Ferma calls on brokers and insurers to show flexibility and backs pandemic pool concept

Ferma calls on brokers and insurers to show flexibility and backs pandemic pool concept

Ferma calls on brokers and insurers to show flexibility and backs pandemic pool concept

The Federation of European Risk Management Associations (Ferma) has called for “enhanced” understanding of the insurance needs of European businesses to help them battle through the current pandemic and recover afterwards. The federation also said it does not think the retrospective extension of business interruption (BI) policies to include excluded pandemic risks as suggested in the US is a good…

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

The French Insurance Association (FFA) has launched a consultation process to prepare a proposal to the government about the formation of a public-private partnership to create an insurance-type regime to cover large-scale health disasters such as the current pandemic. FFA president Florence Lustman has issued a statement in which she said calls in the US and parts of Europe to…

Germany to back trade credit insurers during Covid-19 crisis: Reuters

Germany to back trade credit insurers during Covid-19 crisis: Reuters

Germany to back trade credit insurers during Covid-19 crisis: Reuters

The German government has struck a deal with the country’s trade credit insurers to ensure trade is covered through the current Covid-19 pandemic, according to Reuters. The details have yet to be confirmed by the government or any of the insurers involved. Reuters said it has learnt the government will guarantee €30bn for the commercial trade credit insurance sector so…

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Europe’s corporate risk and insurance managers would support the creation of state-backed insurance pools to cover pandemic risk and plug the huge coverage gap that has been exposed by the Covid-19 outbreak, based on feedback from leading industry representatives gathered by Commercial Risk Europe. The topic has risen to the top of the agenda as businesses across Europe and the…

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

The state of New York has joined Ohio, Massachusetts and New Jersey by tabling a bill that would retroactively force all state insurers to pay for coronavirus-related business interruption (BI) claims made by companies with fewer than 100 employees, despite the exclusions contained within almost all BI policies If passed, the bill would apply to all policies in force in…

French insurers commit to solidarity fund to protect people and businesses hit by Covid-19

French insurers commit to solidarity fund to protect people and businesses hit by Covid-19

French insurers commit to solidarity fund to protect people and businesses hit by Covid-19

The French Insurance Federation (FFA) has presented a set of “solidarity measures” to Bruno Le Maire, the minister for the economy and finance. The FFA’s members have committed to contribute €200m to the Solidarity Fund set up by the French government to support micro-enterprises and the self-employed – sectors that have been hit hard by the economic, financial and social…

Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

Insurers in the UK, France and Germany will face “moderate” business interruption (BI) losses from disruption and closures as a result of coronavirus, with the bulk of policies excluding pandemic-related claims, according to a report by Moody’s. But it warned this could cause the industry reputational damage. Moody’s said while losses and claims may be low, the insurance sector faces…

French regulator fines Apple €1.1bn for anti-competitive behaviour

French regulator fines Apple €1.1bn for anti-competitive behaviour

French regulator fines Apple €1.1bn for anti-competitive behaviour

France’s antitrust regulator, the Autorité de la Concurrence, has fined Apple a record €1.1bn for anti-competitive agreements with wholesalers. It is the largest fine on record from the French regulator. It said Apple conspired with two wholesalers, Tech Data and Ingram Micro, in agreements to align prices. Tech Data was fined €76m and Ingram Micro will have to pay €63m.…

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

The coronavirus (Covid-19) will spark a global and eurozone recession this year, having changed economic projections “considerably”, according to the Swiss Re Institute. Its revised baseline forecast is for a global recession in 2020 and no ‘V-shaped’ recovery, given the coronavirus outbreak and tightening financial conditions on the back of already weak economic resilience. The Swiss Re Institute said the…

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