FCA seeks BI test case input from policyholders
18 May 2020
The UK Financial Conduct Authority is calling on brokers and insurance clients to provide information on issues they want a High Court business interruption test case to address...
International
BHSI adds Defence Base Act coverage via new Dubai team
18 May 2020
Berkshire Hathaway Specialty Insurance has added Defence Base Act insurance to its portfolio of products...
AM Best warns of capital cuts from BI proposals
11 May 2020
US insurers and reinsurers writing business interruption cover could have their capital cut by as much as half if legislators impose policy changes on carriers that would see them forced to pay for two months of coronavirus-related claims, AM Best says...
UK brokers seek support from insurers
11 May 2020
UK brokers have outlined a number of areas where the industry would need external support from insurers to help clients overcome the pandemic fallout...
Zurich makes underwriting appointments
11 May 2020
Zurich Insurance Group has created two new roles in its Commercial Insurance Underwriting unit, a move it says will deliver improved efficiency across the business...
AIG predicts 'unprecedented' cat losses
11 May 2020
The COVID-19 pandemic will create unprecedented catastrophe losses for insurers, AIG says...
COVID-19 blamed for insurtech funding fall
11 May 2020
Global investment in insurtechs fell 54% in the first quarter as reinsurer participation dropped, with the coronavirus pandemic being seen as the "likely culprit" behind fewer deals and a significantly lower overall amount raised...
Munich Re suffers $1.3 billion hit from pandemic claims
11 May 2020
Munich Re has reported pandemic-related claims of €800 million pushed up its man-made loss bill to €973 million in the first quarter from €283 million a year earlier...
Talanx takes first-quarter hit from coronavirus
11 May 2020
German insurer Talanx says the coronavirus pandemic has hit its first-quarter underwriting and investment results, with lockdowns causing large numbers of business closures and cancelled insured events...
Low insurance capacity 'holding back cryptoassets, blockchain'
11 May 2020
A lack of insurance capacity for cryptoassets and blockchain is holding back these innovative industries, according to new US insurer Evertas...
UK regulator to take BI test cases to court
04 May 2020
The UK Financial Conduct Authority will seek court rulings over disputed business interruption policies to help address wider uncertainty about coverage...
Nightclubs, pubs seek Pool Re funds release
04 May 2020
UK nightclubs and restaurants and leisure and hospitality broker NDML have asked the Johnson Government to release Pool Re terrorism funds to support payment of business interruption claims related to the coronavirus outbreak...
US insurers riled as 'world's richest chefs' stir pot over BI cover
04 May 2020
A campaign led by "the world’s richest chefs and a celebrity attorney" to retroactively rewrite US business interruption policies is unconstitutional and would threaten the industry’s ability to pay covered claims, the New York-based Insurance Information Institute says...
Global reinsurer returns remain low: Willis Re
04 May 2020
A steep sell-off in equity and corporate bond markets has undone last year’s strong topline capital growth at global reinsurers, according to Willis Re...
Reinsurers' combined ratio worsens slightly to 100.2% in 2019
04 May 2020
The profitability of leading global reinsurance carriers eased last year in a "challenging" operating environment, Aon’s latest Reinsurance Aggregate report says...
COVID-19 claims blow a hole in Swiss Re results
04 May 2020
Swiss Re has posted a first-quarter loss and revealed a $US476 million charge in preparation for claims relating to COVID-19, particularly event cancellations...
Willis Towers Watson deal 'more important than ever': Aon
04 May 2020
Aon says its acquisition of rival broker Willis Towers Watson is "more important than ever" as the business looks to ride out the global disruption caused by the virus pandemic...
Gallagher cutting costs to ease COVID impacts
04 May 2020
Gallagher says it is planning to contract or furlough portions of its workforce as part of cost-cutting measures to limit the impact of the coronavirus pandemic as economic conditions deteriorate...
Willis Towers Watson withdraws full-year outlook
04 May 2020
Willis Towers Watson says its first quarter was not materially affected by the coronavirus pandemic but it’s withdrawing full-year earnings guidance as future developments remain difficult to predict...
Marsh marks JLT deal anniversary with 'excellent' quarter
04 May 2020
Marsh & McLennan has posted a rise in first-quarter net income to $US754 million from $US716 million a year earlier...