Coronavirus

WR Berkley’s $145mn Q2 cat loss estimate includes $85mn Covid hit

2020-07-10T21:10:00+01:00

WR Berkley expects to take an $85mn pre-tax hit from Covid-19 related losses in its second quarter results, with the specialty insurer estimating a further $60mn knock from civil unrest and severe weather events during the period.

New York boarded up shop front

Striking out…

2020-07-02T13:51:00+01:00

Insurers risk further damage to the industry’s reputation if they impose blanket SRCC exclusions on standard property policies.

FCA – UK and Sweden

Why is Hiscox so keen on Sweden?

2020-06-24T06:22:00+01:00

What connects Sweden with Hurricane Katrina, and an upmarket hotel chain? The answer is likely to materialise later today when UK regulator the FCA publishes the defence submissions of Hiscox and seven other insurers who are involved in a landmark test case examining their denial of liability over Covid-19 business ...

Luca Tres Securis

Life & health capital market investors to be pivotal in future pandemic hedging solutions

2020-05-12T11:59:00+01:00

The high death toll and tragedy associated with the Covid-19 outbreak cannot be downplayed, but the current crisis may also have a potentially significant impact for some insurers, with the wider industry set to learn some important lessons, says Securis partner Luca Tres.

Huw Evans – ABI

We must give pandemic insurance solutions time and space to evolve

2020-04-28T20:09:00+01:00

The UK faces its worst public health crisis in 100 years and its worst economic crisis since the 1930s. So I think all of us in the market need to start with realistic expectations of the UK Government’s current capacity when it comes to discussions about future public-private partnerships to ...

David Howden – Hyperion

Hyperion’s Howden defends (re)insurers amidst “unjustified” criticism

2020-04-22T07:43:00+01:00

Hyperion Group CEO David Howden has come to the defence of embattled carriers who are currently targets of Covid-19 brickbats by hailing some of the criticisms as opportunistic and “unjustified“.

Mike Thompson

Congressman Thompson introduces another retroactive BI bill

2020-07-10T18:02:00+01:00

Representative Mike Thompson has introduced new legislation under which insurers could voluntarily pay certain Covid-related claims and get reimbursement from the federal government, with industry associations stating the bill would “undermine the entire system of contracts”.

covid-19 pint

Plaintiff slams CinFin’s attempt to bring Ohio Supreme Court into BI dispute

2020-07-10T00:31:00+01:00

A craft beer bar has opposed Cincinnati Financial asking an Ohio district court judge to let the state’s high court certify the question of whether the general presence of a virus constitutes direct physical loss to property.

Capre Town SA

SA Court rules against insurer in Covid-19 BI dispute based on UK wordings

2020-07-10T07:12:00+01:00

A South African court has sided with a small business owner against its insurer, in what is thought to be the one of the first tests of Covid-19 causation and liability under Common Law principles and using UK insurance wordings.

Washington DC

DC Council passes legislation extending BI claims

2020-07-09T15:40:00+01:00

The Council of the District of Columbia has approved legislation for the tolling of all time periods for commercial insurance policyholders to file business interruption claims stemming from Covid-19.

London, Bank of England

Bank of England warns on business interruption uncertainty

2020-07-09T06:24:00+01:00

The Bank of England has warned that the highest level of uncertainty facing insurers surrounds whether they will have to pay on Covid-19 business interruption claims.

Circus Circus – AIG

Vegas casino Circus Circus accuses AIG of “sleight of hand” over Covid-19 BI losses

2020-07-08T11:56:00+01:00

In the latest example of a casino suing its insurer for denying a business interruption (BI) claim resulting from Covid-19, Circus Circus has filed a lawsuit against AIG over a policy providing $500mn of coverage for physical loss or damage to property and $96.8mn for loss of business income.

Evan Greenberg – covid-19

Chubb puts forward public-private pandemic BI programme

2020-07-08T21:53:00+01:00

Chubb has proposed the Pandemic Business Interruption Program, a two-part public-private partnership with a parametric trigger for small businesses and an indemnity trigger for large businesses in a move first revealed by this publication.

Stocks

US equities open higher as Euro P&C stocks retreat on virus outbreak

2020-07-08T14:14:00+01:00

US stocks rose modestly at the open on Wednesday despite weakness in equities in the previous session and renewed investor caution over the prospect of a quick economic recovery in the face of rising coronavirus infections and fresh lockdown orders.

Coronavirus

Defence attorneys warn of Covid-19 D&O and MPL claims

2020-07-07T17:32:00+01:00

Defence attorneys on a call held by Boenning & Scattergood have suggested that US insurers should anticipate increased workers compensation, D&O and medical professional liability (MPL) claims from Covid-19.

Kevin Rehnberg – Argo Group

Argo expects $10mn-$20mn of Q2 Covid losses

2020-07-07T15:04:00+01:00

Argo Group International Holdings expects to record between $10mn and $20mn in Covid-19 losses in its second quarter results, and has also warned that travel restrictions resulting from the pandemic could make it harder to maintain its tax-related operating protocols.

FCA

FCA: UK insurers’ interpretations are “unrealistic” and “impractical” in BI test case

2020-07-07T11:59:00+01:00

The UK’s Financial Conduct Authority (FCA) has described the interpretations adopted by eight insurers in resisting Covid-19 related BI claims as “unrealistic” and “impractical” which are unintelligible to the average SME consumer of commercial insurance.

Essent Group

Covid delinquencies trigger Essent’s insurance-linked notes

2020-07-07T20:41:00+01:00

Essent Group has become the latest mortgage insurer to report that its insurance-linked note (ILN) deals have been subject to a trigger event following increasing delinquencies because of Covid-19.

Gabriel Makhlouf

Ireland’s Central Bank mulls legal action over Covid-19 BI cover

2020-07-07T17:26:00+01:00

The Central Bank of Ireland is considering taking legal action to resolve coverage disputes between insurers and small business owners over whether losses resulting from Covid-19 should be covered.

US commercial Insurance

Rising Covid-19 claims still represent earnings rather than capital event: Fitch

2020-07-06T22:02:00+01:00

Despite US commercial insurers’ results facing uncertainty over coronavirus claims, the impact of Covid-19 still represents more of an earnings event rather than something that would sharply reduce capital adequacy, according to Fitch Ratings.