UK offers ‘enhanced’ overseas investment insurance

The UK is providing an “enhanced” overseas investment insurance (OII) policy to protect businesses investing abroad, including in the oil and gas industry. OII can protect an investor in the UK against potential losses on investments, primarily related to political or extraneous events. UK Export Finance (UKEF) is offering UK businesses wider access to government-backed […]

npower and Allianz partner on boiler maintenance

One of the UK’s largest energy suppliers has partnered with an insurance firm to provide a central heating and boiler service across the UK. Within the joint venture, npower will be responsible for introducing home services products to customers and Allianz Worldwide Partners will fulfil these services. This will include fielding a network of highly […]

Drivers put off EVs ‘due to high insurance costs’

Higher insurance premiums are putting off most drivers (70%) from switching to hybrid or electric vehicles (EVs). New research conducted on behalf of the Institute of the Motor Industry (IMI) found while 40% of people are concerned about air pollution and see ultra low emission vehicles (ULEVs) as a solution, they are unwilling or unable […]

Government’s plans for driverless car insurance

The government has proposed to change the compulsory motor vehicle insurance to include the use of automated vehicles (AVs). Following a consultation on driverless cars, the Department for Transport (DfT) said it will make “minimum legislative changes” required to enable the market to develop appropriate AV insurance products. It believes the single insurer model would […]

British insurers want data from driverless cars

British vehicle insurers want better access to driverless car data. The Association of British Insurers (ABI) says it is becoming increasingly important that road laws account for the presence of driverless car drivers. The UN body that sets international vehicle safety regulations is due to update the rules in 2019 and the ABI hopes to influence […]

Can insurers influence switch to clean energy?

Should the insurance industry do more to help encourage people and businesses towards clean energy sources? That was the question raised during Swiss Re’s 150th birthday celebrations at the Queen Elizabeth Olympic Park in London on Thursday. A trillion-pound network of insurers and re-insurers stretches across the world, providing guarantees for natural disasters such as […]

Insurance industry must back renewables

The insurance industry could help provide key support to the development of renewable energy solutions and mitigate climate change. In a new report ‘Building a sustainable energy future: risks and opportunities’, reinsurance firm Swiss Re has highlighted the important role insurers must play in providing “new growth opportunities” for the renewables industry. Under Swiss Re’s […]

US Congress approves new Iran oil sanctions

The United States could bring in a fresh round of oil sanctions against Iran after its Congress overwhelming voted in favour of a new extra package yesterday. The US wants to punish bankers and shippers who help Iran sell oil, according to reports. It follows President Obama’s announcement of new oil sanctions on Tuesday which […]

Don’t come to us at eleventh hour, insurers tell renewables sector

Renewable projects have been warned against approaching insurers at the “eleventh hour”. At last night’s ecoConnect panel on managing risks in the renewable industry, the advice from insurers was clear: get us involved as early as possible to guarantee getting good insurance. Paul Marsh, at risk management firm Tysers said: “Early engagement of the insurance […]

EDF vows to "engineer out the risk" from nuclear

EDF Energy today stressed its nuclear safety credentials and vowed to “engineer out the risk” of an accident at its power stations. EDF, the biggest user of nuclear power in the UK among utility providers, was responding to the government’s move to increase seven-fold the liability payments that operators of nuclear installations must pay. Previously, […]