In our first interview, one of the industry’s most prominent entrepreneurs Stephen Catlin, Chairman and CEO of Convex Group, shares his thoughts on what the COVID-19 crisis means...Listen to Stephen Catlin: Part I
The impact of Covid-19 and the ensuing economic slowdown has prompted AM Best to revise its market segment outlook on the US commercial lines industry to negative from stable.
AIG and Hallmark Financial were the largest fallers last week in yet another choppy five-days of trading for The Insurer’s universe of US-listed P&C carriers and brokers.
The lawyer behind the first Covid-19 business interruption (BI) litigation has launched a group along with celebrity chefs – including Thomas Keller and Daniel Boulud – that is threatening to serve up legal action in every US state unless insurers pay losses.
The postponement of the Tokyo Olympics from 2020 to 2021 is likely to cost the industry between $500-$650mn, around a quarter of the estimate for an outright cancellation which has been pegged at $2-2.6bn, analysis by The Insurer shows.
The coronavirus outbreak is already having a big impact on the D&O market, brokers report, with underwriters slowing down renewals with pandemic-related questions and looking to add exclusions, potential losses from the pandemic manifesting and increased upwards pressure on rates.
While most local European regulators have offered some level of support to Eiopa’s call for banks and insurers to suspend dividend payments in the economic climate of coronavirus, a number of carriers are forging ahead with dividend payments as planned.
The Australian Prudential Regulation Authority (APRA) has asked firms to limit dividends and preserve their capital in the latest move by industry regulators to curb payouts while the extent of damage done to the economy by the coronavirus is being determined.
Wall Street futures pointed sharply higher ahead of opening as coronavirus optimism looks set to extend Monday’s stock market surge into a second day.
Claims management firm Crawford & Co has become the latest in a growing list of sector firms to withdraw the 2020 guidance it provided during its Q4 and full-year 2020 earnings call, as a result of the coronavirus pandemic.
Shares in London-listed Lloyd’s carrier Beazley surged almost 10 percent as European equities leapt in morning trading, building on Monday’s gains, as steady optimism rippled through stock markets that the spread of coronavirus is abating.
Asia-Pacific (re)insurance stocks climbed for a second day as momentum builds following yesterday’s strong rally on Wall Street.
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.
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.
Echoing calls in the US and the UK, Axa Group CEO Thomas Buberl has called for the creation of a pandemic insurance scheme in France, backed by the government and the insurance sector, taking inspiration from existing public-private sector arrangements.
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).
The fallout of the Covid-19 pandemic has made conditions that were already challenging “even more difficult” in the Lloyd’s and London market, according to a report from giant wholesale broker AmWINS, the parent of Lloyd’s broker THB Group.
Insurers can take the sting out of criticism over its “defensive” response to the COVID-19 crisis by working together and with government bodies to come up with workable solutions to pandemic crises in the future, industry entrepreneur Stephen Catlin has said.
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.
While the coronavirus has challenges to deal with aplenty, the silver linings that the sector will be able to draw from the global pandemic are not in short supply either, including shifting ILS appetites, executives said during a virtual roundtable hosted by The Insurer.
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