Leading specialist CPRI broker BPL Global has today published its annual Market Insight report revealing a snapshot of claims, emerging areas of demand and appetite and how the industry has fared over the past twelve months. Given its 20% share of the brokered market, BPL Global delves into its own portfolio statistics in the report […]
Claims
The value of our products is demonstrated by ensuring that claims are paid in full and on time, and this underpins every aspect of our service to clients. Our claims record is testament to our leading position in the credit and political risk insurance (CPRI) market. Since our establishment, we have settled over 490 CPRI claims worth in excess of US$2.8 billion and arising from losses occurring in over 90 countries.
BPL Global claims since 1983
Our expertise and experience
BPL Global has collected over US$2.8 billion of claims since we were founded, which we believe is an unparalleled statistic amongst other brokers active in CPRI. We have significant experience and an excellent reputation with loss adjusters and insurers active in CPRI, which value our professionalism and breadth of experience.
For BPL Global, the key to ensuring successful claims collection begins at the time a policy is put in place. We place great importance on ensuring that policy wordings are clearly drafted and understood by our clients, following a thorough review of information and documentation pertaining to any transaction. We also employ a rigorous internal peer review system to ensure every new policy is thoroughly checked by a director who was not involved in placing the insurance contract. In the event of a claim, we guide our clients through the whole process – acting in their interests at all times to ensure that the claim is paid in full and on time.
BPL Global claims experience arising from loss in country
Claims from financial institutions constituted the bulk of the CPRI market’s claims collections since the global financial crisis – with just over US$3bn across 486 claims settled to such entities between 2007–2018 across the market as a whole, and US$500m paid in 2018 alone. BPL Global handled nearly 30% of these claims. (LMA survey, May 2019).
Our claims statistics
Our claims statistics – tracing back to 1983 and providing data by product type, country of risk, region and client type – give us unrivalled historical data, demonstrating not only our claims handling ability but also the performance of the CPRI market in general.
This data has been used by our clients as statistical evidence that the CPRI product works, for both their internal risk departments and external regulators. In recent years, this has been of particular value for those clients buying non payment insurance.
Due to the confidential nature of the policies we conclude, we are unable to provide more specific information on our claims statistics here – but please contact us for further details.
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In the news
The current CEO of BPL Singapore, Harry McIndoe, is set to return to London to take on a new management role within the BPL Global Group following nine years in Asia, with Hayley Ek assuming responsibility over the coming months. McIndoe helped establish BPL’s Singapore office in 2012 and has been instrumental in both growing […]
With BPL New York LLC now established as one of its wholly-owned subsidiaries, BPL Global – the leading CPRI broker – is delighted to announce the appointment of Gabe Mansky and Andrea Friedman. Mansky and Friedman, who both join BPL New York from Arthur J. Gallagher, will be primarily focused on Israeli-based corporations and banks, […]
BPL Global and EQUA Specialty Risk Partners Corporation (EQUA) have today announced that they have signed a partnership agreement, effective immediately. Based in Canada, EQUA is a risk management and insurance brokerage firm offering customized solutions for specialty lines and will bolster specialist credit and political risk insurance (CPRI) broker BPL Global’s worldwide reach and […]
Lloyd’s is proposing to transfer certain EEA insurance policies to Lloyd’s Brussels. The proposed transfer will not change terms and conditions of any policy, except that Lloyd’s Brussels will become the insurer and Data Controller in respect of the transferred policies. Further information about the proposal (including whether it could affect your pre-transfer position), which […]
Now that just over two months have passed since the World Health Organization declared Covid-19 a global pandemic, we have produced an analysis of how the crisis is affecting credit and political risk insurance (CPRI) and the response of our market thus far. Read it here.
Our Products: Exporters
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