The insurance market is becoming more challenging for buyers as carriers look to improve their underwriting profitability and only offer cover when they fully understand the clients’ exposure. Insurers are reducing their capacity in some risk areas and tightening their policy terms and conditions. As a result, insureds need to spend more time preparing for renewals and disclose more information to persuade insurers and secure the best possible outcome.
The pharma industry and all other companies in the opioid supply chain will be passing on the costs of compensation and related legal costs in the US to insurance and reinsurance carriers (where they have policy coverage) in a move that will affect renewal negotiations for the next 12 months, at least.
Tim Woodard, Head of Office Lockton Louisiana, and Leanne O’Loughlin, Regional Director (Americas P&I) for Thomas Miller Americas discussed marine risks, market changes and solutions at the November Marine Money conference in New York.
Sudden geopolitical shifts such as changes in tariffs or the implementation of sanctions as well as terrorism are impacting global companies more than ever before, according to a recent survey. Multinational companies need to prepare for the impact this may have on their balance sheet and employees.
Cyber criminals are well known for attacking the computer software of companies to breach their information systems. Now they are increasingly discovering the potential of disrupting manufacturing facilities or power plants, as well as other vital infrastructure, through denial-of-service attacks or other security compromises.
A series of developments in directors and officers liability insurance (D&O) risk have recently impacted insurance market conditions for financial lines, further adding pressure on rates.
There is growing awareness among employers that addressing mental health problems makes good business sense, but the oil & gas sector may need to catch up.
An inquiry report following the tragic fire incident at Grenfell Tower includes a number of recommendations which will have a major impact on the UK housing sector if adopted.