Legal/ Regulatory

RIMS urges passage of pandemic insurance backstop

Risk management society RIMS has written to the US Treasury, Congress and President Donald Trump to request the creation of a pandemic risk insurance programme, while noting two thirds of its members expect business interruption losses from Covid-19.

UK insurers finally out of Covid-19 first gear…

The UK insurance industry has not – publicly at least – had a good Covid-19 crisis.

Trade credit cover “severely reduced” without UK Gov backstop: ABI

The availability of trade credit insurance will be “severely reduced” if the Covid-19 pandemic causes the anticipated increase in UK business insolvencies, reinforcing the need for a state funded backstop for trade credit insurers, the Association of British Insurers (ABI) has said.

Lloyd’s to supply BI exposure data to PRA as explores &quote;Pandemic Re&quote; backstop

Lloyd’s to supply BI exposure data to PRA as explores "Pandemic Re" backstop

Lloyd’s of London has called for its members to specify the details of their business interruption coverage, five weeks after beginning its stress-test on managing agents, which will be supplied to the UK’s Prudential Regulation Authority (PRA).

State regulators influence the BI debate

Comments from the National Association of Insurance Commissioners (NAIC) and individual state insurance regulators could prove helpful to the industry as it tries to stave off building pressure to pay business interruption (BI) claims that it has not priced for.

Insurers swamped by deluge of state regulator Covid-19 actions

The Insurer takes a deep dive into the response at the state level to the coronavirus pandemic in the US that has brought a wave of requests and data calls as well as wide-ranging regulatory orders

More Congress members urge rejection of Covid-19 BI legislation

Following a similar letter from seven Senators, two letters signed by a total of 36 House members have been sent to President Trump urging him to reject any business interruption (BI) proposals that would force insurers to provide retroactive cover for Covid-19 losses.

Swiss Re axes share buyback programme on Covid-19 uncertainty

Swiss Re announced on Friday that it will not launch its proposed CHF1bn ($1.03bn) share buyback program due to the current coronavirus-driven volatility in financial markets.

PA Supreme Court decision could weaken BI physical damage argument

In a decision that is being viewed as hurting insurers’ chances of denying business interruption (BI) claims, the Pennsylvania Supreme Court this week issued a ruling that could make it harder to argue Covid-19 did not result in direct physical loss to property.

Most BI policies exclude pandemic coverage in Washington state

A poll conducted by Washington insurance commissioner Mike Kreidler has found only FM Global offers coverage in the state for a pandemic event through a standard policy while 15 insurers offer limited coverage through endorsements.

German trade credit backstop adds to public-private Covid-19 initiatives

Germany’s launch of a Eur30bn trade credit backstop enabling insurers to continue offering coverage for around Eur400bn of credit lines in the face of Covid-19 related claims is the first example of a meaningful public-private partnership being agreed in the coronavirus crisis, despite a range of proposals in other countries.

FCA reveals 58% surge in general insurance complaints

Policyholder complaints about general insurance products rose by 58 percent in the second half of 2019, data from the UK’s Financial Conduct Authority (FCA) has revealed.

Sector leadership found wanting…

The appointment of only one insurance industry executive to Donald Trump’s Great American Economic Revival Industry roster is a disappointment. It is perhaps also a signal that the sector has to improve its standing with politicians - on both sides of the Atlantic.

Evan Greenberg only insurance rep on Trump’s economic revival list

Chubb chairman and CEO Evan Greenberg is the only insurance industry executive among 200 business leaders named in Donald Trump’s Great American Economic Revival Industry Groups.

The heat is turned up over Covid-19 BI claims

Insurers were already feeling the heat over Covid-19 business interruption (BI) losses before US President Donald Trump waded into the issue and a House Democrat introduced a bill that would force BI payments regardless of exclusions.

FCA will not intervene on BI virus exclusions

The UK’s Financial Conduct Authority (FCA) confirmed on Wednesday that it would not intervene and force carriers to pay out on coronavirus-related business interruption (BI) claims where pandemics are excluded from the policy, despite mounting pressure from insureds to do so.

Cali regulator steps up BI pressure with investigation requirement

California insurance commissioner Ricardo Lara has issued a notice requiring insurance companies to fairly investigate all business interruption (BI) claims caused by Covid-19, citing complaints of insurance representatives dissuading policyholders from filing a notice of claim.

Insurers ordered to refund premiums in California

California insurance commissioner Ricardo Lara has ordered insurers to return premiums for at least six lines of business, citing a reduced risk of loss due to shelter in place restrictions.

Industry groups hit back at draft bill mandating national emergency BI cover

In response to the latest effort by a politician to expand the scope of business interruption (BI) cover, industry trade groups have strongly opposed a draft bill that would prospectively require insurers to cover national emergencies.

New York beefs up bill mandating Covid-19 BI coverage

New York lawmakers have increased the size of businesses covered and tweaked other language in a bill that would force insurers to pay Covid-19 business interruption (BI) losses – making it the toughest of such legislation that has been introduced in seven states.

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