{"id":1219,"date":"2024-08-12T16:00:34","date_gmt":"2024-08-12T16:00:34","guid":{"rendered":"https:\/\/calebdewey.com\/?p=1219"},"modified":"2024-08-12T16:23:00","modified_gmt":"2024-08-12T16:23:00","slug":"uk-riot-losses-to-be-manageable-for-british-insurers-says-morningstar-dbrs","status":"publish","type":"post","link":"https:\/\/calebdewey.com\/index.php\/2024\/08\/12\/uk-riot-losses-to-be-manageable-for-british-insurers-says-morningstar-dbrs\/","title":{"rendered":"UK riot losses to be manageable for British insurers, says Morningstar DBRS"},"content":{"rendered":"<p>Analysts at Morningstar DBRS predict that the total insured losses from the recent UK riots will be manageable for British insurers, estimating that they will remain below \u00a3250 million.<\/p>\n<p><img class=\"size-full wp-image-34436 alignright\" src=\"https:\/\/calebdewey.com\/wp-content\/uploads\/2024\/08\/police-terrorism-cordon.jpg\" alt=\"police-terrorism-cordon\" width=\"360\" \/>The impact on the insurance industry is expected to be limited, as claims under \u00a31 million per property can be covered by local police authorities under the UK Riot Compensation Act 2016 (RCA). However, the RCA does not cover business interruption losses.<\/p>\n<p>Despite this, the firm notes that recent civil unrest in various parts of the UK could put pressure on the profitability of certain commercial insurers, depending on how significantly businesses are affected.<\/p>\n<p>Additionally, the unrest in the UK will raise concerns for global providers of specialised SRCC (strike, riot, and civil commotion) re\/insurance, who have faced an increasing number of adverse events over the past decade.<\/p>\n<p>Traditional home and motor insurance providers in the UK may also need to reassess how they include these coverages in their standard policies.<\/p>\n<p>Morningstar DBRS analysts commented, \u201cThe recent UK riots will be a major test for the RCA compensation mechanism as insurance companies try to recover losses from the local police authorities. We expect that British insurers will ultimately bear a relatively small portion of the total economic losses caused by the riots.<\/p>\n<p>\u201cWe note, however, that business interruption losses resulting from vandalism, looting, and potential curfews, as well as large claims, are not covered under the RCA. Large companies and retail chains will likely rely on separate business interruption coverage under their commercial insurance policies.\u201d<\/p>\n<p>The post <a href=\"https:\/\/www.reinsurancene.ws\/uk-riot-losses-to-be-manageable-for-british-insurers-says-morningstar-dbrs\/\">UK riot losses to be manageable for British insurers, says Morningstar DBRS<\/a> appeared first on <a href=\"https:\/\/www.reinsurancene.ws\">ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts at Morningstar DBRS predict that the total insured losses from the recent UK riots will be manageable for British insurers, estimating that they will remain below \u00a3250 million. The impact on the insurance industry is expected to be limited, as claims under \u00a31 million per property can be covered by local police authorities under [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[10],"tags":[],"_links":{"self":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1219"}],"collection":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/comments?post=1219"}],"version-history":[{"count":2,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1219\/revisions"}],"predecessor-version":[{"id":1222,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/posts\/1219\/revisions\/1222"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media\/1221"}],"wp:attachment":[{"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/media?parent=1219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/categories?post=1219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/calebdewey.com\/index.php\/wp-json\/wp\/v2\/tags?post=1219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}