Cancelling the London Olympics due, for example, to a security threat would result in damages of more than €4 billion ($4.9 billion), Andrew Duxbury, underwriting manager at Munich Re, told a German newspaper. “This was the sum of the insurable …
Pool Re, the state-backed British reinsurer that covers terror attack-related commercial property losses, has £4.5 billion ($7.327 billion) of assets to cover the Olympic Games and is not jacking up premiums for the event. Bombings or other incidents costing more …
Aon Risk Solutions, the global risk management business of Aon plc, has just issued its latest political risk map, which gauges the level of risk for international business in more than 200 countries. Aon said “37 countries were downgraded in …
Ironshore Insurance Services has received extension of class approval from Lloyd’s to underwrite insurance coverage for the Pembroke Syndicate 4000 Political Risk and War and Terrorism unit. Pembroke’s political risk and political violence coverages will be highly focused policies underwritten …
A Manhattan judge has dismissed a construction company founded by Osama bin Laden’s father as a defendant in Sept. 11 lawsuits brought by families of terrorism victims and others. Judge George Daniels dismissed the Saudi Binladen Group as a defendant …
Aon Benfield, the global reinsurance intermediary and capital advisor of Aon Corp., announced that it has updated its UK terrorism catastrophe model, which now “estimates the financial loss to life insurers from potential terrorist events and helps to satisfy the …
A magistrate judge in New York has recommended that al-Qaida be assessed $9.3 billion for the damage done to properties and businesses in the Sept. 11 attacks. Federal Magistrate Judge Frank Maas in a ruling Friday, Oct. 14, sent the …
Last week, New York State’s high court cleared Port Authority of New York and New Jersey of negligence claims in the 1993 World Trade Center parking garage bombing. The Sept. 22 ruling reverses lower courts’ decision. The Court of Appeals …
In tossing out a negligence lawsuit, a judge last Friday cited the “strange, improbable” events that destroyed a 47-story World Trade Center building a decade ago on Sept. 11, several hours after the 110-story twin towers fell. The claims by …
Joe Plumeri, the Chairman and CEO of Willis Group Holdings, told more than 100 leading Asian CEOs’ that ‘insurance is not just about coverage and claims, but is about security and survival’ at the KPMG ‘Captains of Industry’ lunch hosted …
