There is increasing potential for “larger liability claims to become more expensive, complex and international, demonstrating the pervasive and long-term nature of liability losses,” suggests a new global claims review released Thursday by Allianz Global Corporate & Specialty (AGCS). Industrial,…
OTTAWA – The head of Canada’s financial intelligence unit warns that regulators must grapple with the challenges of emerging financial technologies, some of which he says have been exploited by terrorism and organized crime. But while it’s necessary to safeguard…
Cyber attack, data breach and unplanned IT and telecom outages are the greatest concerns among business continuity professionals, concludes the sixth annual Horizon Scan Report, released Tuesday. The top three concerns remain unchanged from the last report carried out by…
Terrorism insurance programs need a reset to ensure clients are appropriately covered in light of the continuing shift from attacks on property to attacks on people designed to produce mass casualties, Scott Bolton, the U.K.-based director of business development and…
Reinsurers can expect huge losses from man-made and natural catastrophes, open-ended liabilities like asbestos and terrorism, and developing creative technology solutions to become increasingly important in future, Novarica notes in a new report. The new challenges are in the wake…
More attacks from drivers ramming trucks into crowds can be expected, Risk Management Solutions (RMS) Inc. warned Tuesday, a day after 12 people were killed in Berlin. “As security is increased to meet one threat, terrorists follow the path of…
THE HAGUE, Netherlands – The Islamic State group is likely to carry out new attacks in the European Union in the near future, probably targeting countries that are members of the U.S.-led coalition fighting the extremist organization in Syria and…
The face of terrorism is changing, with soft targets like public areas increasingly being attacked by “lone wolves” who have been radicalized. And although related economic costs are climbing, the take-up for coverage has remained relatively flat.
American International Group, Inc. (AIG) announced on Wednesday that it has raised its property terrorism insurance limits globally to $1 billion. The larger capacity is available to clients on a standalone basis or as expanded limits within AIG’s Large Limits…
Pool Re, which reinsures property damage and business interruption against terrorism risk in Great Britain, announced on Monday the launch of the International Forum of Terrorism Risk (Re)Insurance Pools (IFTRIP). The formation of IFTRIP is the culmination of a Pool…
Business interruption (BI) is the leading cause of losses for companies, multinational organizations and non-governmental organizations (NGOs) that operate outside the United States, according to a study released on Thursday by international insurance broker Clements Worldwide. The Clements Worldwide Risk…
Ironshore Inc. has introduced a crisis management endorsement for all in-force, stand-alone Terrorism policies as an automatic extension so that insureds can access crisis response specialists following an act of terrorism or an active shooter event at an insured location…