Beazley has announced plans to launch a new marine war consortium, to provide up to US$1bn of Lloyd’s capacity – US$500m each for hull and cargo war – complementary to the existing capacity available in the market. The consortium will be offered to vessels transiting the Strait of Hormuz.

The Insurance Act 2015 has failed to halt the growth in insurance disputes reaching the courts, with litigation volumes rising over the past decade, according to data from Mactavish.
In the ten years since the Act came into force, insurance-related cases have increased by 180%.

The global energy insurance market is marked by a “striking contradiction”, with rising losses failing to disrupt a prolonged soft cycle, according to the latest Energy Market Review from Willis.

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The Financial Conduct Authority has set out plans to expand the use of open finance in the UK, with proposals that would give businesses greater access to consumers’ financial data. The regulator said a priority area will be improving access to finance for small and medium-sized enterprises. The plans come amid increased attention on data security risks across financial services

Financial services firms are being urged to assess whether their incident response capabilities can meet new cyber reporting requirements confirmed by the Financial Conduct Authority alongside the Prudential Regulation Authority and the Bank of England.