Ferma calls on EU to create framework for pan-European NDBI pooling system

Ferma calls on EU to create framework for pan-European NDBI pooling system

Ferma calls on EU to create framework for pan-European NDBI pooling system

Ferma has called on the EU to create a resilience framework that would include member state insurance pools and coordination between national governments to address the severe shortage of non-damage business interruption insurance (NDBI) for a range of catastrophic risks. In a letter to the EC, Ferma sets out its vision for a multi-layered and graduated public-private partnership to ensure…

Paris court orders AXA to pay BI losses for restaurant chain

Paris court orders AXA to pay BI losses for restaurant chain

Paris court orders AXA to pay BI losses for restaurant chain

An emergency summary procedure carried out by the Paris Commercial Court has ruled that AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the lawyer representing the plaintiff announced on Friday. It is thought that the ruling could spark a wave of copycat litigation in France. The bill faced by restaurants, hotels and bars incurred by…

UK insurers with ‘loose’ BI wordings could face credit pressure: Fitch

UK insurers with ‘loose’ BI wordings could face credit pressure: Fitch

UK insurers with ‘loose’ BI wordings could face credit pressure: Fitch

Credit ratings agency Fitch has said that “loose” business interruption (BI) wordings in some cases may well impact the credit quality of some UK non-life insurers, as court cases brought by businesses hit by the virus lockdown escalate. “The credit quality of some UK non-life insurers could be affected by court rulings on the validity of business interruption claims arising…

ABI faces fresh assault on BI cover for virus claims from UK SMEs

ABI faces fresh assault on BI cover for virus claims from UK SMEs

ABI faces fresh assault on BI cover for virus claims from UK SMEs

An open letter signed by almost 700 business owners in the UK has accused the insurance industry of an “abrogation of responsibility” by refusing to pay out on business interruption (BI) insurance claims brought because of the country’s lockdown. The letter to the Association of British Insurers (ABI) says that the stonewall on BI claims will result in the failure…

US insurance trade bodies propose federal pandemic scheme

US insurance trade bodies propose federal pandemic scheme

US insurance trade bodies propose federal pandemic scheme

A group of US insurance trade bodies has proposed a federally-backed insurance solution to support businesses financially affected by future pandemics. The group said this type of solution is needed because pandemic risks is simply too large to be covered by insurers alone. The Business Continuity Protection Program (BCPP) promises revenue replacement assistance for payroll, employee benefits and operating expenses.…

Zurich confident in ability to resist attack on BI coverage via virus claims

Zurich confident in ability to resist attack on BI coverage via virus claims

Zurich confident in ability to resist attack on BI coverage via virus claims

Zurich’s top management believes the group is less exposed than others in the market to the threat of legal or legislative action breaching the defences in its business interruption (BI) policies, as lawyers and politicians continue to seek ways of accessing funds to help businesses recover from the Covid-19 virus. CEO Mario Greco told analysts he is confident that the…

QBE and Aviva BI policies in the sights of action group virus claims

QBE and Aviva BI policies in the sights of action group virus claims

QBE and Aviva BI policies in the sights of action group virus claims

The recently formed Hospitality Insurance Group Action (HIGA), created to pursue business interruption (BI) claims for virus-related losses suffered by companies in the UK hospitality sector, has decided to focus its efforts on policies issued by Aviva and QBE, advising policyholders to sign up by 5 June. The HIGA announced that its legal advisers Mishcon de Reya, in conjunction with…

US insurers warn retroactive opening of BI policies would destroy market

US insurers warn retroactive opening of BI policies would destroy market

US insurers warn retroactive opening of BI policies would destroy market

An “overwhelming” majority of insurance experts surveyed by the Wisconsin School of Business (WSB) believe that legislative proposals requiring business interruption (BI) insurers to cover claims stemming from Covid-19 related shutdowns, even if the insurance policies exclude pandemic-related losses, threaten the solvency of the insurance industry. The study, released by the US’s National Association of Insurance Commissioners (NAIC), finds that…

Beazley raises £247m to protect against virus claims and tap opportunities

Beazley raises £247m to protect against virus claims and tap opportunities

Beazley raises £247m to protect against virus claims and tap opportunities

Lloyd’s insurer Beazley has raised £247m in fresh capital, which it says will shore up the group’s capital position in light of the uncertainty surrounding the Covid-19 pandemic and, at the same time, enable it to take advantage of growth opportunities from the hardening market. The insurer announced this morning that it had successfully placed new shares in the company…

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

CRE understands the EC has told campaigners it is exploring proposals to create public-private-partnerships, or pools, to protect against future pandemic risk. The European Insurance and Occupational Pensions Authority (EIOPA) has also backed the moves, with sources explaining that it first wants to explore national schemes and then potentially look at a pan-European solution. The Commission has responded positively to…

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