Cyber incidents, including ransomware attacks and data breaches, have topped the latest Allianz Risk Barometer survey globally for the fourth consecutive year.
Business interruption
The UK Supreme Court has refused Allianz permission to appeal an important judgment on pandemic-related business interruption insurance, in what has been described as a major win for policyholders.
Premier League football club Liverpool FC has settled a long-running legal dispute with a group of UK insurers over the payment of claims related to business interruption losses suffered as a result of the Covid-19 pandemic lockdowns.
Lloyd’s latest systemic risk scenario has said the global economy could be exposed to potential losses of $13.6trn over a five-year period from the threat of a hypothetical future human pandemic.
The impact of Storm Darragh, which hit western England and Wales over the weekend, serves as "another wake-up call" for (re)insurers over the escalating losses from extreme weather events, according to Swiss Re's Jason Richards.
The CrowdStrike outage in July will prompt insurers to review cyber policy wordings and coverage for systemic or supply chain incidents at upcoming renewals, according DAC Beachcroft.
Demand for insurance against cartels and other organised crime in Mexico is rising, with several industry sectors beginning to purchase the coverage as standard, according to Chaucer.
Parametrix's new Enterprise Solutions product is designed to cover "almost any type of system interruption that a company can experience" and would compensate organisations for events like the CrowdStrike outage in July, according to CEO Jonathan Hatzor.
The top risks of both buyers and sellers of insurance are cyber incidents, key climate changes, and business interruptions, according to a new survey from Munich Reinsurance America and the Insurance Information Institute (Triple-I), but gaps emerge in understanding the scope of risk and actionable solutions.
Cyber modelling firm and MGA Parametrix has introduced a Lloyd’s-supported parametric cyber product to cover the cost of digital interruption.
