Baltimore bridge disaster could lead to multi-billion dollar insurance loss

The collapse of the Francis Scott Key Bridge in Baltimore after it was struck by a container ship could become the largest single marine insurance loss ever, according to Bruce Carnegie-Brown, chairperson of Lloyd’s of London. Carnegie-Brown told Reuters he would be “very surprised” if the event did not result in a multi-billion dollar loss, […]

Court blocks bid to take multi- billion aircraft leasing insurance trial to Russia

The Commercial Court has refused to allow London’s major insurance companies to have a multi-billion-pound aviation lawsuit withdrawn from England and ruled by a Russian court. As a result of sanctions imposed on Russia following their invasion of Ukraine, aircraft  owned by leasing companies were stuck on Russian territory. UK and EU companies were banned […]

Pressure mounts for disclosure of climate risk assessment information

The pressure to meet the higher bar for climate risk information set by Europe has seen UK-headquartered Shell taking a lead by disclosing its risk scenario for net zero emissions by 2050. Shell disclosed risk under which the world reaches net zero emissions by 2050 in its financial statements last year. Shell priced this risk […]

Belgian beer producer confident of maintaining supplies despite cyber-attack

Belgian beer firm Duvel is confident of maintaining supplies of its product despite a cyber-attack shutting down all of its production facilities. The company says it fell victim to the suspected ransomware attack and initially all five facilities were shut down – one later came back online in Puurs-Sint-Amands in Belgium. Four are in Belgium […]

Cyber-attacks remain major UK threat as gangs “re-brand” and use AI

Global ransomware attacks reached a record high in 2023 and despite success in tackling the BlackCat dark-web leak site and banking trojan Qakbot, the need for cyber insurance remains crucial with cyber-criminals able to attack, re-brand and strike again. In the UK, statistics show that 32% of businesses reported suffering a cyber-attack or a breach […]

FCA reveals latest proposals for UK Listing Rules

The Financial Conduct Authority (FCA) has published a further consultation paper, setting out its detailed proposals to reform the UK Listing Rules sourcebook. The latest consultation paper, Detailed proposals for listing rules reforms  moves forward the blueprint outlined by the FCA in its May 2023 consultation, designed to streamline and enhance the competitiveness of the UK […]

US combat earplugs litigation highlights significant level of damages awarded

Multinational conglomerate 3M is to pay out over £197 million ($250 million) to veterans and military service members for defective ear plugs. The 3M Combat Arms Earplugs are at the centre of a larger, £4.7 billion ($6 billion) lawsuit, where more than 250,000 veterans and active service members said the earplugs caused hearing loss. The […]

FCA introduces “greenwashing” rules to help navigate investment market

The Financial Conduct Authority is introducing a package of measures to address “greenwashing” concerns and help consumers navigate the market for sustainable investment products. The FCA has acted in response to consumers increasingly demanding more sustainable products and services. As a result, there has been a growing number of products and services which claim to […]

Storm Babet costs eclipse three biggest UK storms of 2022

As the United Kingdom deals with the impact of yet more flooding, experts are predicting the costs of damage to residential and commercial properties caused by October’s storm Babet will be more than the combined insurance industry’s bill for three of the biggest storms of 2022. Storm Babet delivered what the Met Office called “exceptional […]

Insurance claims inflation not reflected in pricing

Claims inflation trends are likely to remain an important feature in 2024 but insurance pricing fails to adequately reflect this according to Bloomberg Intelligence’s (BI) European P&C insurance full-year outlook. Analysts noted the lag that exists between insurers raising rates and those dropping through to the bottom line. Aside from cyber insurance, BI says there […]