Chapter 2: Risks written in the London Market Flashcards
1
Q
Agricultural crop and forestry/hail insurance
A
Anything farmed commercially
Main peril is the loss of the crop due to weather/disease
2
Q
Bloodstock insurance
A
Covers racehorses and show jumpers
3
Q
Livestock
A
Covers all animals (including fish) that can be reared commercially
4
Q
Contingency insurance: concert/event cancellation
A
Covers the cost of refunding tickets and rearranging the event to try recoup some cost
5
Q
Claiming on a racehorse
A
- usually when they have to be euthanised
- pay out is the insured value of said racehorse
- claims can be made on depreciation in value of the horse if it fails to breed
6
Q
Claiming on a racehorse
A
- usually when they have to be euthanised
- pay out is the insured value of said racehorse
- claims can be made on depreciation in value of the horse if it fails to breed
7
Q
Things to consider on Contingency risks from UW perspective
A
- are the enough rest breaks between dates (score for re-arranged dates)
- venue for a one off event
- the health of performer and their family
- whatever the cancellation/refund policy is on tickets being sold
8
Q
Typical contingency claims
A
- cricket cancelled due to rain
- concert cancelled due to artist health
9
Q
Overredemption
A
- volume of vouchers being redeemed outweighs the cost so extra profits are reduced
- risk can be insured based on the normal level of sales
10
Q
Prize indemnity
A
- winning a prize at a charity event (hole in one contest) that is of high value may be covered by insurance
- UW calculates the odds of the incident occurring
11
Q
Personal accident insurance
A
Covers against accidental injury (subject to exclusions and disclosure)
Benefits policy - pay predetermined amount in the event something.
Different levels of payout depending on severity of injury
Paid weekly/monthly for an agreed period. If no improvement after that period, can be paid permanent total disablement
12
Q
Permanent total disablement
A
Lump sum payment after the agreed period of PA insurance if condition has not improved
13
Q
PA and illness/sickness
A
PA policies may offer coverage for illness as well as accidents
Cover sudden onset illnesses such as heart failure rather than chronic longstanding conditions
14
Q
Kidnap and ransom (K&R)
A
Payment of the ransom itself if the insured is kidnapped
May also include medical/psychological treatment after the event
Another main area of coverage is payment for team of hostage negotiators
15
Q
Considerations for writing K&R
A
Who is insured and what makes them targetable
What is the nature of their personal security (will often send in security experts to assess)
Confidentiality after risk is written the identity of the insured is kept confidential
16
Q
Construction insurance (CAR)
A
Larger projects it makes more sense for head contractor to take out CAR insurance rather than each sector take out their own
To avoid paying claim, insurer will have to process the loss being claimed fell within one of a number of exclusions
Policy terminates at the end of construction
17
Q
Claims on CAR policies
A
- policy period needs to take into account if insurer is still on risk if work has been handed over
- claims must work out if still applicable
-occasionally there is a maintenance period (no longer than 12 months) to see over handover/completion
18
Q
What is covered under a CAR policy
A
- loss or damage to the building
- machine movement
- business interruption
- public/employers liability
- damage to plant (machinery) which is used for construction/installation
19
Q
Extensions to CAR policy (if required)
A
Cost of restructuring plant
Breakdown/explosion of machinery
20
Q
Reconstructing plans
A
Redrawing of plans lost in flood or explosion
21
Q
Expediting expenses extension (CAR)
A
Covers extra cost to cover paying overtime or air freight charges required to ensure repairs/rebuildings are done as quickly as possible
22
Q
Exclusions for expediting expenses
A
- defective design/materials or workmanship
- existing property
- breakdown/explosion
- anything contractor is not liable for under contract
- wear/tear/deterioration
23
Q
Considerations when writing CAR
A
- experience of contractor
- all contracts entered in by contractor, employer and sub contractors
- contract value - sum insured (often have scope for value increased during the period)
- when and where it’s taking place
24
Q
CAR Claims
A
Injury claims because of people falling
Sinking due to rainfall
Parts of structure do not fit together properly
Collapse of equipment (I.e crane) will be damaged itself but also may cause damage to environment
25
Erection all risks
Can be absorbed into a CAR policy
- covers loss/damage to owned equipment as well as liability cover should said equipment cause damage
26
Erection all risks
Can be absorbed into a CAR policy
- covers loss/damage to owned equipment as well as liability cover should said equipment cause damage
27
Property (buildings) insurance
Can vary from refineries/chemical plants to shops and offices
28
Property (machinery) insurance
Varies depending on the type of building
Includes plant/fixtures/fittings/office equipment, computers and money
29
Property (stock) insurance
- Can include raw materials, materials in production process nad finished stock stored on-site
30
Typical heads of cover in an all risks policy
- Fire (including underground fire)
- Lightning
- Explosion
- Earthquake
- Aircraft
- Riot/strikes (Public Order Act 1986)
- Malicious Acts
- Storm, flood or escape of water
- Impact damage (third party vehicle/animal)
- Sprinkler leakage
- Subsidence
31
3 categories of property exclusions
- Risks/losses/damage to property that they will never cover
- Risks that may be covered after considering the risk presented (inventory shortage/freezing)
- Risks that insurer usually provides as 'buy-backs' (i.e. risks the insured can pay additional premium to buy cover for the excluded)
32
Reinstatement
- Used in property insurance as a way of indemnifying the insured in the even of a loss
- Insurer agrees to make good the lost/damaged property.
- Have restore building to pre-loss condition
- May not be possible to apply reductions for wear and tear
- must make sure sum insured is adequate to pay for the reinstatement activities
33
Reinstatement memorandum
- Cases where underinsurance or average applies
triggers the application of the average clause if the sum insured represents a % of the full reinstatement value
34
Day One Average Memorandum
- used to try to counteract the impact of inflation given that reinstatement may take several years
35
Onshore energy risk
- Property risk where subject matter insured is specific to energy industry
36
Considerations when writing onshore energy
- Location
- Activity
- Risks being created by the nature of the activity
Claims will be similar as other property (Fire/explosion)
37
Glass insurance
- Covers fixed glass and will provide cover for boarding up, replacing alarms, lettering and frames
- useful if you dont need full property
38
Stock insurance
- Covers raw materials
- form of physical damage insurance and set up in a way that there is an agreed sum insured (should be max exposure the insured faces)
- Pay deposit of premium at start of the policy and make regular declarations with balancing payments
- claims include theft or damage
39
Theft insurance
- Insurers require "Forcible entry or exit of the premises"
40
Perils excluded from theft policies
- Fire
- Money
- War
- Collusion
- Entry gained by using tricks or keys
41
Pecuniary insurances
- Monetary/financial loss rather than physical injury
42
Money insurance
Covers all risks of loss to money which is under the responsibility of the insured.
Not just cash, includes cheques, stamps, vouchers, lottery and travel tickets
43
Negotiability
- Concept of ease of transfer
- cash can be passed person to person, vouchers can be handed off
*freely negotiable
Cheques are not usually freely negotiable.
44
Non-negotiable documents claims
Issue is whether stolen documents can be reconstructed
- insurer will pay the cost of reprinting
45
Fidelity guarantee insurance
Covers loss of property as a direct result of fraud
most policies cover even if an employee has left (for up to 24 months AFTER)
Insurer will look at internal processes
46
3 bases of FG insurance
- Blanket cover for all employees
- Named employees only
- Named roles only
47
Examples of internal risk management an insurer will require and Insured to do for an FG policy
- Obtaining and checking references of employees
- Correct procedure for cheques and other money movement
- Regular checking of cash kept on premises
- daily banking of any cash/cheques coming in
- bank account reconciliation
- procedure for stocktaking
- full audit at least once a year
48
Business interruptions insurance
- assists with replacing outcome missed out on due to physical loss
- set out waiting period and maximum payout time
- claims require some physical loss/damage to have occured to insured property
49
BI insurance sum insured calculation
- Work out an amount for each day/week/month which represents the maximum indemnity payment during the interruption
deductible/excess = waiting period (in days)
50
Waiting period
if waiting period set at 14 days and you return to work after 7 days you cant make a claim
51
Contingent business interruption
- Where supplier has suffered there own loss and cant supply insured
- Insured power supply is cut off due to local powerstation
- covers indirect losses due to loss or damage at 3rd party premises.
- Also have waiting periods and finite days/months of coverage
52
Supply chain insurance
- insurance designed to cover the situation where the insured's business is interrupted because another party lets them down.
53
Homeowners insurance
- property risk
- same type of risk as commercial property, including damage to buildings caused by various perils
54
D&O liability insurance
- protects senior personnel from claims made by shareholders because of their decisions causing financial loss
- either US and non-us
- Either financial institutions or non-financial institutions
- covers damage and legal cost but not necessarily punitive damages
55
D&O exclusions
- Fraud
- Insured persons making a financial gain
- Anything that was already being investigated by authorities
- Anything notified to prior insurer
- Pollution/radiation/war
- Anything done by an insured person prior to the firm becoming a subsidiary of the insured firm
- Bodily injury/emotional distress
56
D&O extensions
- automatically adding in any companies acquired after inception as long as insurer is notified prior
- Employment claims
- Extension of the policy if not renewed
- Representation costs for insured persons being asked to appear before investigators
57
D&O Claims
- Arise when shareholder alleges wrongdoing by director or officer that has reduced the value of their investment
- Can also arise from possible breaches of legislation
- Includes cost of defending a director/officer for breach but will not pay if found guilty
58
D&O policy example
Policy expires 20/10/2020 but has extended reporting period until 19/10/2021
Claims that come in before 19/10/2021 can be advised to original insurer as the wrongdoing happened before 20/10/2020
If the wrongdoing was after 20/10/2020 or claim was made by investor after 19/10/2021 then policy cant be triggered
59
Errors and Omissions (E&O)/PI and professional negligence
- interchangeable and covers all types of claims made against professionals
- Compulsory under Solicitors Act 1974 for any authorised SRA members
- protects innocent victims
- Claims made policy
60
PI claims
- claim as a result of business activity against the insured
- covers damages and legal costs
61
Types of reasons for PI claims
- Negligence or breach of duty of care
- Negligent misstatement / misrepresentation
- IP infringement
- breach of confidence / misuse of any information
- Defamation
- Dishonesty of employees
- Other civil liability
62
PI exclusions
Excludes losses caused directly/indirectly by
- Investment
- Operation of pensions/employee benefits
- Sale/purchase of stocks/shares
- Breach of tax/competition legislation
- Pollution/war/nuclear risks
- Cyber risks
- Any liability assumed under contract which is greater than non-contractual liability would be
- Anything that can be insured elsewhere
- Deliberate/reckless/dishonest acts
- fines and penalties
63
Medical malpractice claims
- if problem arose during childbirth or later, child and parent can be claimant
- claims can arise a long time after alleged negligence as there is no time limit imposed in law.
64
Public Liability
legal liability coverage for
- accidental injury to any person (third party)
- accidental loss of or damage to property
- Nuisance, trespass to land or intereference with any third party
65
PL exclusions
- liability from using mechanical vehicles
- liability out of ownership possession or use of aircraft
- anything that would be covered by EL
- any damage to property owned or cared for by insured
- War/radioactive contamination
- Product defect and recall
- Professional risks
- Any liability assumed under contract
- Asbestos
- Pollution
66
PL Claims
Wide range from
- individual slipping over
- larger claims from people injured from train derailment/catching fire
- issue is where the insured is actually liable and to what extent
67
Product liability
- can be purchased by any entity which has potential to be sued as part of the below processes of a product:
manufacturing
distribution
wholesale
retail
repairing
servicing
maintaining
68
Product liability exclusions
- damage to products by the insured
- Liability arising out of the recall of a product
- liability for repairing/replacing a product
- liability from faulty design
- Anything covered by EL
-Any liability incurred under contract if the wording makes insured liable
- Anything from a deliberate act
- Fines or penalties
- War/Terrorism/radioactive contamination
- Liability to owned property
69
EL
- not generally written in London Market
- compulsory in the UK
- Legal liability for insured firm for injuries to employees and
- covers legal costs too
- Called workers Comp in the US
70
ELTO
Employers' Liability Tracing Office
- keeps record of all new and renewed EL policies since 2011
- Allows claimants to easily find the insurers responsible for particular employers
71
Workers Compensation
- Compulsory in the US
- Strict liability which means injured party does not need to show any negligence on employer
- Short waiting period
- Employee/employer chooses the doctor
- Covers medical expenses
- if injured employee cant return to previous job, will be re-trained
- Some occupation-specific workers compensation regimes (LHWCA for dock workers)
72
LHWCA
Longshoreman and Harbour Workers Compensation Act
EL coverage for Dock Workers
73
CGL
Commercial General Liability policies
- cover EL/PL
- also includes advertising liability
74
Active Shooter insurance
- covers litigation faced by insured resulting from harm involving guns and other weapons
- post event counselling
- cost of crisis management
75
FG
Financial Guarantee insurance
pays out as agreed when an event occurs including:
- financial failures of companies
- lack of response or support from financial supports
- changes in interest rates
- changes in rates of exchange
- changes in property values
- on the edge of gambling
76
Extortion/Malicious product tamper insurance
- Someone extorts a firm by alleging their products have been tampered with
- assists with the financial impact of addressing the issues
- insurance for accidental contamination is only triggered if it causes illness
77
Retailer considerations when being extorted
- Checking and removing unsafe goods
- Maintaining brand image
- Making sure alternative goods available
- Maintaining client confidence
78
Product recall insurance
- can be linked with contamination insurance or as a stand alone product
pays for
- advertising to publicise recall
- Any additional employee costs
- Rental costs of additional space to deal with recall
- Shipping in affected products
- disposing of the products
- redistribution costs
79
Product recall exclusions
- Liability claims made concerning the product
- products which are in fact part of somebody else's finished product
- loss of income
- financial loss incurred because competitor recalled product as well and there was nothing wrong with insured product
- redesign/re-engineering costs
- anything that couldve been foreseen
- failure to adhere to recognised standards
80
Political Violence insurance
- looks like a property policy (in terms of subject matter insured)
- perils are categorised by those caused by humans than natural catastrophe
81
Perils covered under a PV policy
- Terrorism
- Sabotage
- Riots, strikes and civil commotion
- Malicious damage
- Insurrection, revolution or rebellion
- Mutiny or coup d'etat
- War/Civil war
82
Cyber insurance
- cover loss relating to the damage to or loss of information from IT systems and networks.
- covers paying for the costs of the immediate aftermath
83
1st party Cyber
cover your own assets which includes property, digital assets, extortion and reputational damage
84
3rd party Cyber
cover risks of security breaches which lead to loss of others data and legal costs linked to that
85
Warranty and indemnity insurance
Seller or buyer of a merger/acquisition look to protect themselves in case negotiations break down or if warranties have been breached
- policies will look to closely match actual terms of M&A
86
W&I insurance: Seller
- Give a cleaner exit
- Allow them to use sale proceeds to share with investors rather than holding onto funds
87
Aviation: Physical damage insurance
covers:
- Commercial fixed wing aircraft
- Commercial rotary aircraft
- Private aircraft
- Microlights
- Hot air balloons
- Covers accidental damage whilst either
- Flying
- on the ground
- taxiing
88
Insurer perspective if an aircraft disappears
- considered total loss
- if it is subsequently found, it belongs to the insurer if the loss is paid
89
Physical damage aviation exclusion
- Wear and tear
- breakdown
- foreign object damage unless proven to be from a single incident
90
Aviation: Physical damage claims
- insurer requires chance to be present when plane/engine dismantled/repaired
- insurer pays for reasonable cost of repairs
- if they pay out total loss, they have the right to sell remaining parts as salvage
* often leads to negotiated settlement
91
Airport property insurance
- standard policy
92
Drone/unmanned aerial vehicle
covers both physical damage (theft/cyber) annd liabilities for bodily injury
93
Aviation regulation in the UK with drones
- required to have insurance in place to get a license to fly a drone commercially
94
Airline Liability insurance: 3rd party other than passenger
- covers usual amounts of damages
95
Airline liability exclusions
- Employees
- Operational crew
- Passengers
- Owned Property
- Noise pollution
96
Type of losses under airline liability
- collision between 2 aircraft
- injury to ground crew loading cargo/baggage
- investigation will look at the extent to which the insured was liable
97
Passenger liability
- covers them for accidental. bodily injury
- governed by international conventions
98
Passenger liability exclusions
- Geographical operating limits
- No use of aircraft for illegal purposes
- Only listed individuals can be used to fly
- Any transportation of the aircraft by another method
- landing and take off areas that dont meet certain criteria
- taking on contractual liability
- Carrying more than max passengers
- War/Hijacking/nuclear
99
Airport operators liabilities
- Premises (essentially PL)
- Hangar-Keepers liability
- Products liability
100
Wholesale grounding
When there is a problem with one aircraft and Government aviation authorities order all of the same to be grounded pending investigation.
101
Aviation War
2 sections
- Loss/damage to aircraft
- Extortion/Hijack
102
Aviation War exclusions
- War breaking out between 5 UN security council members
- Confiscation or nationalisation of assets
- Use of chemical, biological, radioactive or EMP
- Debts and repo of aircraft
- Delay and loss of use
103
Loss of licence insurance
- covers members of aircrew who lost their licence due to injury/severe illness
- Income replacement insurance
104
Loss of use insurance
- Similar to BI, aircraft cant earn money
105
Aviation reposession insurance
- Banks have interest as they lent money using aircraft as security
- insurance covers costs of repossessing the aircraft and of reconstructing any technical records.
106
Contingent hull, liability or war
- insurance purchased by the bank should they not be able to collect on the main policy for reasons outside of their control (aircraft lost/damaged and doesnt pay)
107
Space Insurance
Pre-launch is covered by Cargo market
- only involved once rocket engines ignite
- split between property and liability
108
Satellite property insurance
total loss = catastrophic explosion/failure of vital part
partial loss is one thing stops working
109
Satellite insurance: Partial loss
- Financial value of loss is key
- defined as degradation/reduction in expected performance or life expectancy
110
Satellite liability
- After launch, liability continues and owner are still responsible for any injury/damage to 3rd party property/person
111
Vessels construction insurance
- Works mostly like non-marine construction
- can cover both shipbuilder and eventual owner
- important to update values to avoid underinsurance should a claim be made
112
4 elements of Vessel CAR
- All risks of physical loss/damage
- Collision liabilities/marine liability (P&I)
- War
- Strikers, terrorism, malicious acts and political motives
113
Example Vessel CAR claims
- fires in shipyard
114
Physical damage to Vessel
- Main coverage specifies named perils
115
Physical damage to vessel perils
- Perils of the seas (not including normal wind and waves)
- Fire
- Explosion
- Violent theft from outside the vessel
- Jettison (damage done throwing goods overboard)
- Piracy
- Breakdown/accident to nuclear reactors
- Contact with aircraft, objects falling
- Earthquake, volcano, lightning
Additional perils can be included following due diligence
- Accidents in loading
- Bursting boilers (insurance only pays for consequential damage)
- Negligence of masters/crew/pilot
- negligence of any repairers/charters unless they are the insured
- Barratry
116
Barratry
- Master and crew turn against the owner of the shop and steal it
117
Standard Hull exclusions
- War
- Strikes and terrorism
- Malicious damage
- Radioactive contamination
118
Collision liability
liability to pay for damage to another vessel or her cargo should the insured collide
standard policy only covers 75% rather than 100%
119
General Average
- Someone makes a sacrifice/incurs cost to save everybody else, everybody else will chip in to pay them back
Insurer will pay the insured contribution to the party owed
120
Salvage
Someone coming to rescue you when youre in trouble at sea
Hull insurer will pay the ships share of any reward for
121
Sue and Labour
Insurer pay reasonable costs incurred in addition to any total loss under the policy
122
Cargo
- not limited to sea
3 levels of cover
1. All risks
2+3. combination of named perils
123
Cargo perils: Class A
All risks of loss or damage
124
Cargo perils: Class B and C
- Fire/explosion
- Stranding
- Overturning
- Collision
- Discharge at a port
- General Average
- Jettison
B will also include:
- Earthquake/Volcano
- Entry of sea/lake/river water
- Total loss of any package overboard
125
Cargo Exclusions
- Wilful misconduct of the insured
- Inherent vice, wear and tear, natural loss in weight/volume
- Insufficiency of packing to withstand the journey
- Delay even though it might be caused by an insured peril
- Insolvency
- Use of atomic weapons/devices
- Deliberate damage
- Unseaworthiness of the vessel/container
- War
- Strikes/terrorism
- Radioactive contamination
126
Cargo contributions
- like with physical damage insurance insurer will pay share of any contribution in salvage, general average or sue and labour expenses
- does not cover the liability in cases where the cargo damages the transport vehicle it is being carried
127
Offshore Energy: Exploration insurance
Covers
- Blowout where oil/gas comes to surface uncontrollably
- Costs of re-drilling the well should that happen
- Any seepage, pollution and contamination costs arising from this
- insured can buy coverage for any combination of the 3
128
Co-venturers/Joint venturers
A number of parties all insured on the same policy that cover a project
129
Exploration policies in the London market
Covers well:
- When being drilled or worked on until complete
- While producing
- While shut in
While plugged and abandoned
130
Spudding
Starting the drilling of a well
131
Exploration: COW
Control of well
-costs of regaining control of the well once out of control (including putting out fires)
- doesn't cover loss or damage to equipment
132
Exploration: Re-Drilling
Cost of creating a new well to the point it was before the incident
- insurer will only pay costs deemed to be prudent
Does not cover
- Loss/damage to equipment
- Loss/damage caused by delay
- Any costs incurred with drilling relief well
- Any re-drilling relating to a well already plugged
- Any losses where the blowout happened
133
Exploration: Seepage and contamination/pollution
Pays for any injury/loss/damage to property caused by seepage and contamination
134
Additional exploration coverages
- Making the well safe
- Underground control of well
- removal of wreck
- Care, custody and control
135
Offshore Energy construction
covers whole construction period
2 sections
1. Physical damage and all elements being covered should be advised
2. Liability. Bodily injury or property damage arising out of the project
136
Items not covered under Offshore Construction Physical damage
- Renewal of faulty welds
- Vessels or aircraft
- Placing the rig in the wrong place
- Delay
- Wear and tear
- Any temporary works unless specifically agreed
137
Items not covered under Offshore Construction Liability
- Intentional violation of any law
- injury to the insured's employess or their family
- D&O liability
- Loss/damage to wells being drilled
- Any costs in relation to COW
- Fines
- Any liability from seepage/pollution
138
Operational insurance
- Equivalent of ordinary property policy once the construction has been completed
139
Shipowners liability
- typically issued by a mutual. Shipowners specifically have clubs (P&I clubs) to insure each other
140
Risks covered by marine liability insurers
Cargo
*Claims for short delivery, loss or damage
Crew
* Medical expenses, repatriation and arranging replacements
*Compensation for death/injury
Collision
*25% not covered by hull insurer
*wreck removal
*injury/death
*Liability for colliding with anything not a ship
3rd Party liability
*passengers, dockworkers, pilots, stowaways
Pollution
* sudden and accidental only
Wreck removal
* not necessarily after a collision
Fines
* not criminal just administrative
141
Marine professional negligence
Operates the same as usual professionals insurance but typical involves maritime professionals
142
Ports liability
similar to public and employers liability
liability to those vessels and personnel using the water areas which the port authority is responsible for
143
Loss of hire/loss of earnings insurance
- like BI but for ships
- Pays out after waiting period
144
Specie/Jewellers block
- covers PD and liability specific to trading/dealing of gems, precious metals, valuable documents and manufactured jewellery
- insurers concerned about security to see how it is being transported
145
Kimberly process
Ensure diamonds being traded are not conflict/blood diamonds
146
Fine Art insurance
- covers private/public art collections
cover is for cost of repair but also depreciation after the repair/restoration occurs
147
Standard exclusions for FA
- Inherent vice and vermin
- Anything re-framing or repairing
- Anything climate related
- Unattended vehicles
- War/terrorism/radioactive
- Cyber
- Consequential loss
148
Cash in transit
covers money being moved between banks/ATMs and customer deposits
- doesnt include collusion
149
Confiscation/expropriation/deprivation of assets
- assets seized by overseas authorities
- investment risk forced to be abandoned
- fixed asset risks
- mobile asset risks (plant and equipment)
- Trade related risks
150
Contract frustration / trade credit insurance
Contract cannot be fulfilled
cover losses arising from unilateral (one-sided) cancellation of a contract for no legitimate reason
can deal with practical issues like not being paid or not receiving goods
Contract frustration counterparty = government type org
trade credit counterparty = commercial entity
151
Bond risks insurance
protect other party should insured default on their contract
152
Motor insurance
Can be written both as physical damage and liability
153
Portfolio management
making choices on the business written to make sure the long term financial objectives of the investors are met
appetite varies from insurer to insurer
154
Diversification
spreading risk and reward to avoid having eggs in one basket
one loss might not impact the overall profit
155
ESG issues
Environmental, Social and Governance issues
- FCA set out their own strategy and insurers and intermediaries have to set out their own agendas whilst being mindful of how their actions are seen
Lloyd's require managing agents to have a responsible investment strategy which takes into account non-financial factors
