Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

Enoizi makes case for expanding Pool Re to cover pandemic risk

CEO Julian Enoizi believes it makes sense for Pool Re to expand its remit and be the vehicle for any state-backed pandemic or wider systemic risk financing solution in the UK, but stressed the decision is ultimately for government and the insurance industry to make. There are currently several initiatives underway in the UK to find a risk transfer solution…

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

EC starts work on pan-European pandemic risk transfer solution

Commercial Risk Europe has learned that the EC is setting up a working group to deliver risk transfer solutions for pandemics and other cat risks, which will consider a pan-European private-public pool with EU funding at the very top. After much discussion, this is the first concrete sign that work is officially underway on the topic. In a letter seen…

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

AMRAE reports extremely tough market for French buyers and warns of ‘bitter’ renewals

A new AMRAE report finds that the French insurance market is now hard pretty much across the board and warns of “rising tensions” as we enter what it predicts will be a “bitter” renewal season. A graphic included in the association’s annual State of the Market provides a worrying illustration of how gloomy the picture looks right now for French buyers. The graphic’s…

Airmic calls for urgent work on wordings to remove ambiguity

Airmic calls for urgent work on wordings to remove ambiguity

Airmic calls for urgent work on wordings to remove ambiguity

The Airmic leadership has called for urgent work to be carried out by all parties in the commercial risk transfer chain to deliver greater certainty and consistency in policy wordings, as policyholders grapple with big questions over what is covered under key coverages such as business interruption (BI) and cyber. John Ludlow, CEO of Airmic, yesterday focused on the increasingly…

Pandemic fraud on the rise

Pandemic fraud on the rise

Pandemic fraud on the rise

Risk managers must take steps to protect their businesses from a rising tide of fraud during the pandemic, according to expert speakers at Airmic Fest. The current environment is ripe for fraudsters and likely to lead to an increase in cybercrime and fraudulent personal injury claims, as well as supply chain and employee-related fraud, panellists said on a fraud session…

Buyers disappointed with insurers’ ‘profit-driven’ Covid-19 response: Ludlow

Buyers disappointed with insurers’ ‘profit-driven’ Covid-19 response: Ludlow

Buyers disappointed with insurers’ ‘profit-driven’ Covid-19 response: Ludlow

Covid-19 presents an “unprecedented opportunity” for risk managers, who feel let down by the insurance industry’s “profit-driven” response to Covid-19, according to John Ludlow, chief executive of Airmic. Opening the UK risk management association’s three-day virtual annual conference, Mr Ludlow railed against the insurance industry’s response to the coronavirus outbreak, which has accelerated market hardening. However, the Airmic CEO also…

FCA tells insurers to settle BI claims as quickly as possible

FCA tells insurers to settle BI claims as quickly as possible

FCA tells insurers to settle BI claims as quickly as possible

The UK regulator has told insurers to settle Covid-19 business interruption (BI) claims clarified in last week’s High Court judgment “as quickly as possible”, and warned against “creating additional barriers or delays to paying valid claims”. In a ‘Dear CEO’ letter following the test case ruling, which found many BI policies and wordings covered businesses for losses in the pandemic…

Marsh analysis confirms steep rise in captive usage as hardening accelerates

Marsh analysis confirms steep rise in captive usage as hardening accelerates

Marsh analysis confirms steep rise in captive usage as hardening accelerates

Broker Marsh has confirmed the fast-rising demand for captives among risk managers, as they seek to manage costs within the rapidly hardening international insurance market and find alternative options for difficult risks such as supply chain and contingent business interruption. The broker has published its 2020 Captive Landscape Report and reports that it has established a record 76 new captives…

Fitch agrees with rivals that High Court BI ruling poses limited threat to insurers

Fitch agrees with rivals that High Court BI ruling poses limited threat to insurers

Fitch agrees with rivals that High Court BI ruling poses limited threat to insurers

Fitch Ratings today joined rival ratings agencies in stating that the High Court’s ruling on business interruption (BI) claims caused by the Covid-19 lockdown will not threaten the solvency of the UK and international insurance market. Fitch agreed with many experts that the ruling was actually limited because it only focused on a narrow set of policy wordings. As a…

High Court BI ruling only ‘start of the battle, not the end’ warns Mactavish

High Court BI ruling only ‘start of the battle, not the end’ warns Mactavish

High Court BI ruling only ‘start of the battle, not the end’ warns Mactavish

Mactavish, the specialist outsourced insurance buyer and claims resolution consulting firm, this week poured cold water on the idea that the High Court ruling on business interruption (BI) cover for Covid-19-related claims was a significant victory for policyholders. The firm’s CEO Bruce Hepburn said this is actually “the start of the battle, not the end”. The firm said that it…

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