IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

Australian insurer IAG said it will raise $750m in new equity after the Supreme Court of New South Wales (NSW) put insurers back on the hook for business interruption (BI) payments to policyholders affected by the Covid-19 crisis. The judgment found pandemic exclusions in BI policies, particularly those that refer to Australia’s Quarantine Act rather than the new Biosecurity Act,…

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Australian insurer Suncorp has set aside a further $125m in reserves for potential business interruption (BI) claims following the second Covid-19 lockdown in Victoria, raising its total provision for BI pandemic losses to $195m. Booked to the first half of 2021, ending December 2020, the additional reserves follow $70m in provisions for BI claims linked to Covid-19 up to the…

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Adapt, pivot and rapidly evolve to survive and prosper, advises Parima’s Tunstall

Steve Tunstall is general secretary of the Pan-Asia Risk & Insurance Management Association (Parima) and director of Tunstall Associates, based in Singapore. He was one of the founding members of Parima, along with Franck Baron, Kelvin Wu and the team when it was launched at its first conference in Singapore back in April 2013. Mr Tunstall is a business risk management…

QBE CEO Pat Regan departs over ‘poor judgement’

QBE CEO Pat Regan departs over ‘poor judgement’

QBE CEO Pat Regan departs over ‘poor judgement’

QBE CEO Pat Regan has left the company after an external investigation into his workplace communications, with media reports connecting the move to complaints about Mr Regan by a female employee in the firm’s North American division. QBE’s board of directors said Mr Regan had “exercised poor judgement” and “did not meet the standards set out in the group’s code…

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Fitch Ratings highlights reinsurance impact of cat losses and Covid-19 in Asia

Significant catastrophe losses in 2019 and the first half of 2020, together with the impact of the coronavirus pandemic, is expected to see insurers and reinsurers in Asia put renewed emphasis on ensuring the adequacy and appropriateness of their existing (re)insurance protection, according to Fitch Ratings. It said catastrophe losses remain a key concern, noting that Asia accounted for the…

Marsh appoints risk management leader for Asia and Pacific regions

Marsh appoints risk management leader for Asia and Pacific regions

Marsh appoints risk management leader for Asia and Pacific regions

Scott Leney has been appointed as risk management leader for Marsh’s Asia and Pacific regions. In his new role, Mr Leney will oversee Marsh’s regional risk management teams “as they build on existing capabilities and develop strategic solutions that will enable Marsh’s largest clients to navigate an increasingly complex global risk landscape”, according to Marsh. Mr Leney is currently CEO…

Pandemic BI test cases begin in New South Wales

Pandemic BI test cases begin in New South Wales

Pandemic BI test cases begin in New South Wales

The Insurance Council of Australia (ICA) has commenced proceedings in the New South Wales Supreme Court to test the application of certain infectious diseases exclusions in business interruption (BI) policies. Lawyers representing the ICA have submitted pleadings to the court for a combined test case. The test case consists of two separate small business claims that were lodged with the…

Asia-Pacific flood losses a stark reminder that pandemic is not the sole risk

Asia-Pacific flood losses a stark reminder that pandemic is not the sole risk

Asia-Pacific flood losses a stark reminder that pandemic is not the sole risk

The Asia monsoon season cost more than $16bn for the month of July alone, showing risk managers in the region and worldwide that, while their focus needs to be very much on managing and mitigating the various risks posed by the Covid-19 pandemic, Mother Nature still poses an immense challenge to the global economy. Aon’s latest Global Catastrophe Recap report…

Australian insurers and ombudsman to file test case on BI pandemic exclusions

Australian insurers and ombudsman to file test case on BI pandemic exclusions

Australian insurers and ombudsman to file test case on BI pandemic exclusions

The Insurance Council of Australia (ICA) and the Australian Financial Complaints Authority (AFCA) have agreed to file a test case considering the application of infectious diseases cover in business interruption (BI) policies. The news comes as the High Court test case in the UK brought by the Financial Conduct Authority (FCA) against a group of leading insurers nears its conclusion.…

1 2 3 23