We are pleased to launch the 25th edition of our Risk Specialist magazine, which provides news, opinions and advice on risk and insurance topics affecting large corporations, both in the UK and overseas. Our main feature looks at insurance as the potential new front line. With some global insurance companies publically backing populist campaigns, we explore whether the insurance industry has become the new front line of ethical business protestation.
ALSO IN THIS EDITION
Global Market Insight
These are turbulent times for the insurance market. Capital remains plentiful, but we are now seeing a persistent upward trend in pricing, with a number of lines of business showing clear signs of hardening. Paul Knowles, CEO of JLT Specialty and Paul Cumberland, Senior Partner within the insight and carrier management team at JLT Specialty provide an outlook on the insurance market.
IS insurance the new front line?
With some global insurance companies publically backing populist campaigns, we explore whether the insurance industry has become the new front line of ethical business protestation.
The impact of economic crises in some emerging markets around the world, as well as a possible new financial crisis on the horizon, is causing great concern. Successfully managing credit and political risk is therefore high on the agenda. Political risk has been high on the agenda for global companies for a while, but the risk is growing, and spreading to developed Western nations.
The deal facilitator
Warranty and indemnity (W&I) insurance is increasingly being used to facilitate mergers and acquisitions (M&A). We assess the role of the insurance, how a policy works and how the transaction risks inherent in M&A deals can be identified and managed with the right insurance cover in place.
Tens of thousands of structures around the world are reaching the end of their working lives. Demands on bridges, ports, utilities and other key infrastructure have been increasing, but a failure to maintain or replace these structures comes at a human and economic cost. Innovative approaches are required to address the ageing and failing infrastructure.
Around the world there is a raft of offshore oil and gas facilities that are approaching the end of their useful design life or economic operation. In particular, the huge expansion of oil and gas extraction in the North Sea in the last quarter of the twentieth century is now moving into reverse as the fields slowly near exhaustion. This is bringing new challenges in terms of what to do with platform facilities – specifically how to decommission and remove them - as international law does not permit the option of just abandoning them.
Piracy is back on the radar for mariners as the number of attacks on merchant ships increases off the coast of Nigeria, in the Gulf of Guinea.
Avoiding the shortfall
Loss adjusters have made great strides in developing specialty skills and broader services, but the experienced all-round loss adjusters needed to lead large complex claims are in short supply.
Thinking ahead on aviation
In our thinking ahead, Joe Taccetta, Executive Vice President in JLT Specialty USA looks at the impact of advances in automation on aviation safety. Is the balance right between automated functionality and human intervention?