Political violence
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The broker has also placed a new cyber facility.
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Israel exposure has thrown inwards-outwards PV coverage mismatches to the fore again.
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Both Schlesinger and Sandford will report to Matt Humphries, head of crisis management.
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She joined the carrier as an underwriting assistant over 11 years ago.
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Swiss Re is among reinsurers to have the right to limit coverage if conflict widened.
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The broker said there was a ‘disparity’ in market response to war in the Middle East.
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Environmental activism and terrorist activity are also set to rise.
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Insured losses from civil unrest have risen over the last decade to total $7bn in 2020-23.
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Competition among insurers is rising as new carriers enter the market.
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Providing coverage will remain “very tricky” in the near term.
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Talbot has lost a trio of PV underwriters to Ark in recent months.
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Alexander Baker was a senior PV, war and terrorism underwriter at Axa XL.
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Talbot is rebuilding its PV team after a December Ark and Chaucer raid.
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Mosaic has also added CNA Hardy’s Emily Humphreys to its PV team as part of the deal.
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Clayton will join the carrier’s global credit and political risks team, reporting to James Wilson, head of credit and political risks.
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Key market participants hailed the narrowing of the gap between PV insurance and reinsurance, however said that more still needs to be done to fix the market.
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Insurance competition remains vibrant in some of the segments that remain most exposed to persistent risks highlighted by the flagship World Economic Forum report.
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The PV market is facing yet another battle with reinsurers as they continue to restrict coverage, tighten definitions and exclude geographies.
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Highlighting regions where the demand for SRCC products is increasing, stakeholders can tailor offerings more effectively, the PCS said.
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The carrier has hired Ed Atkin, Piers Harding and George Wallace from Talbot and Callum Bennett from Chaucer to run the new book.
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Sources said that with heightened geopolitical risks, pricing is already "much higher" than at any point in the last five years.
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The MGA was without backing since March 2023, after Markel and Chaucer pulled their PVT paper.
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Woodhouse will be based in London and report to Ed Winter, director of terrorism.
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The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.
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The political violence market failed to ‘look in the rearview mirror’ amid growing geopolitical tensions.
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The contingency market is monitoring the war between Israel and Hamas for potential loss activity, as well as keeping track on whether it has wider global implications for events, sources told this publication.
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Sources said the insurer will not be taking on any new business or renewals as the PV class continues to be threatened by potential losses.
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A cancelled Bruno Mars concert in Tel Aviv is among the losses to hit the segment.
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Political violence and risk underwriters have heavily cut back in the region, which remains an important source of premium for marine insurers.
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Reinsurers are also determined to secure structural changes and payback from Italian, Slovenian and Turkish cedants at 1 January 2024.
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Plus, all the latest company results, executive moves and top news from the week.
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Sources are paying close attention to several pipelines in the region, as the conflict between Israel and Hamas continues.
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Lloyd's chief of markets Patrick Tiernan said the Corporation is comfortable that a cyber risk pre-mortem exercise showed the market could cope with a major cyber incident.
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The appointment comes just over two years after Sompo International entered the political violence and terrorism market.
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With SRCC losses on the rise in recent years, the French riots have thrown a light once more on the dislocation within the political violence market.
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The cost of the damage at the end of June is already more than three times higher than the four-week riots in the autumn of 2005.