ... Read the full article
Salisbury attack exposes business interruption protection gap, reports Pool Re
3rd May 2018
Pool Re, the UK’s government-backed terrorism reinsurer, has reported that the losses suffered by Salisbury businesses in the wake of the nerve agent attack against Sergei and Yulia Skripal have exposed an oversight in the way re/insurers cover terrorism risks. The company’s latest Terrorism Frequency Report, which coincided with the 25th ... Read the full article
BI, cyber & larger nat cat losses top global business risks in 2018: Allianz
19th January 2018
Business interruption (BI), cyber incidents and larger losses from natural catastrophe events are the top three business risks globally in 2018, according to the latest Allianz Risk Barometer. The Allianz 2018 Risk Barometer, which includes responses from over 1,900 risk experts from 80 countries, ranks BI as the number one business ... Read the full article
Munich Re & easyJet develop business interruption cover for flight cancellation risks
9th January 2018
Reinsurance giant Munich Re and low-cost carrier airline easyJet have collaborated to create a new insurance product that is designed to provide business interruption style coverage to airlines when major flight cancellation issues occur. The comprehensive cover is being described as the first product to protect airlines against the costs of ... Read the full article
Business Interruption remains top on list of threats; Allianz
11th January 2017
Business Interruption (BI), exacerbated by the growing threat from supplier failure, cyber incidents and terrorist events, remains the top perceived global insurance risk, according to a survey by Allianz Global Corporate & Specialty (AGCS). After a year of shocks and political perils, companies greatly fear the rising protectionism and anti-globalisation trend, ... Read the full article
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