Mahnke urges government to step up efforts on credit and pandemic schemes

Mahnke urges government to step up efforts on credit and pandemic schemes

Mahnke urges government to step up efforts on credit and pandemic schemes

The German risk and insurance management association GVNW has repeated its recent call for federal government and the German insurance association (GDV) to step up efforts to extend the state-backed credit insurance scheme, which was created to protect supply chains during the Covid-19 crisis, beyond the end of this year. During his annual speech to the association’s general assembly this…

Geneva report says insurers would need 150 years of premium to cover Covid-19 BI losses

Geneva report says insurers would need 150 years of premium to cover Covid-19 BI losses

Geneva report says insurers would need 150 years of premium to cover Covid-19 BI losses

A new report by The Geneva Association concludes that there is “nowhere near” enough capacity in the P&C insurance industry to cover business interruption (BI) losses from a pandemic such as Covid-19, and found that it would take 150 years for the industry to build up enough BI premium to cover the expected global loss. The report by the global…

BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

BI litigation fallout to restrict cover further

Covid-19 has sparked a wave of insurance coverage litigation that is set to lead to further restrictions on business interruption (BI) cover. Small businesses were hit hard by the pandemic and resulting lockdowns. Many soon found their insurance did not cover related BI losses. Hundreds joined class actions against their insurers, while test cases were brought in the UK and…

FCA still in discussion with insurers over BI payouts

FCA still in discussion with insurers over BI payouts

FCA still in discussion with insurers over BI payouts

UK regulator the Financial Conduct Authority (FCA) has said talks are still active with a group of insurers to resolve Covid-19 business interruption (BI) payments. The talks are hoped to resolve claims following a High Court test case in September. It generally found in favour of policyholders but insurers were supported on other wordings. The FCA and six of the…

Ferma president urges insurers to improve pandemic response

Ferma president urges insurers to improve pandemic response

Ferma president urges insurers to improve pandemic response

Insurers need to be more proactive in their response to the coronavirus pandemic and work with governments on solutions for systemic risks like pandemics and cyber, according to the president of Ferma. Insurance buyers are “disappointed” with the insurance industry’s response to the pandemic that has led to further market hardening and restrictions on cover, Dirk Wegener told Commercial Risk…

Brokers could be in firing line over pandemic BI claims

Brokers could be in firing line over pandemic BI claims

Brokers could be in firing line over pandemic BI claims

Lawyers and specialist insurers have said insurance brokers may be sued if their clients’ business interruption claims, related to Covid-19, are denied, according to S&P Global Market Intelligence. The S&P article notes, however, that policyholders and their representatives may struggle to make accusations of negligence stick. The article quotes Aaron Le Marquer, a partner at Fenchurch Law, which represents policyholders,…

Modellers say Hurricane Delta loss could reach $3bn

Modellers say Hurricane Delta loss could reach $3bn

Modellers say Hurricane Delta loss could reach $3bn

AIR estimates insured losses from Hurricane Delta will be between $1bn and $3bn, with Karen Clark & Company (KCC) putting onshore loss at about $1.25bn. AIR’s figure is for losses to onshore residential, commercial and industrial properties, as well automobiles. KCC’s estimate is split between $950m wind and storm losses in the US, and $300m wind losses in Mexico. Its…

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL makes appointments to new regional units

AXA XL Insurance has announced new appointments for its business divisions following the recent launch of its regional operating model, which came into effect on 1 October. New appointees to AXA XL’s Asia and Europe business unit division are: –Marine Charbonnier, global programmes and captives director –Mathieu Daubin, chief underwriting officer, marine –Yannick Daucourt, chief underwriting officer, specialty –Simona Fumagalli,…

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 reshapes future risk landscape, says AGCS report

Covid-19 has radically altered long-term risk trends, with new exposures emerging from the pandemic, according to a report published by Allianz Global Corporate & Specialty (AGCS). New ways of working, changes in travel habits and altered supply chain networks have impacted established risk trends, with new exposures in some areas and lower claims trends in other lines of business, the…

German beer hall policyholder wins BI Covid-19 case

German beer hall policyholder wins BI Covid-19 case

German beer hall policyholder wins BI Covid-19 case

A Munich court has ruled in favour of a German beer hall over Covid-19 business interruption (BI) insurance losses caused by the country’s lockdown. German insurer Versicherungskammer Bayern argued that Covid-19 was not named in the policy’s terms and conditions, and the claim for associated losses was not valid. But the court thought otherwise. The insurer has been ordered to…

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