COVID-19

FCA investigates more than 150 Covid-19 related scams

The UK’s Financial Conduct Authority (FCA) is investigating more than 150 Coronavirus-related scams since the outbreak began, according to official figures.

SIRC latest 2020 industry event to be cancelled over Covid

The Singapore International Reinsurance Conference (SIRC) has been postponed until next year as a result of the travel restrictions and social distancing measures being enforced to combat the Covid-19 pandemic.

(Re)insurance ROE to rebound in 2021 after dip this year: Hyperion X

Although the proportion of Covid-19 losses taken by reinsurers may have been a surprise, the pandemic remains a manageable event for the overall P&C industry, whose return on equity (ROE) will rebound next year after a dip in 2020, according to Hyperion X.

Ecclesiastical sets aside £14mn to pay pandemic claims

UK insurer Ecclesiastical has set aside £14mn ($18.3mn) to pay out on insurance claims linked to the Covid-19 pandemic where there is confirmed cover, the insurer disclosed in its half-year results.

AJG and MMC shares trade down after BoA downgrade

Shares in AJ Gallagher and Marsh & McLennan were trading down just over 3 percent on the NYSE at lunchtime today after Bank of America’s Josh Shanker cut his ratings on the firms to Underperform on what he said may be inflated operating margins and over-extended valuations in the Covid-19 fallout.

US MDL panel considers single-district proceeding for Travelers

The US Judicial Panel on Multidistrict Litigation (JPMDL) has asked for briefing on whether Covid-19 business interruption (BI) actions against Travelers should be centralised, bringing the number of insurers potentially facing such a proceeding to five.

UK injury claims fall 35% during lockdown pointing to bumper year for motor insurer profits

The number of personal injury claims from motor accidents fell by 35 percent in the second quarter, according to government data, in the latest sign that the UK’s motor insurers could be set for a bumper year of underwriting profits as a result of the steep drop off in driving during the Covid-19 lockdown.

Suncorp handed reinsurers A$1bn cat bill in FY20, sees “neutral” Covid impact

Suncorp passed A$1bn ($720mn) of claims to its reinsurers during its 2019/20 financial year while the company has detailed how lower motor claims due to Covid-19 ware expected to outweigh the impact of reduced premium and potential losses from the pandemic by some A$20mn in its insurance operations.

Texas judge dismisses broker from Covid-19 lawsuit

A federal judge in Texas has dismissed a broker from a business interruption (BI) suit brought by a Dallas restaurant that is seeking payments for losses stemming from Covid-19 under a Cincinnati Insurance policy.

Jamul tribe sues Lexington in latest casino-related BI suit against AIG

An enterprise belonging to a tribe of Southern California-based Kumeyaay Indians has sued AIG’s E&S subsidiary Lexington over the carrier’s failure to pay business interruption (BI) claims following the enforced closure of the Jamul Casino due to Covid-19.

Number of US states with presumptive workers comp bills passes 20

More than 20 states have now proposed Covid-19-related workers compensation bills, the majority of which seek to address benefit compensability determinations and look to introduce a presumption that certain workers who contract the virus did so in the course and scope of their employment.

MGA UK General reported to regulator over rejected pandemic claims

MGA UK General Insurance has been reported to the financial regulator following claims by consumer watchdog Which? that the firm “acted in bad faith” to deny payouts to customers for losses caused by the Covid-19 pandemic.

Australia launches A$50mn TV and film insurance fund

The Australian government has opened a A$50mn ($36mn) scheme designed to kickstart film and television production and fill the gap in the insurance market that has arisen as a result of Covid-19.

NCAA receives full $270mn from insurers for March Madness cancellation

The National Collegiate Athletic Association’s (NCAA) insurers have paid out in full the $270mn it was due under multiple event cancellation policies following the abandonment of its March Madness tournament earlier this year due to Covid-19, The Insurer has learned.

QBE hands back £10mn to motor fleet customers affected by lockdown

QBE has become the latest carrier in the UK to respond to the drop-off in driving activity brought about by the Covid-19 outbreak by handing back £10.6mn ($14mn) in motor premiums to motor fleet customers.

UK insurers payout £90mn for Covid-19 deaths

UK insurers have paid £90mn ($118.5mn) to the families of people who have died due to Covid-19, the equivalent to £980,000 every day, according to the Association of British Insurers (ABI).

Lloyd’s reopening: face masks mandatory and class of business timetable introduced

The Corporation of Lloyd’s is to make the wearing of face masks compulsory when it reopens its doors on 1 September, with passholders only permitted to enter the building on certain days of the week dependent on line of business.

Texas judge denies Gartner bid to move Tokio Marine Covid-19 suit to New York

A Texas federal judge has rejected Gartner’s bid to transfer a suit filed by Tokio Marine unit US Specialty Insurance Co (USSIC) to New York.

Texas judge dismisses BI case, saying “no direct physical loss”

A Texas district court judge has cut short a lawsuit filed by barbershops against State Farm seeking business interruption (BI) payouts from Covid-19, in a win for the industry that follows a setback earlier this week.

US insurers’ BI winning streak ends but the good news outweighs the bad

On Wednesday a multidistrict litigation panel and a Missouri judge brought good and bad news for US insurers facing Covid-19-related business interruption (BI) lawsuits, while the very next day a Texas district court judge returned the industry to winning ways when he granted a State Farm motion to dismiss.

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