New Ecology Restoration Project insurance product created

Ecological restoration is a key tool to limit or reverse the progress of climate change and specific insurance cover can de-risk ecological  financing opportunities. The UN Decade on Ecosystem Restoration, which runs from 2021 to 2031, aims to prevent, halt, and reverse the degradation of ecosystems on every continent and in every ocean. It is […]

China suspected of major cyber-attack on MoD payroll system

A total of 89 lawsuits against US corporate defendants resulted in a “nuclear verdict” award last year, the largest number of cases research experts Marathon Strategies has identified in a single year since 2009. Nuclear verdicts of at least £7.9m ($10m) reached a 15-year high in 2023, while 27 verdicts were “thermonuclear,” or more than […]

China suspected of major cyber-attack on MoD payroll system

The UK government suspects China is behind the cyber-attack that targeted the names and bank details of current and former British military personnel. The hack accessed a Ministry of Defence contractor’s IT system that was not linked to the MoD’s central network. A small number of addresses were also on the system. An initial investigation […]

Growing concerns over product liability claims from lithium-ion batteries

There are growing concerns over the increasing risk of product liability claims and litigation arising from lithium-ion (Li-ion) batteries.  As of the end of March 2024,  it is estimated there are now over 1,000,000 fully electric cars and around 60,000 electric vans on UK roads and a further 645,000 plug-in hybrids. In March 2022, approximately […]

UK flood damages in 2023 continue to increase insurance industry losses

The latest Perils industry loss estimate for the damage caused by storms Babet and Aline in 2023 has reached £597m (€691m) with the majority of the losses in the UK. Perils, an independent Zurich-based organisation providing industry-wide natural catastrophe exposure and event loss data, estimated losses in December of £439m (€509m) but that had risen in January […]

Consultation triggers changes to Professional Indemnity Insurance for accountants

Modified changes to professional indemnity insurance arrangements for accountants in the UK have been instigated following a consultation process, including the withdrawal of an extension of non-cancellable run-off cover and insurers having to meet unpaid excess. The International Underwriting Association (IUA) had strongly disagreed with suggestions firms should have non-cancellable run-off cover of six years. […]

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 […]