COVID-19

Lloyd’s CEO urges gov-industry pandemic solution talks to resume “very quickly”

Lloyd’s of London CEO John Neal has called for the government and insurers to find a way to quickly deal with pandemic-related losses ahead of possible rolling lockdowns next year after industry talks with policymakers stalled last month.

Lou Iglesias on Covid-19, hard market conditions, new capital, and growth opportunities

In today’s episode of The Best Policy podcast, we are joined by president and CEO of Allied World, Lou Iglesias.

Sirius Q3 combined ratio improves to 115% in Q3

Sirius Group has reported an improvement in its combined ratio to 115 percent in the third quarter, the result of lower catastrophe losses of $53mn partially offset by $39mn of losses related to Covid-19.

Munich Re expects Covid-19 contingency losses to continue into 2021

Munich Re CFO Christoph Jurecka has said the firm will continue to incur event cancellation claims related to Covid-19 during the pandemic’s second wave and any potential third wave through multi-year contracts written by the reinsurer.

Lloyd’s underwriting room to only open on Wednesdays during second lockdown

The Corporation of Lloyd’s is to once again close the underwriting room in response to Covid-19 and government-enforced restrictions, opening only on Wednesdays between 5 November and 2 December.

Supreme Court to hear FCA test case appeal on 16 November

The Supreme Court will hear appeal arguments on the Financial Conduct Authority (FCA)’s landmark test case on disputed business interruption (BI) claims on Monday 16 November.

FCA ups pressure on insurers to review value in wake of Covid

The UK’s Financial Conduct Authority (FCA) has applied fresh pressure on insurance firms to review the value of their products in light of the impact of the coronavirus pandemic.

Markets Review: United sheds 27% while Watford leads gains in October turmoil

Shares in United Insurance Holdings plunged over 27 percent in October in a mixed month for US P&C stocks, with FedNat, Palomar and Universal also among the casualties in a sell-off attributed to caution over coronavirus and the US election.

Markets Review: Axa sheds 12.6% in October as Covid and US election angst builds

Shares in Europe’s largest insurer Axa shed over 12 percent in October as equities on the continent suffered their worst monthly fall since the ructions in March amid a wave of new coronavirus lockdowns.

Insurers winning US Covid-19 motions to dismiss by 31-14: Penn Law

The latest score card for motion to dismiss rulings in US Covid-19 business interruption (BI) cases shows insurers being granted them in 31 cases and denied in 14 cases, but policyholders are on top in cases where there is no virus exclusion.

Hartford’s Swift sees a “longer runway” for price firming beyond 2021

The Hartford chairman and CEO Christopher Swift has increased his projection for how long prices can harden, while reporting strong rate increases for his company and reiterating his confidence in policy wording in Covid-19 litigation.

Swiss Re reserves $222mn for Beirut blast claims

Swiss Re reserved $222mn in the third quarter to pay for claims from the massive explosion at the Lebanese port of Beirut in August.

Insurers would have to collect BI premiums for 150 years to absorb Covid losses: report

Global P&C insurers would have to collect business interruption (BI) premiums for 150 years to make up for projected global output losses in 2020 related to Covid-19, new research shows.

Swiss Re shares climb after Q3 earnings beat

Despite the roll-call of attritional Q3 losses and an increase in its Covid-19 reserves, Swiss Re narrowed its nine-month loss with a strong performance in its P&C reinsurance division and the continuing turnaround in its loss-making Corporate Solutions unit.

CinFin confident on BI exposure, but not everybody is so sure

Cincinnati Financial CEO Steven Johnston this week once again moved to calm investor fears over his company’s exposure to business interruption (BI) losses, after the insurer lost a case that at least one observer believes could mark a meaninful shift in US Covid-19 litigation.

Fairfax posts 98.5% Q3 CR despite $360mn of cat and Covid losses

Fairfax Financial has reported a one point deterioration in its third quarter combined ratio to 98.5 percent, including 10.1 points from catastrophe and Covid-19 losses, with Brit the only (re)insurance subsidiary to post a ratio over 100.

Everest Re takes $125mn of Q3 Covid-19 losses in earnings beat

Everest Re’s operating income dropped in the third quarter, in results that included $125mn of Covid-19 losses as well as $300mn of pre-announced catastrophe losses.

Swiss Re joins global coalition to tackle pandemic risk

Swiss Re has joined a global coalition of academic, non-profit and private sector organisations that aims to better predict and prevent outbreaks, epidemics and pandemics by leveraging data and analytics.

Markel adds to Covid reserves after UK High Court test case ruling

Markel increased its provision for claims with direct or proximate cause from Covid-19 by almost $50mn to $374mn driven by the UK High Court ruling as it added to loss estimates in its reinsurance segment and also warned of the potential for indirect losses from the pandemic in areas like professional liability.

CinFin “confident” in Covid-19 BI legal position and plans to appeal NC ruling

Cincinnati Financial remains confident in its legal strategy that Covid-19 does not constitute direct physical loss or damage that would trigger BI coverage, with CEO Steven Johnston confirming the carrier will appeal the recent North Carolina ruling against it on the matter.

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