11/28/2018 4:56:00 AM

Source: Business Insurance

Storm Diana forced the Dublin Port Co. to close cargo terminals and shipping channels on Nov. 27, Belfast Telegraph reported. Heavy rains and wind gusts are expected to lash Ireland’s coast and disrupt shipping operations.

11/28/2018 5:07:00 AM

Source: Business Insurance

Matt Drummelsmith, an official at U.S.-based Aviation Specialty Insurance Inc., said that aircraft insurance rates are expected to increase up to 30% due to recent accidents, Aviation International News reported. Mr. Drummelsmith said that frequent accidents including the Oct. 27 helicopter crash in Leicester City and the Oct. 29 Lion Air Boeing 737 crash have led to a rise in insurance rates. Aircraft operators will face rate increases according to loss history, industry and aircraft type, he added.

Judy Greenwald

11/26/2018 12:39:00 PM

Source: Business Insurance

Risk associated with cyber attacks and data breaches head directors and officers list of top risks, says a survey issued Monday.

The sixth annual survey by Willis Towers Watson PLC and London-based law firm Allen & Overy LLP found that cyber attacks and data breaches have overtaken regulatory and other investigations as top risks, according to the 161 directors, risk officers and others surveyed in the latest report.

The survey report, D&O: Personal Exposure to Global Risk, said 44% of respondents reported they have experienced either a significant cyber attack or a sizeable data loss in the past year, compared with the 24% who reported this in last year’s survey.

Other top risks reported by respondents were regulatory and other investigations, health and safety legislation, and criminal and regulatory fines and penalties, with health and safety making the “top five” for the first time.

The survey found that 43% of large employers, and 38% of listed companies, experienced a regulatory claim involving a director in the last 12 months.

Among other results, 60% reported the regulatory focus on personal accountability is changing company behavior.

The biggest concern about policy terms is whether a D&O policy will be able to respond to claims in all jurisdiction, according to the report.

Other coverage issues were how claims against directors and officers will be controlled and settled; a broad definition of who is insured, clear and easy-to-follow policy terms; and whether there is coverage for the cost of advice at the early stages of an investigation.

11/27/2018 6:07:00 AM

Source: Business Insurance

Ireland-based insulation board manufacturer Ballytherm Ltd. is suing its insurer U.K.-based Brit UW Ltd. for €6.5 million ($7.3 million) for refusing to settle claims related to shrinkage of its product, The Irish Times reported. Ballytherm is facing claims for property-related damage due to shrinkage of its boards. The firm said that the shrinkage occurred due to a change in a chemical blend supplied by Dutch firm Covestro B.V. Ballytherm said that Brit had wrongfully refused to provide an indemnity under its product liability policy.

11/27/2018 6:11:00 AM

Source: Business Insurance

U.S.-based catastrophe risk modeler AIR Worldwide Corp. said that a one-in-a-100 year catastrophe-related insured loss is likely to total $271 billion worldwide, Artemis.bm reports. AIR Worldwide said that the modeled global insured average annual loss is estimated at around $86 billion. The latest global aggregate average annual loss includes data from three new models – European severe thunderstorm, Southeast European earthquake and flood.

11/27/2018 6:14:00 AM

Source: Business Insurance

Data from U.S.-based IT services firm Resilinc Corp. showed that 1,069 supply-chain disruptions occurred globally in the first half driven by extreme weather, factory fires and mergers and acquisitions, Supply Chain Dive reported. The data showed that more than 300 disruptions directly affected businesses’ continuity of supplies. Several companies are also considering alternative locations for production and sourcing following a rise in tariffs.

11/26/2018 5:07:00 AM

Source: Business Insurance

A report by think tank The Geneva Association called on risk modelers and the insurance industry to including the latest findings in climate science into catastrophe risk modeling to mitigate disaster-related damage, Artemis.bm reports. The association also called on risk modelers to look at different climate change-related outcomes to help develop new insurance products and services.

11/26/2018 5:04:00 AM

Source: Business Insurance

A report by U.K.-based reinsurance broker Willis Towers Watson P.L.C. said that the insurance-linked securities sector worldwide expects continued growth in the property catastrophe business, Artemis.bm reports. The report found that ILS players are also considering opportunities in cyber risk followed by marine and terror risks for future growth. Nearly 75% of ILS funds believe that investors would support growth in other risk categories such as cyber, marine, aviation and satellites.

Louise Esola

11/20/2018 11:21:00 AM

Source: Business Insurance

This study helps to highlight that there is a need to improve traffic safety and road management,” Phil Renaud, executive director of the Columbus-based institute, said in a statement. “It provides new evidence that supports taking steps to improve traffic signs and safety regulations for distracted driving in specific areas. There are things we can do on a local, city level to lower crash frequencies and severities.”

Matthew Lerner

11/20/2018 10:16:00 AM

Source: Business Insurance

Aon PLC has introduced nondamage business interruption coverage designed to protect income streams of companies with an abundance of intangible assets, the broker said in a statement Tuesday.

Nondamage business interruption policies protect the revenues of companies such as hotels, retailers, pharmaceutical firms and transportation companies against business interruption costs that result from an event without physical damage, Aon said in a statement.

The coverage is structured by Aon’s innovation and solutions team and can utilize parametric indices together with traditional insurance and reinsurance, the statement said, adding both Lloyd’s of London and Swiss Re Ltd. are providing capacity.