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Welcome to our new podcast: The Best Policy

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

AM Best – USA flag

AM Best turns negative on US commercial lines over Covid-19 fears

2020-04-07T21:29:00+01:00

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.

Wall street – coronavirus

Markets Review: AIG and Hallmark biggest weekly US fallers once again...

2020-04-06T10:58:00+01:00

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.

Business Interruption Group

Celebrity chef group demands insurers pay Covid-19 bill as lawsuits mount

2020-04-06T11:38:00+01:00

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.

Tokyo-2020-Olympics

Olympics postponement over cancellation to slash industry loss to $500-$650mn

2020-04-03T06:11:00+01:00

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.

D&O boardroom

Covid-19 changing the underwriting of D&O risks

2020-04-02T17:28:00+01:00

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.

European pancake

Large insurers proceed with dividend payments despite Eiopa call

2020-04-07T21:42:00+01:00

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.

Wayne Byers – APRA

Australian regulator amplifies call to cut dividends in Covid-19 crisis

2020-04-07T14:30:00+01:00

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.

Wallst 118398798 900px

Wall Street futures surge as global stocks rally on coronavirus optimism

2020-04-07T12:14:00+01:00

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.

Coronavirus map

Coronavirus forces Crawford to pull 2020 guidance

2020-04-07T09:33:00+01:00

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.

Beazley share price

Beazley shares climb 10% as European markets rally

2020-04-07T10:42:00+01:00

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.

Stocks

Asia-Pacific stocks build on strong Wall Street gains

2020-04-07T07:00:00+01:00

Asia-Pacific (re)insurance stocks climbed for a second day as momentum builds following yesterday’s strong rally on Wall Street.

FCA London market

FCA focuses on fairness amid Covid-19 in 2020/21 business priorities

2020-04-07T06:59:00+01:00

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.

US coronavirus

Pennsylvania sixth state to introduce bill to force Covid-19 BI payment

2020-04-06T18:29:00+01:00

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.

Thomas Burberl – Axa

Axa boss calls for state-backed French pandemic insurance scheme

2020-04-06T16:12:00+01:00

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.

US coronavirus

Covid-19 hit to small business is up to 72x property premium base: APCIA

2020-04-06T23:06:00+01:00

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).

Lloyd's coronavirus

Covid-19 has made challenging market conditions “more difficult”: AmWINS

2020-04-06T23:57:00+01:00

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.

Stephen Catlin – coronavirus

Catlin calls for a more positive COVID-19 industry response

2020-04-06T07:06:00+01:00

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.

GFIA – coronavirus

GFIA warns on industry collapse if retroactive coronavirus cover enforced

2020-04-06T13:14:00+01:00

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.

COVID-19 RT 3 panel

ILS risk transfer opportunities to emerge from coronavirus

2020-04-06T11:54:00+01:00

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.

COVID-19 RT 3 panel

Covid-19 virtual roundtable: Issue Three

2020-04-05T13:50:00+01:00

Download Issue Three and read the opinions of leading industry executives.

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