Prior to March 2020, pricing for trade credit insurance was historically low, capacity was high and policy structures were extremely flexible, following a decade of softening terms and rates driven by strong economic growth, low insolvency rates and increased capacity.
James Dalton, the ABI’s general insurance director, addressed the recent Commercial Risk claims event to underline the importance of trust, transparency and product clarity, in the wake of the FCA’s test case on business interruption insurance claims.
Sudden change amid the pandemic put risk management top of the boardroom agenda, providing risk professionals an opportunity to implement new technologies, according to Raj Singh-Dehal, chief corporate officer at Center Parcs.
Changes brought about by the Insurance Act 2015 in relation to basis clauses, warranties and other terms may have the knock-on effect of seeing the increased use of conditions precedent in policy wordings. Paul Lewis and Laura Moorhead of Herbert Smith Freehills LLP exp
Although Theresa May has said that "Brexit means Brexit", there is still a huge amount of uncertainty and debate about what it will actually look like. Ben Waterton of Arthur J. Gallagher urges risk managers to act now.
Policyholders should be willing to pay higher insurance premiums for contract certainty, according to an Airmic report on the importance of business-critical insurance launched at its annual conference.
Airmic has set up the fastTrack scheme to give young risk managers help with their careers. It is also open to more experienced members who have taken on new roles. Fifty five people have so far expressed an interest in taking part. More