Reinsurance News
political violence
Abundant capacity and evolving risks drive shifts in terrorism insurance market: Guy Carpenter
11th September 2024
According to a recent Global Specialties market update by Guy Carpenter, a global risk and reinsurance specialist, several significant trends have emerged in the terrorism and political violence insurance markets. While rates in the direct terrorism market had been rising in recent years, an abundance of capacity has now led to ... Read the full article
Proactive risk management key for 2024: Gallagher
17th June 2024
(Re)insurance broking group Gallagher's new report highlights the necessity for businesses and communities to adopt proactive risk management strategies, in light of global uncertainties in 2024. The year is marked by the potential for civil unrest, terrorism, and political violence due to upcoming elections worldwide. In the UK, environmental activism has caused ... Read the full article
Surge in elections increases demand for political violence insurance: Allianz
11th April 2024
A recent report from Allianz Commercial highlights growing concerns surrounding the surge in elections scheduled for 2024, which could potentially escalate the risks of political violence and result in significant insured losses. Srdjan Todorovic, Head of Political Violence and Hostile Environment Solutions at Allianz Commercial, emphasises, “So many elections in one ... Read the full article
Optio Group partners with AmFirst for PVT capacity
5th December 2023
Speciality managing general agent (MGA), Optio Group, has secured new underwriting capacity by AmFirst Insurance Company, to provide underwriting capacity for political violence and terrorism (PVT) risks. AmFirst is a large, US based, A-rated carrier, known for its property & casualty and medical areas of specialism. Optio underwriters will now be able ... Read the full article
Lockton optimistic despite volatility for terrorism insurance
25th September 2023
Despite recent events creating volatility for terrorism and political violence insurers, there are reasons for optimism, capacity remains stable and multiple products remain available to meet insureds specific risk transfer needs, Lockton analysts said in a recent report. Civil unrest in Chile, Hong Kong and South Africa generated significant losses. This ... Read the full article
Political violence insurers to benefit from Verisk’s first-of-kind predictive SRCC data model
7th September 2023
Verisk has launched a new predictive strikes, riots, and civil commotion (SRCC) data model developed for political violence underwriters, exposure analysts, modellers, and specialty reinsurers as part of the Lloyd’s Lab accelerator programme. Released by Verisk Maplecroft, the risk intelligence business of the data analytics provider, the SRCC Predictive Model provides ... Read the full article
Optio adds assailant cover for medical facilities to PVT proposition
5th September 2022
Specialty managing general agent (MGA) Optio Group, has added active assailant cover for hospitals and medical facilities, further expanding its political violence & terrorism (PVT) proposition. Facilities like hospitals rely on the government’s Terrorism Risk Insurance Program, which does not provide active assailant cover, and events such as shootings at hospitals ... Read the full article
Ukraine conflict industry loss could exceed $20bn: PCS
18th April 2022
The insurance and reinsurance industry loss from the conflict in Ukraine could exceed US $20 billion, according to Verisk-owned specialist claims and loss data unit PCS. Property Claim Services (PCS) has analysed data from its three most relevant product offerings, the PCS Global Aviation, PCS Global Marine and Energy, and PCS ... 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
Appleford to lead Political Violence & Terrorism at Tysers
10th December 2021
Independent Lloyd’s broker Tysers has announced that Ciara Appleford is joining the firm to lead its Political Violence and Terrorism team. Appleford will lead a global team with the aim of driving growth across Tysers’ broking hubs in London, Dubai, Miami, and Singapore. She brings over 13 years of broking experience, market ... Read the full article
Sasria says riot claims could hit US $1.34bn, reinsurance costs to rise
25th August 2021
South Africa's state-owned insurer, Sasria, has reported that it now anticipates the bill for claims from civil unrest and rioting in the country in July could reach as much as US $1.34 billion. At the same time, Sasria told Reuters that it will be raising its premiums for political violence protection, ... Read the full article
PCS looking at $1bn industry loss from South Africa riots
20th July 2021
Property Claim Services (PCS), a Verisk business, is currently looking at an insurance industry loss of between US $600 million and $1 billion from the South Africa riots, PCS Head Tom Johansmeyer has told us, although the ultimate cost is still dependent on a number of variables. This range is based ... 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
South African unrest could drive insured losses of $680m: reports
15th July 2021
State-owned insurer Sasria has estimated that days of civil unrest across South Africa could drive insured losses of between 7 billion rand and 10 billion rand ($481 million to $683 million). Sasria told Reuters that the losses would mostly stem from damage and theft from businesses, following widespread vandalism and looting, ... 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
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