UK Covid-19 BI payouts top £1bn
UK insurers have paid out £1.025bn ($1.41bn) in interim and final payments following the resolution of the Financial Conduct Authority’s test case on Covid-19 business interruption claims.
Insurers call for post-Brexit Solvency II overhaul to aid green transition
Insurance executives told an influential group of MPs on Monday that the UK should make urgent reforms to the EU’s Solvency II capital rules in order to free up cash for green investments.
Allianz downgraded on Structured Alpha investment fund saga
Berenberg has downgraded Allianz from buy to hold on the back of news that executives at the European insurance giant are being investigated by regulators over how its Structured Alpha funds were managed during the Covid-19 market downturn.
LA insurance commissioner slams State Farm and orders insurers to pay Ida evacuation expenses
Louisiana insurance commissioner Jim Donelon has slammed State Farm’s “unconscionable” decision not to voluntarily pay claims for costs incurred by policyholders that evacuated or could not access properties because of Hurricane Ida, as he issued a directive ordering carriers to honor extra living expenses.
Brown named Texas insurance commissioner
Texas governor Greg Abbott has appointed Cassie Brown as the Lone Star State’s new commissioner of insurance.
US Treasury’s FIO requests information on climate risks in insurance
The Federal Insurance Office (FIO) of the US Department of the Treasury has issued a request for public input on the office’s future work on the insurance sector and climate-related financial risks.
FCA moves to clarify rules on dual pricing
The UK’s Financial Conduct Authority (FCA) has made changes to the controversial rules that will ban insurers from levying a “loyalty penalty” on long-term personal lines policyholders from the start of next year.
Allianz Structured Alpha fund loss could hit $8bn: Berenberg
German insurer Allianz could face a €6.8bn ($8bn) hit as a result of the Department of Justice’s investigation into how its Structured Alpha fund was managed during the Covid-19 market downturn, Berenberg analysts have estimated in a worst-case scenario.
EY Bermuda’s Moncrieff: OECD tax changes likely to be reflected more in pricing than business changes
The recent historic OECD statement providing a framework for reform of the international tax rules has significant implications for multinationals with operations in Bermuda and businesses headquartered on the island but the extent of any impact is not yet clear, EY’s Robert Moncrieff has told this publication.
Allianz market cap drops ~€7bn as warns DoJ probe could “materially impact” future
Shares in Allianz dropped almost 8 percent yesterday to close at €193.70, cutting around €7bn ($8.3bn) from the firm’s market capitalisation in a single day as investors digested warnings from the carrier that its future financials may be impacted by pending litigation in the US.
AG Garland: Aon-WTW termination “a victory” for competition and American businesses
US attorney general (AG) Merrick Garland has called the termination of Aon’s proposed acquisition of Willis Towers Watson (WTW) “a victory for competition and for American businesses”.
BMA turns to Scott to succeed Cox as chairman
The Bermuda Monetary Authority (BMA) has announced that its deputy chairman Donald Scott will assume the role of chairman when current incumbent Jeremy Cox steps down at the end of September.
Judge tells DoJ to answer Aon-WTW market definition questions by 26 July
The Department of Justice has been given until 26 July to answer questions posed by the lawyers of Aon and Willis Towers Watson (WTW) on the market definitions they have used in their case against the proposed mega merger between the brokers.
Lack of legal precedent adds to “challenging” cyber market conditions
Cyber risks are an increasing source of potential liability insurance claims and a lack of case law on both sides of the Atlantic is making legal disputes more likely, Marsh senior vice president Matthew McCabe has warned.
IGI’s European unit approved with Mapfre’s Mallia-Milanes named CEO
International General Insurance Holdings (IGI) has received approval for its European subsidiary in Malta to directly access business across Europe, with Keith Mallia-Milanes joining from Mapfre to lead the new unit.
Judge stops enforcement of part of Florida’s property insurance reform
A district court judge has granted a preliminary injunction barring the Florida Department of Business and Professional Regulation from enforcing the part of the recently passed property insurance reform that restricts the advertisements and solicitations of roofing contractors.
Aon-WTW trial with DoJ set to begin in November
The trial in the Department of Justice lawsuit against Aon and Willis Towers Watson has been scheduled to begin on 18 November but will likely have to resume in late December and possibly spill over in January, with the judge noting he is facing a huge backlog of cases.
APCIA says insurers must be able to reimburse ransoms in cyber guiding principles
The American Property Casualty Insurance Association (APCIA) has announced cyber extortion/ransomware guiding principles that are intended to provide guidance as the industry develops solutions to address the growing problem of rising cyberattacks.
UK government outlines package of Solvency II reforms
The UK government has said there is a “strong case” to reform contentious aspects of the EU’s Solvency II directive as it seeks to adapt the capital regime to make sure all rules are “properly tailored” to the UK.
Gallagher confirms personal data on systems exposed in 2020 cyber attack
Arthur J Gallagher has confirmed that Social Security and passport data as well as medical information including treatments, claims and medication was present on those systems impacted by the ransomware attack it suffered last September.