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 […]
Natural catastrophes remain major risk for insurance sector
Satoru Komiya, the Tokio Marine President and Group CEO, believes natural catastrophes rather than a systemic cyber-attack remains the “biggest risk” to the insurance sector. Komiya said the insurance company “cannot run away from” natural catastrophe risk despite deepening concerns among investors and policymakers over rising industry losses linked to climate change. After successive years […]
London market welcomes Government captive insurance consultation
W Denis and the London Market Group (LMG) have welcomed the Government’s pledge to launch a consultation next year into designing a new framework to help establish captive insurance companies in the UK. The commitment was included in Chancellor Jeremy Hunt’s Autumn Statement, which stated: “The government will consult on the design of a new […]
Multinational Companies and the need for Local D&O policies
Directors and Officers face significant challenges due to the ongoing impact of globalisation, technological advances and regulatory changes, particularly when the business has subsidiary companies in multiple jurisdictions. Whilst a D&O Liability Insurance policy may state on it that it provides ‘worldwide territorial limits and worldwide claims jurisdiction`, this is always subject to the insurer […]
Companies start to resist paying cybercriminal extortion demands
Extortion driven cyberattacks remain a significant factor in 2023, but there are indications targeted companies are starting to resist paying cybercriminals. The Resilience Mid-Year 2023 Claims Report highlights a shift in the cybercrime industry with companies become more resistant to extortion demands while the cybercriminals are adjusting their tactics to bypass security controls by hitting […]
False Claim Act case has implications for Businesses based in the US
A recent court ruling should be considered by our clients based in or with subsidiaries in USA. Following a decision of the Delaware Supreme Court, there are significant implications for Directors and Officers (D&O). This landmark case carries substantial precedential significance for policyholders facing False Claims Act (FCA) investigations. As a result of the ruling, […]
Defamatory allegations can cause serious reputational damage
The impact of defamatory allegations against a corporation or business can be significant with reputational damage and a loss of customer confidence. Libel, Slander and Defamation are legal exposure which can be insured as part of a Professional Indemnity Insurance, either as extensions to a `negligent act error & omissions wording’, or as being included […]
Professional advice key to ensuring quality D&O insurance coverage
The D&O insurance market offers a wide range of policy wordings. With some insurers limiting the cover offered and other insurers being generous with wider coverage. It is important for insurance buyers to work with a specialist broker in order to procure the best possible terms. Sometimes a D&O underwriter will apply an endorsement to […]
Court delivers important ruling on D&O liability insurance
An American court has ruled that Directors and Officers (D&O) liability insurance can protect against claims arising from the manufacture, distribution and sale of opioids. In The North Carolina Mutual Whole Company v. Federal Insurance Company, the North Carolina federal court determined a drug wholesaler’s D&O policy provides coverage for more than one hundred underlying […]
Law Society urges members to seek cyber insurance protection
The Law Society of England and Wales is urging members to give “serious consideration” to purchasing cyber insurance after research showed that seven in 10 (72%) of law firms do not have this protection in place. The Law Society research tallies with the UK Government’s Cyber security breaches survey 2023 which revealed that less than […]