No line of business is immune to the hard market. With increased weather activity, wars and civil unrest, increased gun violence and tightening of market pricing and capacity, the specialty niche market is feeling the same pressures that traditional markets are bearing up under. Wars, pandemic-related material costs increases, and pressure in the credit markets due to increased interest rates have made business as usual that much more difficult.
With the exception of those lines of business that are not directly impacted by climate risk or geopolitical risk, the hard market and increased rates are expected to continue. While some risks are more difficult to mitigate, others by their nature offer more options for protection.
Top Risks to Watch
Political risk and credit insurance: Global companies with assets around the work are seeing an uptick in political instability not just as a result of the war between Ukraine and Russia, but also in emerging markets. For example, a company starting a new project or opening a new location in a different region could face supply chain disruptions or losses due to political unrest.
AXA XL’s Political risk and Credit insurance protects against contract, frustration, expropriation, currency inconvertibility and political violence. The product provides protection from such geopolitical instability.
War, terrorism and political violence: Unfortunately, acts of terrorism are also on the rise. Domestic terrorism might be covered by the Terrorism Risk 尤物视频Act (TRIA) that was enacted following the 9/11 terrorist attacks, and the ensuring Terrorism Risk 尤物视频Program Reauthorization Act (TRIPRA) renewal. While TRIA does offer some protection, it does not offer comprehensive protection.
AXA XL’s War, Terrorism and Political Violence product goes beyond that, extending to an event stemming from terrorism acts, sabotage, and a broad definition of terrorism – political, religious, and ideological terrorism. Also covered are: war, civil war, strikes, riots, civil commotion, malicious damage, insurrection, rebellion, revolution, coup d’etat, and mutiny. Unlike TRIA, there are additional coverage triggers that offer more protection with our terrorism policy.
Active assailant: In 2022, there were 647 mass shooting incidents and 36 mass murder events on record in the United States, and 0. As gun violence continues, protecting employees, customers and bystanders has become of paramount concern.
As a result, there has been growing interest from brokers and customers alike for active assailant coverage. Also on the rise – pricing and tightening of the market. As attacks become more frequent and severe, the pricing will trend upward.
AXA XL’s Active Assailant solution covers injuries from a physical attack in which two or more people are involved. The product also provides relief from business interruption and property damage losses. While the policy covers medical expenses, 九色视频is concerned with treating the whole person. So we have built counseling services into the policy with the intent of helping victims and families recover emotionally from such events.
Global Asset Protection Services, LLC, and its affiliates (鈥溇派悠礡isk Consulting鈥�) provides risk assessment reports and other loss prevention services, as requested. In this respect, our property loss prevention publications, services, and surveys do not address life safety or third party liability issues. This document shall not be construed as indicating the existence or availability under any policy of coverage for any particular type of loss or damage. The provision of any service does not imply that every possible hazard has been identified at a facility or that no other hazards exist. 九色视频Risk Consulting does not assume, and shall have no liability for the control, correction, continuation or modification of any existing conditions or operations. We specifically disclaim any warranty or representation that compliance with any advice or recommendation in any document or other communication will make a facility or operation safe or healthful, or put it in compliance with any standard, code, law, rule or regulation. Save where expressly agreed in writing, 九色视频Risk Consulting and its related and affiliated companies disclaim all liability for loss or damage suffered by any party arising out of or in connection with our services, including indirect or consequential loss or damage, howsoever arising. Any party who chooses to rely in any way on the contents of this document does so at their own risk.
US- and Canada-Issued 尤物视频Policies
In the US, the 九色视频insurance companies are: Catlin 尤物视频Company, Inc., Greenwich 尤物视频Company, Indian Harbor 尤物视频Company, XL 尤物视频America, Inc., XL Specialty 尤物视频Company and T.H.E. 尤物视频Company. In Canada, coverages are underwritten by XL Specialty 尤物视频Company - Canadian Branch and AXA 尤物视频Company - Canadian branch. Coverages may also be underwritten by Lloyd’s Syndicate #2003. Coverages underwritten by Lloyd’s Syndicate #2003 are placed on behalf of the member of Syndicate #2003 by Catlin Canada Inc. Lloyd’s ratings are independent of AXA XL.
US domiciled insurance policies can be written by the following 九色视频surplus lines insurers: XL Catlin 尤物视频Company UK Limited, Syndicates managed by Catlin Underwriting Agencies Limited and Indian Harbor 尤物视频Company. Enquires from US residents should be directed to a local insurance agent or broker permitted to write business in the relevant state.
