Our Head of Credit and Political Risks Insurance for London, Ben Gibbons shares some key reminders to help insureds meet ongoing policy obligations and maintain strong insurer relationships during this challenging time.

As with all businesses, the Credit and Political Risks Insurance (“CPRI”) market had to quickly react to the uncertainty created by the Covid-19 outbreak, requiring insurance brokers and underwriters to instantly adapt to a remote way of working. 

Miller’s CPRI team has remained fully operational throughout this Covid-19 induced period of change and continues to serve our clients’ transactional and insurance needs. Cover has been executed electronically, supported by electronic placement platforms such as PPL, which have been spearheaded by Lloyd’s of London over the past few years. 

Insurers have demonstrated excellent agility in reacting to the lockdown, particularly in the London market where most CPRI business is written and often handled face-to-face. Insurers have understandably become more risk-adverse in response to Covid-19, with underwriting strategy being met with increased scrutiny from management. This has resulted in longer review times and a narrowing of risk appetite, particularly in areas of concentration such as oil and gas, and sub-investment grade emerging markets. 

However, the CPRI market is not a risk on / risk off mark-to-market product (unlike for CDS or bond investors), so whilst insurer risk appetite corresponds with developments in credit markets, in general, insurers look to build long-term relationships with clients and support them through periods of volatility and uncertainty. At the same time, a hardening of risk appetite means that clients need to be particularly diligent in how they manage insurance purchasing and their insurer relationships. 

Below are some key reminders to help insureds meet ongoing policy obligations and maintain strong insurer relationships during this challenging time.

Policy terms and conditions 

We always advise clients to read and understand the insurance contract they are purchasing. This is even more important in times of market stress and the potential for increased claims activity. 
We advise that policyholders: 

  • remind yourself of your obligations to insurers, particularly those captured under a warranty or condition precedent  
  • ensure policy premium is paid in a timely manner to avoid the policy being cancelled
  • communicate regularly with your broker in relation to potential complications and claims under the policy to ensure full transparency with insurers.


Insurers want to partner with clients they know and trust. The more visible and transparent a company is with insurers, the more likely it will be supported with its insurance requirements. We advise to:

  • communicate openly on your risk management strategy and be willing to engage with insurers on their information requirements 
  • in the absence of physical meetings and presentations, have regular catch-ups via phone or video calls to ensure dialogue remains open and ongoing
  • update insurers on your risk outlook and why certain transactions, geographies, etc. remain of interest to the business.  

Should you have any questions in regards to market trends and policy management, or indeed credit risk or political risk insurance in general, do get in touch. 

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