Business interruption
PwC highlights pressure on motor, home and specialty insurance from Trump’s tariffs
PwC has warned of higher claims costs, particularly in motor and home, leading to pressure on premium rates due to the US placing new tariffs on its global trading partners.
Weather-related domestic damage cost insurers £585m in 2024, says ABI
The Association of British Insurers has calculated insurers paid out a record £585m for weather related damage to people’s home and possessions in 2024.
Markel launches FintechRisk+ policy
Markel has launched FintechRisk+ in its second insurance policy development of the week.
Commercial Express launches tattoo and body piercing product
Commercial Express has launched a tattoo and body piercing product, giving brokers access to a customisable package product.
Cyber outage insured losses estimated at up to $1.5bn
CyberCube has estimated preliminary global insured losses for the standalone cyber insurance market from the CrowdStrike IT outage last week at between $400m (£310m) and $1.5bn (£1.16bn).
QBE unveils QCyberProtect
QBE Insurance has launched QCyberProtect, describing it as a comprehensive and globally consistent cyber policy designed to enhance cyber resilience for a range of clients worldwide.
Aurora launches commercial combined product
Managing general agent Aurora has launched what it describes as its “flagship” commercial combined product for SMEs.
Ecclesiastical launches product for office-based professions
Ecclesiastical Insurance is launching a new product aimed at office-based businesses providing professional services in response to broker feedback.
Event insurance – how is the sector evolving to meet the changing risk landscape?
While the event sector has rebounded post-Covid, it still faces a host of challenges. Challenges that offer brokers opportunities to help organisers both manage and mitigate risks to soften the blow if they have to cancel or postpone a planned event due…
Ex-insurance broker jailed for pocketing £46k from bouncy castle hire companies and amusement parks
A former insurance broker has been jailed for two years, after he stole £46,125 by editing a wholesale broker’s contracts to increase the cost of premiums paid by his clients, the City of London Police have confirmed.
CFC updates fintech insurance cover
CFC has made a “major overhaul” to its fintech insurance cover in the UK, Canada and Australia, across both professional service and technology exposures.
Uncorking the Great British wine market – the insurance of vineyards
David Harrison, viticulture specialist at NFU Mutual, shares his thoughts on meeting the insurance challenges facing the booming winery and vineyards sector.
Twelve-month indemnity periods for BI are rarely fit for purpose in hospitality
To mitigate issues of underinsurance and ensure coverage adequacy in the hospitality sector, extended indemnity periods should be introduced. Rebecca Webster, broker development lead at McLarens, suggests a minimum of two or three years to cover the…
In Depth: New dimensions in cyber risk
UK businesses are under increasing threat from cyber attack, yet it remains one of the most underinsured risks. Saxon East reports
Chubb rolls out new practice targeting healthtech sector
Chubb has launched a new healthtech industry practice in the UK.
Pool Re treaty modernisation to enable more flexibility for members
Pool Re members and HM Treasury have backed the board’s proposals to transform the government-backed terrorism reinsurer, switching the model of the scheme’s offering in a move the carrier stated would keep it relevant and fit for purpose in the digital…
Chaucer to enter weather insurance market with parametric BI
Chaucer has revealed plans to enter the weather insurance market, starting with a parametric product to cover non-damage business interruption.
MGA launches product to cover EV charging point installation
Legal & Contingency has launched an insurance policy that covers the installation of electric vehicle charging points in England and Wales.
Tokio Marine to acquire MGA brand and staff from Marsh
Tokio Marine HCC International has reached an agreement with Marsh Specialty UK to onboard certain employees of Lavaretus Underwriting.
Waste management and recycling plant insurance – a market short on capacity
Media stories of massive premium hikes highlight issues in the waste management and recycling insurance market.
Heath Crawford payout underlines the perils of underinsurance for brokers
The substantial damages awarded in the recent judgment Infinity Reliance Limited (trading as My 1st Years) v Heath Crawford Limited remind insurance brokers of the perils of underinsurance, with business interruption cover being a particular pitfall…