Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Over 12,000 UK policyholders await insurer decisions on Covid-19 BI claims

Insurers have settled and paid out on 10,772 UK business interruption (BI) Covid-19 claims in the UK related to the country’s Supreme Court ruling, but more than 12,000 policyholders have yet to receive a decision three months after it was found that the claims were valid, according to new data released by regulator the Financial Conduct Authority (FCA). A total…

Ferma concerned by lack of progress on European pandemic solution

Ferma concerned by lack of progress on European pandemic solution

Ferma concerned by lack of progress on European pandemic solution

The Federation of European Risk Management Associations (Ferma) is worried that efforts to establish pandemic pools appear to have lost momentum across Europe, and reiterated calls for a “risk-based” pan-European public-private partnership (PPP) for systemic business interruption (BI) risks. Ferma’s president has also called on the insurance industry to do more to help create a solution. Acknowledging the need to…

London market saw substantial pandemic-related losses in 2020, says Fitch

London market saw substantial pandemic-related losses in 2020, says Fitch

London market saw substantial pandemic-related losses in 2020, says Fitch

Event cancellations and business interruption (BI) policies were the main drivers of substantial pandemic-related losses in 2020 for London market insurers, according to Fitch Ratings. The majority of London market insurers reported either a loss or only a very small profit in 2020, as the pandemic-related losses offset most underwriting and investment profits. Returns on equity were negative or only…

Italian risk managers must brace for further challenges in D&O

Italian risk managers must brace for further challenges in D&O

Italian risk managers must brace for further challenges in D&O

European D&O insurance, more than other financial lines, is experiencing a complicated and challenging phase, because of rising claims during the last decade and the sometimes brutal impact of the hard market, as clearly shown by the lively discussion at last month’s Cyber and Financial Lines conference organised by German risk and insurance management association GVNW. A recent webinar on…

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

Reinsurers braced for bulk of Suez Canal accident losses, reports Reuters

The bulk of losses caused by the Ever Given containership that blocked the Suez Canal for nearly a week is likely to fall on reinsurers, according to Reuters. It reported that the ship’s protection and indemnity (P&I) insurer UK P&I Club is braced for a claim against the shipowner’s policy from the Suez Canal Authority for any damage to the…

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

Suez Canal blockage presents major lessons for Italian risk community

The beaching of the Ever Given, the cargo ship that ran aground in the Suez Canal, blocking the critical passageway for six days, ended once the freighter was unwedged and the flow of vessels resumed. Working off the queue of hundreds of boats that opted to wait instead of turning south towards the Cape of Good Hope and circumnavigating Africa…

Irish insurtech founders depart as interest in parametrics rises

Irish insurtech founders depart as interest in parametrics rises

Irish insurtech founders depart as interest in parametrics rises

The founders of an insurtech providing parametric insurance for business interruption (BI) are stepping down from the business as part of management handover. Ireland-based Blink Parametric was bought by UK insurer CPP Group in 2016, just six months after the tech firm was launched. The AIM-listed insurer will now assume control of Blink. The move comes at a time of…

Suez Canal blockage triggers liability uncertainty, says Moody’s

Suez Canal blockage triggers liability uncertainty, says Moody’s

Suez Canal blockage triggers liability uncertainty, says Moody’s

The full reopening of the Suez Canal on Monday after the containership Ever Given was dislodged has limited the risk of losses for insurers spreading much further, Moody’s said. Moody’s said the accident, which blocked the canal for almost a week, is credit negative for (re)insurers, with “considerable uncertainty” about loss exposure, particularly for the vessel’s protection and indemnity (P&I)…

More awareness needed of bioterrorism risk: Carnegie-Brown

More awareness needed of bioterrorism risk: Carnegie-Brown

More awareness needed of bioterrorism risk: Carnegie-Brown

Lloyd’s chairman Bruce Carnegie-Brown has called for greater awareness among UK companies of the risk from bioterrorism. Increased public-private partnerships (PPPs) and ensuring more contingent capability must also be pursued if the UK’s corporate sector is to manage the growing threat of chemical, biological, radiological and nuclear (CBRN) attacks, said Mr Carnegie-Brown. The Lloyd’s chief made his remarks at a…

Lloyd’s posts £877m loss on back of $6.2bn pandemic claims

Lloyd’s posts £877m loss on back of $6.2bn pandemic claims

Lloyd’s posts £877m loss on back of $6.2bn pandemic claims

Lloyd’s has fallen to an £877m loss for 2020 and reported its fourth yearly underwriting deficit as Covid-19 claims hit £6.2bn. The result, which compares to a £2.53bn profit in 2019, comprises an underwriting loss of £2.86bn and net investment income of $2.27bn. Lloyd’s posted an underwriting loss of £538m in 2019. The market’s combined ratio stood at 110.3% last…

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