Reinsurance hardening to hit primary coverage in 2021

Reinsurance hardening to hit primary coverage in 2021

Reinsurance hardening to hit primary coverage in 2021

The hardening reinsurance market could mean higher prices for corporate insurance buyers into 2021 and signal a period of restricted coverage and reduced underwriting flexibility. The hardening reinsurance market is likely to exert more influence on the primary commercial P&C and specialty markets than has been the case in previous years, according to Clarissa Franks, managing director and risk management…

Supreme Court Covid-19 ruling will impact all BI claims, say ratings agencies

Supreme Court Covid-19 ruling will impact all BI claims, say ratings agencies

Supreme Court Covid-19 ruling will impact all BI claims, say ratings agencies

UK commercial insurers could see a “substantial” increase in losses from all business interruption (BI) claims, not just those related to the Covid-19 BI test case ruling that overwhelmingly found in favour of policyholders, according to major ratings agencies. Fitch Ratings said insurers’ ratings are unlikely to be affected by the Supreme Court’s appeal judgment, while Moody’s said the ruling…

GRI urges EC to give equal weight to sustainability and financial reporting

GRI urges EC to give equal weight to sustainability and financial reporting

GRI urges EC to give equal weight to sustainability and financial reporting

The Global Reporting Initiative (GRI) has called on the EC to make sustainability reporting mandatory in Europe and create a new regulatory pillar to oversee non-financial reporting, as the EU looks to update rules. The GRI has also said that companies using its standards for sustainability reporting will need to apply three new and updated standards from this year. GRI…

Insurers add to reserves following UK Covid-19 BI ruling

Insurers add to reserves following UK Covid-19 BI ruling

Insurers add to reserves following UK Covid-19 BI ruling

Insurers involved in the UK’s Covid-19 business interruption (BI) test case have begun to increase claims estimates following the Supreme Court’s ruling on Friday, but reinsurance is expected to minimise the damage. All six insurers involved in the case bought by the Financial Conduct Authority (FCA) on behalf of policyholders over disputed non-damage BI pandemic claims lost their appeal at…

Airmic welcomes ‘landmark’ BI ruling

Airmic welcomes ‘landmark’ BI ruling

Airmic welcomes ‘landmark’ BI ruling

Airmic has welcomed the “landmark” UK Supreme Court business interruption (BI) ruling as “positive news” for insurance buyers struggling with the hard market and Covid-19. The Supreme Court has rejected appeals from six insurers and substantially upheld the Financial Conduct Authority (FCA) appeals in a test case intended to clarify BI cover for Covid-19-related losses in the UK. The judgment…

Marsh sets 2021 carbon-neutral target

Marsh sets 2021 carbon-neutral target

Marsh sets 2021 carbon-neutral target

Marsh & McLennan (MMC) has pledged to become carbon neutral this year by reducing greenhouse gas emissions from its operations and using offsetting tools. MMC – the parent company of Marsh, Guy Carpenter, Mercer and Oliver Wyman – has also set a target of a 15% reduction in carbon emissions by 2025, measured against 2019 levels. MMC said it would…

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Global body confirms three new sustainability standards for 2021 reports

Companies that disclose sustainability reports using Global Reporting Initiative (GRI) standards will need to apply three new and updated standards from this year. GRI said that, effective 1 January 2021, reporting companies must apply the global standard for tax transparency plus those that cover employee wellbeing and water/effluent responsibilities. The independent body said its all of its standards aim to…

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex Group, which was set up by insurance industry veteran Stephen Catlin, has secured $500m of capital from investment firm Sixth Street, which lifts the specialty (re)insurer’s total to $3.2bn. The $500m of preferred equity capital from affiliates of Sixth Street follows a recent $1bn capital raise from a consortium led by Onex and GIC, in which Sixth Street also…

Geopolitical risk outlook deteriorates in 2021 with threat of conflict highest for decades

Geopolitical risk outlook deteriorates in 2021 with threat of conflict highest for decades

Geopolitical risk outlook deteriorates in 2021 with threat of conflict highest for decades

The world will be more unstable, less cooperative and more prone to crises this year, with the risk of interstate conflicts higher than it has been for decades, warns Risk Advisory’s Strategic Outlook 2021. The risks consultancy’s report says that the global security and geopolitical outlook is broadly worsening this year in North America, west and central Africa, south Asia…