On December 12, 2007, there was a fire in an industrial plant in Turin that was owned and managed by ThyssenKrupp Acciai Speciali Terni S.p.a. (ThyssenKrupp), an Italian subsidiary of ThyssenKrupp Stainless group. The violent fire occurred in a cold annealing and pickling line, called APL5, where there is typically a significant amount of lubricant oil and paper, as well as sparks generated by the plant’s industrial process.
Posts Tagged ‘employers liability’
Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry
Recent Legislative and Judicial Developments in Continental Europe Affecting the Casualty Insurance Industry is the latest installment in Guy Carpenter & Company Ltd.’s (”Guy Carpenter’s”) legislative update series, designed to provide our international clients and markets with a concise overview of key trends in the Continental European legal environment. These issues have had an impact on insurers and reinsurers or are expected to have an effect in the near future.
Employers Liability/General Casualty - United Kingdom:
Reinsurance rate reductions were achieved on accounts with good performance. Those accounts with a notable PPO exposure and where reinsurance purchasing was at a higher attachment point were subjected to higher volatility loadings.
Primary rates have plateaued on employers liability (EL), but downward pressure continues to be applied to third-party accounts - both UK and international small and medium enterprise sector. For the larger, more complex international accounts rates are more stable. The third-party account continues to compliment the EL results of many insurers. With the general increase in bodily injury awards, lack of investment returns, pressure on discount rates, PPO effect and general recessionary factors, EL insurance must be subjected to rate increases in the near future.