Travelers head on limiting cyber exposure during the coronavirus pandemic

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As an attorney in the United States, head of cyber at Travelers Europe, Davis Kessler (pictured), was working on litigating coverage disputes, mainly on crime policies, when he saw that an increased number of those claims were computer related. This prompted his natural transition into the cyber world, he said, and when Travelers first put together its UK cyber offering, which launched in 2018, he was asked to lead the business’s European cyber underwriting line-up.

The UK cyber market is widely understood to be behind the US in terms of penetration and cyber purchasing rates, he said, but he has

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Coronavirus: Business sues Lloyd’s of London underwriters for closure cover

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The global coronavirus crisis has meant not only fatalities and layoffs but also, as we’re seeing now, lawsuits galore.

Last month, Insurance Business gave you the lowdown on the legal actions involving Oklahoma’s Chickasaw and Choctaw tribes and their insurers including AIG firm Lexington Insurance Company and certain underwriters at Lloyd’s of London. You can read about the cases here.

Now certain Lloyd’s underwriters are being sued by a family owned and operated business whose insurance claim has been denied, supposedly due to lack of physical damage, after restaurants and bars were ordered closed in Florida in response to the

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Singapore has highest number of grounded planes due to outbreak

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The COVID-19 pandemic has caused more than US$160 billion in insured value of aircraft to be grounded, leading to huge risks for insurers, according to a report by global brokerage Gallagher.

Singapore has the largest number of idle planes at 205, with Hong Kong coming in second at 178. Madrid has 158 planes, while New York, which has one of the world’s busiest airports, only has 40, Reuters reported.

Flights have been cancelled all over the world and airlines’ revenues have taken a massive hit as governments institute lockdowns to stem the spread of the coronavirus.

“There will be airline

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Specialty insurance sector could face a large coronavirus hit

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A new release from financial analysis firm Demotech has revealed that in addition to the business interruption insurance segment, there is another sector facing immense stress caused by the COVID-19 pandemic – credit insurance.

According to the release, there were 102 insurers as of December 31, 2019 that reported direct premium written for credit insurance. Direct premium written for credit insurance for those insurers was US$2.2 billion at year-end 2019. Of the 102 credit insurers, the top 20 writers accounted for more than US$1.9 billion – 86% of the total amount. Among the top 20 writers, credit insurance comprised about

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