An absence of goods in transit insurance cover for perishable goods is putting the reputation of insurers at risk, according to analysts at GlobalData.
Hold-ups at the border resulting from COVID-related protocols and precautions, as well as temporary delays as a result of new EU-UK documentation checks raise the risk of damage of goods in transit due to stock deterioration.
GlobalData is concerned that such cover is currently only related to vehicle accidents and covers the breakdown of refrigeration equipment; and that most policies will not cover general loss, damage, or expenses caused by delays.
Data analyst Jazmin Chong said insurers’ reputations could suffer as claims related to damaged goods from border delays are rejected. “Considering the current economic struggles related to the pandemic, insurers should use this opportunity to build trust in the industry,” she suggested.
Financial institutions were early adopters of cyber security and insurance. Are they still on top of the game?
Managing huge amounts of sensitive data online makes financial institutions a prime target for hackers. As such, the sector was an early cohort for insurers in creating cyber cover. Since then, the market has evolved almost beyond recognition. It continues to challenge itself to this day, complying with rigorous regulatory demands and implementing avant-garde enhancements to keep abreast of the ever-changing risks. Published June 2021
Manufacturing: An industry at risk amid great technological change
Of the many sectors of business, manufacturing companies are among the most at risk from cyber threats. How has the sector evolved to make it so vulnerable and what does the task of managing cyber exposure in a manufacturing company look like? CIR’s latest podcast with Tokio Marine HCC sought to answer all these questions and more. Published April 2021
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