May another costly month for insurers, says Aon
15 June 2020
Prolific severe weather and flooding in the US has prompted another monthly multi-billion-dollar insurance bill, the latest Global Catastrophe Recap report from Aon says...
International
Lloyd’s rolls-out interface to assist electronic placement
15 June 2020
Lloyd’s has released a new application that will help brokers and underwriters placing business electronically as the marketplace moves forward with its transformation program...
UK regulator sticks with pandemic guidelines
15 June 2020
The UK’s Financial Conduct Authority has reaffirmed last month’s guidance to insurance firms regarding the impact of COVID-19 on the value of their insurance products...
Catastrophe pricing models obsolete, KPMG says
15 June 2020
An increase in the size and frequency of natural disasters implies that models relied on by insurers to predict these events are obsolete, or at least need major recalibration, KPMG says...
Energy market in the 'eye of the storm'
15 June 2020
The global energy sector is particularly exposed to the COVID-19 pandemic and is in the "eye of the storm" as global capacity evaporates while climate change risk remains paramount, a new report from Willis Towers Watson says...
Zurich adds to Climate Change Resilience team
15 June 2020
Zurich has appointed Belinda Bates to the newly created role of Senior Risk Consultant Climate Change, saying businesses recognise the need to consider and prepare for the changing environment...
BI backstop plan introduced into US Congress
01 June 2020
Legislation to create a US Pandemic Risk Reinsurance Program, similar to arrangements in place for terrorism, has been introduced into the US Congress...
Insurers reject criticism on coronavirus claims
01 June 2020
The Association of British Insurers has rejected criticisms that it has toughened its stance on COVID-19 business interruption claims as the outbreak has unfolded...
UK insurers backs mandatory sprinklers in high-rises
01 June 2020
UK insurers have voiced support for a new government policy requiring the installation of sprinklers in new residential buildings of 11 metres and above...
UK court approves next stage of Lloyd's Brexit plan
01 June 2020
Lloyd’s will start notifying policyholders later this month about the transfer of its existing European business to Brussels as part of its post-Brexit plan, after securing approval from the High Court of England and Wales to do so...
COVID-19 embattled insurers 'face recession, cat claims'
01 June 2020
Insurers already embattled by high COVID-19 based payouts will come under further strain as 2020 progresses from economic recession, market volatility and natural catastrophe claims, says GlobalData...
Thin ice: S&P lowers reinsurers’ outlook to negative
25 May 2020
S&P has lowered its outlook on global reinsurers to negative from stable, saying COVID-19 has pushed the sector "farther out on thin ice"...
ABI rejects 'goodwill gestures' on business interruption
25 May 2020
The Association of British Insurers has warned hospitality trade groups that underwriters cannot afford to make "goodwill gesture" compensation payments outside policy terms for business interruption...
UK brokers slam critical report on commissions
25 May 2020
The British Insurance Brokers' Association has slammed a "headline-grabbing" report by consultancy Mactavish which questions current remuneration structures...
NOAA predicts busy Atlantic hurricane season
25 May 2020
Forecasters at the US-based National Oceanic and Atmospheric Administration expect an “above normal” Atlantic hurricane season...
Prolonged recession tops COVID risk perception survey
25 May 2020
Fear of a prolonged global recession has topped concerns in a World Economic Forum COVID-19 risk perception survey conducted in partnership with Marsh & McLennan and Zurich...
Lockdown spurs industry to broaden drone usage
25 May 2020
Insurers will step up the use of drones, which proved to be a valuable tool in aiding the industry during the virus-imposed lockdown, London-based consultancy GlobalData says...
Insurers will lose hundreds of billions in 2020: Lloyd's
18 May 2020
Lloyd’s estimates global underwriting losses from COVID-19 will reach $US107 billion this year, making it the biggest claims year the industry has seen...
UK regulator sets out how insurers must help customers
18 May 2020
The UK’s Financial Conduct Authority has outlined temporary measures for insurers to help their customers experiencing financial difficulty due to COVID-19, including premium reductions, discounts, waiving fees, and payment deferrals...
UK Government to guarantee trade credit cover
18 May 2020
The UK Government will temporarily guarantee trade credit insurance to assist businesses having trouble maintaining cover - part of its program to shore-up economic recovery prospects following impacts from coronavirus pandemic lockdowns...