US buyers look at greater self insurance as Covid-19 hits cash flowUS insurance buyers are reacting to the Covid-19 crisis by looking at taking higher retentions and increased coinsurance as well as seeking premium clawbacks in response to the crippling impact the nationwide shutdown is having on businesses and their budgets.
New York latest state to introduce bill to force Covid-19 BI paymentNew York has joined the growing list of states introducing legislation that would require business interruption (BI) insurers to provide coverage for economic losses from the coronavirus regardless of any exclusions.
Airline premium pool to more than halve as Covid-19 grounds fleetsCarriers are expecting to write down their aviation portfolios by 50 - 60 percent of their annual premium income this year as the spread of Covid-19 grounds airline fleets globally, The Insurer understands.
US futures wobble while Euro stocks slip on crude slumpUS stock futures wobbled ahead of the opening bell on Monday as European (re)insurance equities recovered ground after markets slipped in early trading on recurrent coronavirus jitters and renewed pressure on oil prices dented investor confidence.
QBE withdraws targets on ‘extraordinarily difficult’ Covid-19Australian insurer QBE has withdrawn its guidance on financial targets for 2020 due to the uncertainty caused by the coronavirus outbreak and has confirmed it will hold a virtual annual general meeting in May.
Wimbledon pandemic cover to bite London market as cancellation decision looms: reportsLosses incurred from the cancellation of the annual Wimbledon Championships tennis tournament are likely to be covered by pandemic insurance cover as organisers prepare to announce whether or not this year’s tournament will take place as planned.
European (re)insurance equites fall as crude tumbles on renewed virus fearsEuropean (re)insurance equities slipped in early trading on Monday as recurrent coronavirus jitters and renewed pressure on oil prices dented investor confidence.
Scor delays AGM after activist complaintScor appears to have responded to activist investor CIAM’s complaint last week that 17 April was too early to hold its annual general meeting (AGM) and has now announced it will take place on 30 June.
Australian stocks rally in choppy APAC tradingUS and European equity futures gained on Monday in a mixed day of trading for Asian-Pacific stocks which saw Australian stocks climb as investors took encouragement from strengthening policy stimulus.
IAG acts to support insureds amid COVID-19 crisisAustralian insurer IAG has hired 400 staff in the customer-facing parts of its business and taken a series of other measures it says are aimed at supporting customers dealing with the challenges of the COVID-19 outbreak.
Covid-19 virtual roundtable: Issue TwoAs businesses, individuals, politicians and lawmakers grapple with the economic fall-out from the Covid-19 pandemic, the potentially harsh glare of the global spotlight is turning on the insurance industry.
Chef Thomas Keller sues Hartford in latest coronavirus BI suitA group of restaurants owned by celebrity chef Thomas Keller has sued The Hartford seeking a ruling that it is covered for business interruption (BI) losses from Covid-19.
90% of property writers concerned about invalidation of Covid-19 exclusions: BMS surveyA BMS survey of senior property underwriters has revealed concern over the threat of paying coronavirus-related losses that are excluded in policy language, while also revealing that various versions of pandemic exclusions “are being batted around” the market.
Tensions at 1.4 as reinsurers seek to impose communicable disease exclusionReinsurers have made a last minute push to add broad communicable disease exclusions on 1 April renewals, leading to disquiet among some buyers and their reinsurance brokers because of what they now see as a mismatch of cover for their property and BI exposures, The Insurer can reveal.
Mixed response from insurers as cities shut down construction projectsCarriers have been scrambling to respond to the growing number of Covid-19 US construction project closures, with Tokio Marine HCC among those drafting endorsements to address the issue and provide continuity for insureds, The Insurer can reveal.
Moody’s goes negative on trade credit insurers as Covid-19 hits outlooksMoody’s has downgraded the outlooks of three trade credit insurers – Atradius, Coface and Clal – who it believes would be negatively impacted by higher claims frequencies and the havoc wrought to equity markets by the spreading coronavirus.
Carnegie-Brown provides Covid-19 leadership with “jeopardy” warningAs political pressure grows on insurers across the globe to Coronavirus-related claims even if there are valid exclusions in place, the Lloyd’s chairman has warned the industry it could be “in jeopardy” if they succeed.
Asia-Pacific stocks rise in messy trading after Wall Street runAsia-Pacific (re)insurance stocks rose cautiously on Friday after a record session on Wall Street as investors reacted to government stimulus efforts despite continued uncertainty over the economic impact of the coronavirus outbreak.
APCIA: Covid-19 small business continuity losses could hit $383bn a monthReiterating that forcing insurers to pay uncovered losses would threaten the industry’s stability, the APCIA has estimated that Covid-19 small business continuity losses could reach as high as $383bn a month compared to a total industry surplus of $800bn.
Insurance stocks up again amid US markets’ biggest 3-day surge since 1930sUS-listed (re)insurance stocks enjoyed a strong day of trading as markets surged on news that the Senate had approved a $2trn economic relief package.