Commercial Lines articles – Page 54
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NewsRate rises of 300% have ‘not been uncommon’ in London’s cyber market
Despite ‘no material change in exposure’, insurers in the London market are wary of cyber risks and are upping premiums by 100% on average, as well as reducing capacity, says broker’s head of cyber
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IT InterviewAventum Group embraces trading London market-based risks via digital platforms
Although face-to-face conversations are crucial in the London market, SME and some simpler risks can be traded through digital platforms ‘to make it easier for agents to access’
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NewsRates for builders’ risk construction cover increased by 5% year-on-year in London market
Higher sub-limits and extension limits for these policies in London give the market ‘a competitive differentiation’, says broker’s head of international construction
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NewsMGA First Underwriting builds new team to launch real estate product
The MGA plans to use its new team and proposition to meet the requirements of niche broker partners, says managing director
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NewsInflation is surmountable with proper provision – Beazley
The specialist insurer has ensured it has sufficient amounts of reserve capital in place, to help it weather economic storms such as inflation
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NewsClaims mitigation strategies offer opportunity for the ‘ultimate’ customer service
Insurers can provide advantages to policyholders by helping them avoid making claims in the first place
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NewsBeazley posts 2022 half-year COR of 87%
The insurer is actively managing ’inflation and recession’, says chief executive
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AnalysisBriefing: Small comfort for insurance industry from FSB report
Sector faces stinging remarks from member organisation about not adequately supporting small businesses – this must be a blow for relationship-centric brokers
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NewsCost of living pressures push uptick in fraudulent property claims – Zurich UK
Fraudsters submitting bogus claims ‘drives up the cost of premiums for everyone’, says detective chief inspector
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AnalysisInsurers must be alert to the threat of physical damage from cyber attacks
Recent cyber attacks on a number of Iranian steel plants evidence the dangers these events can pose to physical infrastructure - this should serve as a warning to insurers
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NewsLack of affordable cover a ‘significant barrier’ to growth of small businesses – FSB
The cost of insurance should not be excluded from the price of doing business, says board director
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AnalysisInsurers must tackle ‘computer says no’ approach as risks become ‘less standard’
Some brokers are now providing incomplete or inaccurate information to place risks quickly and at a ‘reasonable price’, says director
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NewsIncreased use of the metaverse could support ‘shift from risk indemnity to risk mitigation’ – Accenture
Use of the metaverse for the insurance sector is “evolving at pace”, says global insurance lead
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AnalysisUptick in livestock disease claims leads to farmer losses and increased insurer costs
It is pivotal that brokers have meaningful conversations with agricultural clients to ensure they understand farming’s operational risks
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NewsInflation contributing to an increased number of aircraft being written off
Repairable vehicles are increasingly being scrapped as the cost of repairs approaches their total value, says aviation portfolio manager
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AnalysisInsurers must deploy capital ‘confidently’ to solve cyber cover supply and demand imbalance
Demand for cyber insurance has increased - but so has the price
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NewsPIB Group buys Spanish commercial lines broker
The deal marks the broker’s fourth purchase in Spain, reflecting its ‘ultimate goal of becoming one of the most important insurance brokers in the market’
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NewsOnly 26% of small businesses see cyber security as a ‘top priority’ – Direct Line
’It’s important that employees are trained to identify potential points of vulnerability,’ says product manager
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AnalysisAviation market braces for ‘potentially huge losses’ as Russian aircraft seizures bite
The aviation insurance market ’is burying its head in the sand’ when it comes to tackling the fallout from the Russia-Ukraine conflict
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NewsPoor management of climate risks could lead to D&O and E&O claims – Kennedys
Environmental and climate risks can impact ‘all types of insurance policies’ because they are ‘a constant, growing concern’, says law firm partner
