In light of recent geopolitical events, Anna Morgan, Legal Director at BPL Global, addresses some of the questions that have arisen around sanctions clauses in non-payment policies, specifically the market standard ‘LSW 1865’, and sets out some key points to consider. Is non-payment due to sanctions covered under a standard non-payment policy wording? The short […]
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.
Find out what sets us apart:
In the news
BPL Global’s Gregory King-Underwood speaks to Uwe Haug, Head of Underwriting Strategy and Business Development – Financial Risks Reinsurance at Liberty Mutual Reinsurance, delving into the January 1st renewal season and how recent Covid-19 variants have impacted reinsurers. They also discuss the difference in performance between Lloyd’s and Company markets, and Private carriers versus ECAs, […]
BPL Global has joined a City-wide effort to support the East End Community Foundation (EECF) in the charity’s Covid relief fund – the Life Chances campaign – as a founding campaign partner. The EECF has launched the Life Chances campaign to support vulnerable and underrepresented communities in the East End of London that have been […]
We are proud to announce that Geraldine Gan and James Lord have been recognised in the Political Risk and Credit category at the prestigious 2021 Lloyd’s Asia Broker Awards. Broker Geraldine Gan and Assistant Director James Lord have made a notable impact on Lloyd’s platform in Singapore this year, with the award reaffirming the professionalism, […]
Sian Aspinall, Joint Managing Director at BPL Global, sits down with Markel’s Trade Credit Head of Business Development, Simon Philpin for the latest instalment of the ‘Class Conversation’ podcast, discussing key issues and developments in the credit and political risk insurance market Sian and Simon take an in-depth look at the latest trends in credit […]
In this episode of BPL Pulse’s podcast, Tim Hughes, Director at BPL Global, speaks to Andrew Beechey, Managing Director at Tierra Underwriting, about renewable energy in the Credit and Political Risk Insurance market. “Oil and gas have been the backbone of the CPRI market for many years, but we now know there is going to […]
