Arch Capital estimates $165m Q4 cat losses

Arch Capital estimates $165m Q4 cat losses

Arch Capital estimates $165m Q4 cat losses

Arch Capital said its fourth-quarter results will be hit by catastrophe losses in the range of $155m to $165m across its P&C insurance and reinsurance books. The Bermudan (re)insurer said Hurricanes Delta and Zeta in Q4 and higher estimates for nat cats booked to Q3 accounted for the loss estimate. Arch Capital said the estimate includes exposure to Covid-19 claims,…

Court says US restaurant chain’s virus-related suit can proceed against Zurich

Court says US restaurant chain’s virus-related suit can proceed against Zurich

Court says US restaurant chain’s virus-related suit can proceed against Zurich

A US federal district court in Cleveland has refused to dismiss Covid-19 business interruption (BI) coverage litigation filed by a restaurant chain against Zurich Insurance, holding that its policy language was ambiguous, and a “microorganism” exclusion was inapplicable. As first reported in Business Insurance, Henderson Road Restaurant Systems – which operates restaurants in Ohio, Pennsylvania, Michigan, Indiana and Florida –…

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

The recent judgment on Covid-19-related business interruption (BI) insurance by the UK’s Supreme Court will affect policies and laws well beyond the UK, and means policyholders from various jurisdictions are more likely to get claims paid, according to legal experts. The 15 January UK Supreme Court judgment found in favour of policyholders that had been denied cover for Covid-19-related BI…

AIR finds that US storm surge losses could almost double by 2050

AIR finds that US storm surge losses could almost double by 2050

AIR finds that US storm surge losses could almost double by 2050

Losses from US storms could increase by about 20% by 2050 as more hurricanes make landfall, with storm surge losses modelled to increase by at least a third and potentially almost double, according to new research from AIR-backed Axis Capital Holdings. The research, which was also conducted with the Brookings Institute, finds that increased losses could be even higher for…

Axis’s Covid-19 losses rise by $125m in Q4

Axis’s Covid-19 losses rise by $125m in Q4

Axis’s Covid-19 losses rise by $125m in Q4

Axis Capital Holdings said Covid-19 claims will cost a further $125m in Q4 and have been impacted by last week’s UK BI ruling, with total catastrophe and weather-related losses for the period to range between $195m and $205m. Axis’s Covid-19 losses come on top of $235m worth of pandemic claims  booked in the first quarter of last year. The additional…

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

UK BI ruling credit negative for (re)insurers but costs manageable, says Moody’s

The Supreme Court’s ruling on Covid-19 business interruption (BI) claims is a credit negative for UK (re)insurers and will broadly lead to additional losses, but the financial impact should be manageable for insurers net of reinsurance protection, said Moody’s Investors Service. Moody’s added that the clarity provided by the judgment will end “damaging” disputes between insurers and their clients. The…

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Business interruption (BI) has reclaimed its position as the top risk facing global firms, followed by a pandemic outbreak in second place and cyber incidents a close third, after taking the number one spot last year, according to Allianz Global Corporate & Specialty’s (AGCS) Risk Barometer 2021. BI held the top spot for four consecutive years in the Allianz Risk…

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

Last week’s UK Supreme Court ruling on Covid-19-related non-damage business interruption (BI) claims was a big victory for policyholders, and has clearly set out a path for businesses of all sizes to claim under BI policies, overturning established case law in the process, say legal experts. The Supreme Court judgment represents a “resounding” win for policyholders, according to Aaron Le…

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…

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