Hundreds of wildfires have been burning in southern Europe for several days, gutting homes, destroying thousands of acres of woodland and killing eight people, six of them Spanish firefighters. Tens of thousands of hectares of countryside have been devastated in Spain, France, Greece, and Italy, and Agence France Presse reports that the insurance bill may run into hundreds of ... Continue Reading »
Property
GC LiveCat Turns Last-Minute Decisions into a Competitive Advantage
Michelle Harnick, Managing Director Contact A hurricane is headed toward a coastal urban center, bringing with it the likelihood of outsized insured losses. The storm is heading into Galveston, Texas. The risk manager, tracking the situation, is concerned that the storm could strike a heavily exposed region. At this point, one of three situations could occur: (1) the storm does ... Continue Reading »
Global Terror Update: Malaysia
There is no terror pool or government involvement in terror coverage. The Malaysian government has not enacted terror cover legislation, and it appears unlikely to do so, since it is satisfied with the availability of cover on an extension basis. Prior to January 1, 2002, terrorism was covered on an optional basis for both commercial and personal lines. After January 1, 2002, ... Continue Reading »
Global Terror Update: Korea
Terrorism is excluded from all primary insurance commercial lines, and reinsurance is not available locally. However, it is possible to buy a standalone terrorism cover if the reinsurance is available from the overseas market. Download the report >> (The report includes all charts and exhibits) Click here to have articles from this series delivered directly to your inbox. ... Continue Reading »
Global Terror Update: Japan
The Marine & Fire Insurance Association of Japan has renewed support for the establishment of an industry-wide fund designed to cover losses from terrorist attacks on Japanese soil. "War risks" are commonly excluded in the general policy conditions for ordinary Japanese non-life insurance policies. However, acts of terrorism are generally treated differently, and many ... Continue Reading »
Global Terror Update: India
Following international reinsurers' withdrawal of cover for the risks of terrorism and sabotage after September 11, 2001, private non-life insurance companies pooled their resources to establish a terrorism risk insurance pool. Terrorism cover through the pool is offered as a buy-back. There is a separate rate for terrorism cover, depending on the type of risk and the sum ... Continue Reading »
Recent Articles from the Global Terror Update
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Global Terror Update: China
Mainland There are two forms of property insurance -- one for foreign investments and another for domestic insureds. In recent years, foreign investment property insurance is being used increasingly for domestic policyholders because of its broad coverage. There is an exclusion clause in the foreign form that excludes war and war-like activities -- but no specific mention of ... Continue Reading »
Global Terror Update: Australia
The Australian government retains a high level of vigilance against the threat of terrorism against the mainland and its territories. The government funds border security measures and provides advice to near neighbors on matters of counter terrorism. The harmony existing between Australia and its neighbors has resulted in the early identification and break up of several planned ... Continue Reading »
Global Terror Update: United Kingdom
In 1993, the United Kingdom established Pool Reinsurance Company Limited (Pool Re) as a government-backed terrorism reinsurer in response to the restrictions of cover available to UK commercial property insurers. The terrorist events in London, stemming from political turmoil in Northern Ireland in the late 1980s and early 1990s, led to restrictions in terrorism cover. ... Continue Reading »
