UK insurers’ ratings unaffected by Supreme Court BI ruling: FitchThe ratings of UK non-life insurers are likely to be unaffected by last week’s Supreme Court judgment on the validity of Covid-19-related business interruption (BI) claims, according to Fitch.
QBE strengthens Australian BI provisions by $185mn after UK Supreme Court rulingQBE said the net cost of its UK business interruption (BI) claims will remain unchanged at $70mn following the Supreme Court’s judgment on the appeal against the High Court’s September ruling in the Financial Conduct Authority’s test case.
Workers’ comp premiums dropped 8% to $38.6bn in 2020: NCCIUS workers’ compensation private carrier net written premium dropped 8.1 percent to $38.6bn in 2020 and the combined ratio deteriorated slightly to 86 percent, according to preliminary National Council on Compensation Insurance (NCCI) estimates.
Why hurricane risk modelling has to changeFollowing another active season, Martin Bertogg, head of cat perils and cyber at Swiss Re Institute, questions whether the way the industry models hurricane risk needs to evolve.
Sector welcomes “clarity” of Supreme Court test case rulingThe UK insurance sector has welcomed the “much-needed clarity” provided after the Supreme Court ruled on Friday that insurers must pay out to hundreds of thousands of companies forced to close during the country’s first pandemic lockdown.
Supreme Court overrules insurer-friendly Orient Express decisionThe UK Supreme Court has ruled that the controversial and pro-insurer Orient Express verdict was wrongly decided and should be overruled, a move that could have significant implications for the assessment of business interruption (BI) claims for future loss events.
Zurich places $1.75bn subordinated notesZurich Insurance Group has completed the placement of $1.75bn of dated subordinated notes.
What is the best (and worst) the industry can hope for from the FCA appeal judgmentThe Insurer looks at what is at stake and what are the best- and worst-case scenarios for the UK industry when the Supreme Court hands down its judgment on the FCA’s BI test case appeal.
Insurers’ DC riots response commendable but largely symbolicSeveral major companies from the industry have taken a stand on political contributions following protestors last week storming the US Capitol and some lawmakers’ opposition to certifying the electoral college vote, but the steps taken so far are largely symbolic.
Jefferies cuts Axa price target on domestic headwindsJefferies has cut its target share price for Axa on the back of regulatory and legislative headwinds in the insurer’s domestic French market, which analysts say will hinder management’s efforts to run the group and will apply pressure on earnings.
Judgment Day II: What to expect from the appeal of the FCA test case…As The Insurer revealed yesterday, on Friday the Supreme Court will hand down its judgment on the Financial Conduct Authority’s appealed landmark test case on disputed Covid-19 business interruption claims in a verdict expected to have far-reaching consequences for both UK carriers and policyholders.
SolarWinds exposes cyber risk assessment gapQOMPLX president and general manager of insurance Alastair Speare-Cole says that regardless of the size of insured losses, the hack of US network management software firm SolarWinds is a wake-up call to the industry and insureds.
NMU launches dedicated cargo and freight liability underwriting teamSpecialty insurer NMU has formed a new underwriting team to handle cargo and freight liability enquiries from brokers across the UK.
Underwriters call for clarity on employers’ liability coverInsurers must take steps to ensure policyholders have a better understanding of employers’ liability cover as the product continues to come under scrutiny during the Covid-19 pandemic, London underwriters have warned.
Government greenlighted to appeal insurer-friendly asbestos liability rulingThe UK government has been granted the right to appeal a ruling that a controversial law, which causes insurers to pay the state more money for asbestos-related diseases than the harm actually caused to their policyholders, violates human rights law.
Macif closes in on Aviva’s French arm: reportsMutual insurer Groupe Macif is close to sealing a deal to buy Aviva’s French arm in a transaction worth about €3bn ($3.9bn) after an Allianz-led consortium bowed out of talks, according to reports.
Expansive PE-backed World Insurance Associates adds two new agenciesFresh from announcing the biggest P&C acquisition in its history, World Insurance Associates (WIA) has now revealed it concluded the purchase of two other independent agencies before the close of 2020.
UK government targets dormant insurance assets for virus recoveryThe UK government is to expand its programme for gaining access to forgotten or dormant funds at banks to include those held by insurance and pension businesses, as it seeks to raise as much as £800mn ($1.1bn) to help the country recover from the Covid-19 pandemic.
Core Specialty hires Hallmark’s Moore to lead D&O unitRecently rebooted Core Specialty has appointed former Hallmark Financial executive Stephen Moore as president, D&O management professional liability.
Insureon unveils cloud-based broker and agent focused quoting platform AccelerateOnline independent SME-focused insurance agency Insureon has launched a new software as a service offering which will allow brokers and agents to access capacity from some of the largest carriers in the US.