Legal/ Regulatory

President Trump demands insurers pay BI claims where “fair”

President Trump has called on insurers to cover business interruption (BI) losses from Covid-19, saying he “would like to see the insurance companies pay if they need to pay”, adding to the pressure on the industry exerted by other politicians.

Covid-19 lawsuits flood in as theatres, restaurants and a scuba shop sue

Litigation over business interruption (BI) coverage for Covid-19 losses has continued to be filed, with Lloyd’s, Tokio Marine, Cincinnati Financial and Crum & Forster among the insurers sued in the latest lawsuits.

Generali latest to go ahead with dividend despite Eiopa call

Generali has joined its European insurance peers Zurich and Allianz by pushing ahead with its planned dividend payment – albeit split into two separate tranches – despite pressure from regulators to suspend payouts.

South Carolina introduces bill to force insurers to pay Covid-19 BI losses

Seven states have now introduced legislation that would mandate insurers pay Covid-19-related business interruption losses regardless of policy exclusions, with South Carolina the latest to join the list.

PRA welcomes “prudent” move of UK insurers to suspend dividends

The UK regulator the Prudential Regulatory Authority (PRA) has welcomed the actions of London-listed insurance companies – including Hiscox and RSA – to suspend dividend pay-outs in the wake of the Covid-19 pandemic.

Hiscox shares climb, RSA falls on dividend suspension

Shares in London-listed Hiscox rose 2 percent in early trading while RSA was trading 3.1 percent lower on the back of news that both insurers are to suspend dividend pay-outs following regulatory pressure from the Bank of England.

Large insurers proceed with dividend payments despite Eiopa call

While most local European regulators have offered some level of support to the European Insurance and Occupational Pensions Authority’s call for banks and insurers to suspend dividend payments in the economic climate of coronavirus, a number of carriers are forging ahead as planned.

FCA triples Brexit budget in 2020/21 despite coronavirus crunch

The UK’s Financial Conduct Authority (FCA) has tripled the budget allocated to Brexit measures from £5mn to £15mn for the 2020/21 financial year, citing its additional focus on managing the country’s departure from the EU alongside the “massive” economic challenges wrought by the coronavirus.

FCA focuses on fairness amid Covid-19 in 2020/21 business priorities

The UK’s Financial Conduct Authority (FCA) has set out its annual list of priorities, with a focus on the challenges presented by Covid-19, ensuring that customers receive support and businesses know what is expected of them during this unprecedented time.

Covid-19 hit to small business is up to 72x property premium base: APCIA

Lost revenue to small business in the US from the Covid-19 outbreak could reach $431bn a month, or 72x the monthly commercial property insurance premium level, according to the American Property Casualty Insurance Association (APCIA).

Pennsylvania sixth state to introduce bill to force Covid-19 BI payment

Pennsylvania has become the sixth US state to introduce legislation that would mandate that insurers pay Covid-19 business interruption (BI) losses regardless of any policy exclusions.

GFIA warns on industry collapse if retroactive coronavirus cover enforced

The Global Federation of Insurance Associations (GFIA) has warned governments that forcing insurers to pay out on losses caused by the spreading coronavirus that are not covered by policies would threaten the entire financial stability of the industry.

European (re)insurance stocks fall as EIOPA calls time on dividends

European (re)insurance stocks fell in early trading on Friday as investors reacted to calls from EIOPA to temporarily suspend all discretionary dividend distributions and share buy backs as the industry watchdog seeks to protect balance sheets during the Covid-19 pandemic.

Mixed national regulator response as EIOPA requests halt to dividends

European regulators have been reacting to EIOPA’s call to “temporarily suspend all discretionary dividend distributions and share buy backs” with some such as the Dutch Central Bank adhering to the recommendation, while Germany’s BaFin takes its own approach.

Louisiana won’t be the last state to take aim at insurers

Louisiana has joined the handful of US states that could let Covid-19 claims get out of hand for insurers by considering legislation to override policy exclusions.

NY governor orders moratorium on policy modifications over Covid-19

New York governor Andrew Cuomo has imposed a moratorium on insurers cancelling, non-renewing or conditionally renewing any insurance policy, as the State looks to provide relief to those struggling financially because of the coronavirus pandemic.

Industry associations propose business continuity fund

US insurance associations are part of a group that has written to Congress to propose a business and employee continuity and recovery fund operated by the federal government that is similar to that being worked on by the RAA and other trade bodies in the last two weeks.

KBW warns on ‘less widespread’ contamination exclusions

Contamination exclusions within coronavirus-exposed business interruption (BI) claims may be less widespread than previously expected, according to a panel of North American attorneys surveyed by Keefe, Bruyette and Woods.

New York latest state to introduce bill to force Covid-19 BI payment

New 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.

Danish regulator orders Gefion to stop writing business

Denmark’s financial watchdog has ordered unrated Gefion Insurance to stop writing new business after ruling that its recovery plan was not sufficient to protect customers.

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