While the product recall market overall remains fairly unaffected by the hardening insurance market, a major player’s strategy shift is requiring more risk sharing and syndication in this niche segment.
The UK’s Supreme Court has released its much anticipated landmark judgment in the Financial Conduct Authority (FCA) business interruption (BI) insurance test case.
As the world digests the consequences of the pandemic, one of the changes coming to the fore is a new, stronger focus on environmental, social, and governance (ESG) policies. It is in the interest of companies to follow strict ESG standards, as this can help reduce their risk exposure and insurance needs. Plus, governments are now putting in place regulatory frameworks to standardise ESG reporting protocols and accelerate change.
Right now, the Covid-19 vaccine is perhaps the most coveted commodity in the world. Protecting this cargo during its journey around the globe and enabling it to safely reach its destination is a tremendous challenge, not only because the vaccine needs to be kept at temperatures of up to -70°C, but also because the shipments are likely to attract criminals trying to steal and/or divert the contents.
A large chunk of the art market has moved online during the pandemic, to some extent making up for the otherwise reduced activity in the sector as museums and galleries closed to the public and art fairs were cancelled. Since the online trend is here to stay, underwriters are mulling over what this may mean for the fine art insurance demand.
As COVID-19 boosts demand for online deliveries, the logistics sector is expanding its warehousing capacity and is set to implement multi-level properties in urban areas, following the lead of the likes of Singapore, Hong Kong and Taiwan.
The outbreak of the COVID-19 pandemic has highlighted gaps in employee benefits programmes in many jurisdictions, particularly where social security protection is sketchy. Whilst these gaps may have been plugged hastily, a thorough audit of corporate programmes gives multinational companies the opportunity to enhance the level of cover needed to boost employee morale whilst leveraging economies of scale to keep costs down.
Vaccines currently pending approval from regulators are seen as the solution for the world to emerge from the COVID-19 pandemic, but even if they are as effective as it is hoped for, the process to regain our freedom of movement is set to be arduous.