"The limited coverage is characterised by low coverage limits, long waiting periods, narrow coverage triggers, significant deductibles and long claims processes

There is a misconception that the scope of cyber errors and omissions (E&O) insurance covers all cloud downtime losses, according to the results of the latest survey from Parametrix, published last week (8 September 2022)."

(Insurance Times - September 2022)

"We’re living through a difficult period in our country’s economic history. The cost-of-living crisis comes at a time when we’re still dealing with the lasting effects of Covid-19, Brexit and the ongoing war in Ukraine.

At the same time, we’re seeing inflation rising, increasing fuel and energy prices, and this is having a significant impact across everything including building materials and supply chain issues. All of this is impacting the prices we pay and how long it takes for goods and materials to get to where they’re needed. So, what does this all mean for insurance?"

(Insurance Age - September 2022)

"Headlines across the national press have warned of the prospect of an avalanche of subsidence claims in the wake of the prolonged hot and dry weather seen by the UK in recent weeks. But are these concerns translating into claims figures?"

(Insurance Business UK - September 2022)

"The representative body hopes that its new clause will provide underwriters with ‘greater confidence to offer effective insurance solutions’ to firms that are working to remove dangerous cladding from high-rise buildings.

The International Underwriting Association (IUA) has published a new model insurance clause that covers fire safety risks."

(Insurance Times - September 2022)

"There appears to be a noticeable lack of engagement from UK business leadership when it comes to cybersecurity matters, a new report from the Department for Digital, Culture, Media & Sport (DCMS) has found."

(Insurance Business UK - August 2022)

"Research by Zurich has revealed that two-fifths of London businesses are at risk of being hit by flash floods as heavy rainfall is predicted to hit the capital. Parts of London are already experiencing flash flooding after this week’s thunderstorms, with more rainfall forecast in the coming days and weeks. Zurich’s research has shown that flooding from torrential rain threatens 42% of the capital’s 301,000 commercial buildings, while nearly half of London’s 33,200 basements in commercial use are at risk of flooding.”

(Insurance Age - August 2022)

"Insurers should brace for weather-related claims as temperatures soar and drought is officially declared across parts of England

UK insurers should brace themselves for a rise in home insurance claims as scorching weather and drought conditions create the perfect conditions for wildfires to spread in the UK.”

(Insurance Times - August 2022)

"Laser hair removal only accounted for 7% of claims but involved the most serious injuries

Eyebrow microblading and tinting blunders account for 37% of salon injury-related insurance claims, according to data published by Zurich today (8 August 2022).”

(Insurance Times - August 2022)

"A rising number of UK homes now face a greater risk of flooding as climate change continues to trigger an increase in catastrophic weather occurrences – a trend that experts expect to carry on in the future.

In England alone, there are more than 5.2 million properties exposed to flood risk, according to data from the Environment Agency (EA). The non-departmental public body predicts the figure to rise in the next few years due to increasingly volatile weather.”

(Insurance Business UK - July 2022)

"Insurance claims from companies have become more severe over the past five years due to factors such as higher property and asset values, more complex supply chains and the growing concentration of exposures in one location, such as in natural catastrophe-prone areas,” said Thomas Sepp, chief claims officer and board member at AGCS. “The future does not look bright anytime soon.”

Read the full article from Insurance Business UK here on trending commercial risks that may impact on business interruption and damage replacement costs.

(Insurance Business UK - July 2022)

"Events such as the war in Ukraine and growing inflation have “significantly altered” business leaders’ perceptions of risks, with corresponding risk resilience falling dramatically since 2021.

This is according to insurer Beazley’s latest Risk and Resilience 2021 research, published today (13 June 2022). This showed that the proportion of surveyed UK and US business leaders ranking war and terror as their biggest risk was up by 46% compared to last year’s survey."

(Insurance Times - June 2022)

"Aviva has published the second edition of its annual look into the biggest risks facing businesses in the UK, and public health events no longer holds the top spot...according to the 43-page 2021 Aviva Risk Insights Report.”

Read the full Insurance Business UK article on “major risks that business leaders believe they are particularly exposed to."

(Insurance Business UK - November 2021)