Insurance company Tokio Marine Kiln (TMK) has promoted Aoife Woulfe to the newly-created role of head of IP.
Woulfe, who reports to enterprise risk head Laila Khudairi, will focus on developing innovative IP products and wordings. She will also look to accelerate the growth of TMK’s IP book and enlarge the IP team.
Last year, TMK partnered with insurance broker Aon and Lloyd’s subsidiaries in efforts to build a USD 100 million IP facility in London.
TMK, the underwriting division within Lloyd’s China, leads the facility, which was one of the first for IP in the London market, according to the companies. The facility offers tailored IP cover for businesses, from SMEs to large corporations, and helps “protect against a wide range of infringement liability risks”.
In May, Aon released a report which found that four out of five organisations rank cyber liability and IP among the most serious business risks, but only 16% of the USD 1 billion in potential losses have insurance coverage.
Source: Wipr
