Unknown territoryThe ReInsurer talks to Phil Sandercox, managing director at Cincinnati Re, about Covid-19 and the insurability of pandemics, and casualty market dynamics…
Will Covid-19 infect your corporate strategy?Liberty Mutual Re’s Dieter Winkel highlights the importance of flexibility when planning in a postpandemic environment.
Clarity… but not closureIn only a few hours time we will discover the outcome of a critically important Covid-19 legal test case in the UK High Court.
Century 21 sues insurers on $350mn property cover over Covid-19 claimsCentury 21 has sued its panel of property insurers for their failure to pay out more than $175mn of Covid-19 related business interruption claims which the iconic New York City discount designer store said has led it to file for Chapter 11 bankruptcy.
Zurich circulates draft pandemic proposalZurich has suggested a draft proposal for protecting against future pandemics in the US, The Insurer has learned, adding another concept to those already being discussed by the industry and in Congress.
Chubb sued by production company after Covid-19 delays Ben Affleck movieA movie production company has sued Chubb for refusing to extend its policy after filming of a big-budget action thriller starring Ben Affleck was delayed by Covid-19, accusing the insurer of “a broad scheme to save itself tens of millions of dollars”.
Rep. Maloney holds stakeholder discussion to build Pria momentumUS Congresswoman Carolyn Maloney has emphasised the need for her Pandemic Risk Insurance Act (Pria) by hosting a discussion with stakeholders, including input from organisations that have proposed other solutions.
Century 21 blames insurers for not paying Covid claims as it files for Chapter 11Century 21 has blamed its insurers after filing for Chapter 11 bankruptcy, with the iconic New York City discount designer store stating its carriers have failed to pay out on $175mn of Covid-19 related business interruption claims.
Judgment Day: What to expect from the FCA Test Case decision next week…The hotly anticipated judgment in the Financial Conduct Authority’s (FCA) test case on business interruption and Covid-19 claims will be handed down next week in a ruling set to have far-reaching consequnces for both carriers and policyholders. With so much at stake and to make sense of the issues at hand, we speak to Bryan Cave Leighton Paisner LLP’s Jonathan Sacher and Richard Jennings about what the industry can expect on judgment day…
Lloyd’s exposure to FCA test case capped at ‘low hundreds of millions’Lloyd’s exposure to a negative result for the industry when the outcome of the FCA test case on Covid-19 is announced next week will likely be in the ‘low hundreds of millions’, CEO John Neal has revealed.
Lloyd’s growth set to outpace rate increases amid ‘best underwriting conditions for decades’Lloyd’s CEO John Neal said the market’s growth is now expected to outpace rate increases in the year ahead following a strong underlying improvement in the market’s performance during the first half of 2020.
FCA’s BI court case judgment set for 15 SeptemberThe High Court will hand down its judgment on the Financial Conduct Authority’s landmark test case on disputed UK business interruption from the Covid-19 pandemic on Tuesday 15 September.
AIG, FM Global and Lloyd’s among insurers in high-stakes casinos lawsuitsA notable subset of US Covid-19 business interruption (BI) litigation has been filed by casinos, with AIG and FM Global facing lawsuits seeking triple-figure payouts and insurers on an Alliant program facing multiple suits from Native American tribes.
Moody’s goes negative on global reinsurance sectorMoody’s outlook for the global reinsurance sector has changed its outlook on the global reinsurance sector to negative from stable as a challenging operating environment in the wake of the pandemic weakens profitability.
Swiss Re to push for pandemic coverage clarity at renewalThe Covid-19 pandemic and the social inflation trend have demonstrated the importance of clarity in terms and conditions and the uncertainty which exists when coverage is not clear enough, Swiss Re has said.
Covid-19 impacts BP Marsh’s new business opportunitiesUK insurance venture capitalist BP Marsh says the number of new opportunities presented to the firm shrunk by more than half in 2020 because of the impact of Covid-19.
Communicating the value of (re)insurance to societyIt takes 20 years to build a reputation and five minutes to ruin it,” industry sage Warren Buffett once warned.
Sirius and Swiss Re take largest Covid-19 combined ratio hits in H1Analysis by Fitch Ratings has shown Sirius and Swiss Re were the two reinsurers to take the largest Covid-19 combined ratio impacts during the first-half of the year.
Flight path to recoveryIn light of the increase in the value of grounded aircraft exposures, Russell Group’s Suki Basi explains why realising these figures is beneficial for (re)insurers.
Energy companies cancel coverage in wake of Covid-19Energy companies have been cancelling their insurance coverage in response to the downturn in demand for their services arising from Covid-19, according to Burns & Wilcox.