Articles by Carolyn Cohn

Existing EU Contracts Must Be ‘Grandfathered’ After Brexit to Avoid Complexity: Lloyd’s CEO Beale

Existing European Union insurance policies should stay in place after Britain leaves the bloc because the process of dividing them into British and EU contracts would be too complex, Lloyd’s of London Chief Executive Inga Beale said. The Lloyd’s of …

British Insurer Aviva to Launch Small Business Cyber Product

British insurer Aviva plans to launch a new product to cover small and medium-sized businesses against cyber attacks later this year as part of an expansion of its specialist insurance division, its chief executive for UK insurance said. Aviva, which made 3 billion pounds …

Insurers Adapt Terrorism Policies with Loss of Attraction, Violent Acts, Other Coverages

The changing nature of attacks in Western cities has led insurers to offer new policies, from straightforward cover for business lost due to police cordons to more risky compensation for declines in tourism. Terrorism insurance policies were developed after the 9/11 attacks …

Firms Turn to Kidnap Insurance Policies to Cover Ransomware Losses

Companies without cyber insurance are dusting off policies covering kidnap, ransom and extortion in the world’s political hotspots to recoup losses caused by ransomware viruses such as “WannaCry,” insurers say. Cyber insurance can be expensive to buy and is not …

Many Non-U.S. Firms May Be Uninsured for Recent Ransomware Attack

Many companies outside the United States may not have cover for a recent computer-system attack, leaving them potentially with millions of dollars of losses because there has been relatively little take-up of cyber insurance, insurers say. A massive ransomware worm …

FM Global Chooses Luxembourg as Post-Brexit EU HQ

U.S. commercial property insurer FM Global is planning a European hub in Luxembourg following Britain’s decision to leave the bloc, the head of its European division told Reuters. The mutual insurer, which earned $5.5 billion in gross premium last year, …

Demand Rises for Political Risk Cover as Buyers Think the Unthinkable

Rocked by a shakeup in the Western political order, companies are buying more insurance to protect themselves against the threat of rising protectionism and upheaval to their operations in emerging markets. Insurers say demand is being driven by uncertainty over …

Aon, JLT, Marsh, UIB, Willis Investigated by UK Regulator over Aviation Broking

Britain’s financial watchdog is investigating five insurance brokers over information-sharing on aviation insurance, the companies said, in one of the first cases of its kind by the watchdog. Aon, Jardine Lloyd Thompson (JLT), Marsh , UIB and Willis Towers Watson …

Lloyd’s Shortlists Brussels or Luxembourg as EU HQ: Sources

Lloyd’s of London, the world’s largest specialty insurance market, will this week pick Brussels or Luxembourg for its planned European Union subsidiary, after Dublin had been an early favorite, sources say. Lloyd’s has been one of London’s most vocal financial …

UK P&I Clubs Consider Opening EU Outposts in Preparation for Brexit

U.K.-regulated ship insurers are preparing plans to open new outposts in European Union jurisdictions such as Luxembourg and Cyprus, fearing that Brexit will hinder access to the EU’s financial market, industry sources involved say. Britain dominates the global marine insurance …