Terrorism
LMA issues TRIA guidance note
The Lloyd's Market Association has issued a guidance note to the London insurance market on Terrorism Risk Insurance Act legislation.
Terrorism: Defusing the terrorism bomb
Despite recent terrorist attacks, the insurance market remains resilient, with losses in property damage and business interruption remaining low. However, what effect will the changes to Pool Re have?
Pool Re reportedly weighing business interruption changes
UK terrorism insurance scheme Pool Re is reportedly evaluating changes to business interruption cover in the aftermath of the Charlie Hebdo killings in Paris.
Sydney hostage siege declared as terrorist act
The hostage crisis that left two dead in central Sydney on 15-16 December has been declared a terrorist act meaning insurers will pay compensation to businesses.
Zurich CRO calls on regulators to boost innovation
Financial regulators need to encourage innovation, rather than stifle it, in order for companies to respond to high-level global risks, according to Zurich's chief risk officer.
Editor's comment: Je Suis Charlie
On 7 January terrorists attacked free speech by shooting dead 12 innocent journalists and police at the offices of the French satirical magazine Charlie Hebdo.
Counter-Terrorism Bill to be debated in the House of Lords
The House of Lords will be given the opportunity to debate the controversial new Counter-Terrorism and Security Bill, which includes a ban on insurers covering ransom payments.
Climate: How does climate change cause food insecurity and conflict?
As weather patterns change and temperatures rise, issues such as climate-induced food insecurity are destined to become an increasingly important driver of conflict and social unrest
IUA boss Matcham welcomes TRIA renewal agreement
The International Underwriting Association has heralded the decision in the US to renew the Terrorism Risk Insurance Act as a means of reducing economic uncertainty.
RFIB looks to Willis for hull hire
RFIB has appointed former Willis marine executive director Steve Hughes as its hull and war divisional director.
AM Best dismisses need for rating action on insurers reliant on TRIPRA
The US federal terrorism programme is to expire on 31 December due to the failure of the US Senate to reach an agreement to extend the Terrorism Risk Insurance Protection Reauthorization Act before the adjournment of congress.
XL launches chemical weapons product
XL Group's crisis management team has introduced a product covering chemical, biological, radiological and nuclear events.
Future sustainability of Pool Re to be achieved by modernisation in 2015
The Pool Re board is aiming to complete its modernisation of the 22-year-old terrorism facility by the end of next year.
Suspected terrorist attack in heart of Sydney
Hostages held by an Islamic extremist with a shotgun and possible accomplices in siege at coffee shop in Sydney's central business district.
Reinsurance tariff hike won't impact Pool Re rates, claims Willis
The increased premium ceded to government as part of the new deal agreed with Pool Re will not result in a hike in rates paid by members of the terrorism facility, according to Ian Kennett, executive director in Willis' real estate practice.
Aegis partners with PWC on cyber terrorism product
Lloyd’s syndicate Aegis London has launched a new cyber product in response to the growing threat of destructive attacks linked to on-going conflicts.
Review of the Year: Lloyd's
Post’s annual review of Lloyd’s and the London market gathered reflections from players including Besso, Markel, Lloyd’s, Hiscox, EY and Beazley to reflect on 2014 and the challenges and expectations that lie ahead for next year
Insurers to remain reliant on Pool Re in face of large potential losses
Insurers are likely to continue to participate in Pool Re despite the proposed levy increase, according to a briefing from AM Best.
Pool Re satisfied with terror deal despite ceding increased premium to Treasury
Members vote in favour of deal that will see 50% of premium go to government
Marsh unveils Pool Re alternative terrorism facility
Marsh has unveiled a new UK terrorism facility to provide cover to clients with commercial property assets in the UK.
Airmic throws support behind Pool Re modernisation plans
Risk management association Airmic has claimed plans to modernise Pool Re will make the terrorism reinsurance scheme more attractive to business as well as diversifying its risk base.
Insurers' ransom payments to be banned in Bill
A legislation change that will prevent insurers from making ransom payments to terrorist groups is expected to be announced today.
Pool Re members vote in favour of Treasury retrocession changes
Pool Re members have voted unanimously in favour of approving the demands made by HM Treasury for changes to its retrocession agreement.
Pool Re hails Treasury 'concessions' ahead of EGM vote
Pool Re has welcomed "significant concessions” from HM Treasury in its quest to modernise the terrorism scheme.