Reinsurance News
political risk
Political violence, terror, SRCC a concern: Patrick Tiernan, Lloyd’s
22nd September 2023
Addressing Lloyd's participants and partners, Patrick Tiernan, Chief of Markets, suggested that the marketplace was disappointed with the response of many syndicates to tightening reinsurance coverages in the specialty space, and in particular within political violence, terror, and strikes, riots and civil commotions (SRCC). Speaking at Lloyd’s latest quarterly market update ... Read the full article
Cost-of-living crisis fuels political turmoil: WTW
11th July 2023
"Protest intensity in 2022 and the first quarter of 2023 correlate most strongly with rising energy prices, slower real wage growth, and the proportion of wages set by collective bargaining," suggests WTW. This is according to the firm's latest Political Risk Index, which noted that in 2023, intense cost-of-living protests struck ... Read the full article
Mosaic raises line size for political-risk coverage to $30m
27th June 2023
Specialty insurer, Mosaic Insurance has raised capacity from $15 to $30 million per political risk to support green finance in developing economies. This move was made by leveraging both its Lloyd’s Syndicate 1609 and trade-partner capital through its syndicated management program. Additionally, the insurer also lengthened the tenor, or term provisions, of ... Read the full article
WTW notes “sea change” in political risk perception
19th April 2023
Analysts at global advisory, broking, and solutions company WTW have noted a “sea change” in how companies perceive political risk following the outbreak of war in Ukraine last year, as well as issues such as rising economic nationalism and growing tensions between the West and China. WTW’s 2023 Political Risk Survey ... Read the full article
“Increase in capacity within the CPRI market denotes its stability”: WTW’s Coffin
13th March 2023
The credit and political risk insurance market (CPRI) remains resilient with record capacity amidst global political and economic uncertainty, according to a survey by global advisory, broking, and solutions company, WTW. Fifty-eight insurers across Lloyd’s and company markets participated in the survey titled: The Credit and Political Risk Insurance Capacity Survey ... Read the full article
Political violence losses can come where re/insurers don’t expect them: Johansmeyer, PCS
14th February 2022
Just weeks after unrest in Kazakhstan that began with peaceful protests before turning violent, claiming the lives of 225 people, our sister site Artemis spoke with Tom Johansmeyer, Head of PCS, about political violence, unrest and what these events mean for the re/insurance market. This is the first ... Read the full article
Everest and The Hartford to join Berne Union
20th January 2022
The Berne Union has added two new private underwriters of credit and political risk insurance, expanding its presence within the re/insurance industry. The union confirmed that Everest and The Hartford have been added as Observer Members of the Medium and Long-Term Committee, taking the total number of Members and Observers to ... Read the full article
Vantage launches Construction and Political risk business
24th September 2021
Specialty re/insurer Vantage Group Holdings has launched its Construction business, continuing the company’s momentum in its Political Risk business and expanding its distribution capabilities. Vantage was established in late 2020 and began writing reinsurance risk at the beginning of this year through its Bermuda Class 4 company, Vantage Risk. The Bermuda ... Read the full article
Mass protests up 36% globally since 2008 financial crisis: Chaucer
19th July 2021
The number of large protests and demonstrations globally has risen 36% since the financial crisis in 2008, from an average of 355 per year in the decade to 2009 to 482 per year in the decade since, new data from Chaucer shows. The firm noted that large protests increased 71% in ... Read the full article
Biden administration considered more positive for the re/insurance industry
25th January 2021
Of the industry contacts we approached, the largest proportion believe the Biden administration will be a catalyst for positive change within the insurance and reinsurance industry. At 37%, respondents who see this new administration as more positive than the one assembled under Trump narrowly edged out the 31% who expect the ... Read the full article
COVID-19 pandemic to accelerate increasingly interconnected geopolitical risks: Aon
4th August 2020
Aon’s new 2020 Risk Maps report suggests that three in five developed economies face the potential of strikes, riots and civil unrest in 2020. The COVID-19 pandemic has deepened concerns of the potential for elevated costs and insured losses through civil unrest in countries that rely heavily on tourism and retail. It’s ... Read the full article
HDI Global Specialty launches London Political & Credit Risk team, hires two from Neon
8th June 2020
HDI Global Specialty SE has announced the launch of its Political and Credit Risk team in London with the appointments of Nick Robinson and Anthony Vaughan from Neon Underwriting. The pair join HDI Global Specialty's London office, and the new team will work in partnership with the company's existing Political Risk ... Read the full article
Carl Titterton to lead Markel’s trade credit, political risk & surety team
4th February 2020
Specialist insurer Markel International has announced the appointment of Carl Titterton as divisional managing director of its trade credit, political risk and surety (TCPRS) team. Titterton joined Markel International in April 2010 as a senior underwriter, specialising in credit insurance, and supported the integration of trade credit, political risk and surety ... Read the full article
Chilean protest damages cause commercial premiums to double
30th January 2020
Last year’s protests in Chile have caused commercial insurance premiums in the region to more than double, according to reports from Reuters. The publication said that damage caused by the protests had resulted in insurance hikes for shops and offices. The Chilean economy is estimated to have taken a $3 billion hit ... Read the full article
Reinsurance capacity down at political risk renewals: Willis Re
28th January 2020
A decline in reinsurance capacity has helped to trigger price hardening in some quarters of the political risk and trade credit market at the January renewals, according Willis Re. The broker noted that, while there remains an abundance of headline insurance capacity in the political risk space, actual capacity is down ... Read the full article
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