The Covid-19 pandemic has transformed the way people work, perhaps irrevocably. The health and wellbeing lessons we have learned during this last year are likely to inform our approach to employee benefits long into the future. Before the pandemic, looking at each employee benefit separately was less than ideal, but now it is more essential than ever to take a holistic view of corporate benefits programmes.
The number of e-bikes, e-scooters, pedestrians and cyclists has increased substantially during the Covid-19 pandemic, raising the risk of accident for fleet operators. Companies can address this heightened threat through new training programmes and technology upgrades.
Rates increased more moderately at the recent January reinsurance renewals than perhaps expected on the back of a generally hardening insurance market. Sufficient reinsurance capacity plus a few new players plugging some gaps helped ease pressure while reinsurers focused on claims uncertainty instead of strict rate discipline.
The Brexit deal struck in December 2020 between the UK government and the EU does not directly cover financial services. This has implications for policyholders particularly with regards to motor insurance but also potentially for contract continuity as well as risk placement.
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.