Legal/ Regulatory

90% of property writers concerned about invalidation of Covid-19 exclusions: BMS survey

A 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.

The squeeze is on…

Last week, a British MP got confused between an insurance company and a bank while discussing the impact of pandemic exclusion clauses on a BI policy.

APCIA: Covid-19 small business continuity losses could hit $383bn a month

Reiterating 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.

Two more states introduce bills that would override Covid-19 exclusions

Following New Jersey’s lead, lawmakers in Ohio and Massachusetts have introduced legislation that would force insurers to pay out Covid-19-related business interruption insurance losses regardless of any policy exclusions.

Reinsurers “in reasonable shape” despite financial markets hit: GC

Reinsurers remain “in reasonable shape overall” despite the hit to capital and earnings from financial markets turmoil that has led to the Solvency II ratios of Europeans in the sector dropping from 235 percent to 206 percent in the year-to-date, according to Guy Carpenter.

Conservative MP tells insurers “we bailed you out”; rails over Covid-19 BI exclusions

A member of parliament for the UK Conservative government, Sir Roger Gale, is the latest voice to wade into the debate over whether the insurance industry should foot the bill for coronavirus-related business interruption despite policy T&C’s, deeming it “unacceptable” if they do not.

UK regulator delays FY reporting deadline by 2 months

The UK’s Financial Conduct Authority (FCA) has allowed listed companies to take an additional two months to produce their audited financial statements, as a temporary measure to provide relief to firms facing the challenges of corporate reporting during the coronavirus crisis.

Zero shades of grey

Scarred by memories of “Superstorm” Sandy almost eight years ago, the US insurance industry is on the front foot looking to work with legislators on solutions that don’t leave it carrying the can for exposures that are clearly excluded from coverage.

Two Oklahoma tribes sue insurers for coronavirus BI casino coverage

In the latest coronavirus-related lawsuits to be filed against insurers, two Oklahoman tribes are going to war with carriers including AIG and Lloyd’s over whether the business interruption of their casinos is covered under their policies.

Asia-Pacific stocks rally on Fed’s bond pledge; Europe and Wall street tipped to follow

Asia-Pacific (re)insurance stocks rallied on Tuesday with US and European markets set to follow after the US central bank vowed to buy whatever amount of government bonds necessary to shield the economy from the impact of the coronavirus pandemic.

RAA proposes federal BI and workers comp fund in Covid-19 response

The Reinsurance Association of America (RAA) is working with other industry trade bodies on a proposal to create a Federal Business Interruption (BI) and Workers Compensation Fund to help small businesses and aid employee retention through the coronavirus pandemic, The Insurer can reveal.

Insurance should not be coronavirus ‘bail out’: CII

Insurers should stand by contractual coverage commitments but not become the “mechanism for a Covid-19 bail out”, Matt Connell, director of policy and engagement for the Chartered Insurance Institute (CII), has said in response to expectations the UK’s Financial Conduct Authority (FCA) set out for general insurers last week.

European carriers’ Solvency II buffers shrink amidst market carnage

The large Solvency II buffers enjoyed by most European (re)insurers have shrunk following the ferocious market turmoil this month with Zurich and Munich Re two of the most affected.

FCA calls for two-week results delay over coronavirus

The UK’s Financial Conduct Authority (FCA) has requested that any listed firms planning to publish their preliminary financial statements in the next few days delay their planned publications, citing a lack of clarity caused by the unprecedented events of the coronavirus.

Insurers’ stability threatened by pressure to force Covid-19 payouts: APCIA

The CEO of the American Property Casualty Insurance Association (APCIA) has said the growing political pressure to pay coronavirus-related losses that are excluded under policies threatens the industry’s stability.

Nasdaq sends crisis-hit Hallmark notice for late 10-K filing

A terrible month for Hallmark Financial has continued with the specialty insurer revealing it has received a notice from Nasdaq for its failure to timely file its 10-K form for 2019.

EIOPA delays Solvency II assessment tests

The European Insurance and Occupational Pensions Authority (EIOPA) will extend the deadline of the holistic impact assessment for the 2020 Solvency II Review by two months to 1 June.

Delaware court finds federal forum provisions valid in major ruling for D&O market

The Delaware Supreme Court has handed down an important opinion that should provide D&O carriers and their insureds some relief from the recent increase in parallel federal and state IPO-related litigation, finding that so-called federal forum provisions (FFPs) are facially valid.

California insurance commissioner calls for premium grace period

California’s insurance commissioner has requested insurers maintain a 60-day grace period to pay insurance premiums due to the Covid-19 outbreak.

Industry pushes back against building political pressure to pay out BI Covid-19 losses

Industry associations have asserted that business interruption (BI) policies do not provide coverage against communicable diseases such as Covid-19 as they responded to mounting pressure from US Congress to waive exclusions and pay out anyway.

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