Miller sees surge in demand for epidemic insurance as property market restricts cover further

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Demand for specialist epidemic insurance has surged as the Covid-19 pandemic continues to escalate and insurers further restrict cover in property policies, according to London market insurance broker Miller. Although it is no longer possible to buy cover for the current coronavirus outbreak, a growing number of companies are thinking about how to protect against the next infectious outbreak, explained…

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

John Doyle, president and CEO of Marsh and vice-chair of Marsh & McLennan Companies (MMC), has written to Congress leaders and the US administration, offering to help create a pandemic risk insurance programme that would help the US economy recover from Covid-19 and be far better prepared for any future outbreak. Marsh’s bid to create a government-backed scheme to cover…

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Europe’s corporate risk and insurance managers would support the creation of state-backed insurance pools to cover pandemic risk and plug the huge coverage gap that has been exposed by the Covid-19 outbreak, based on feedback from leading industry representatives gathered by Commercial Risk Europe. The topic has risen to the top of the agenda as businesses across Europe and the…

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

The state of New York has joined Ohio, Massachusetts and New Jersey by tabling a bill that would retroactively force all state insurers to pay for coronavirus-related business interruption (BI) claims made by companies with fewer than 100 employees, despite the exclusions contained within almost all BI policies If passed, the bill would apply to all policies in force in…

BI coverage biggest concern for Marsh clients as Covid-19 exposures mount

BI coverage biggest concern for Marsh clients as Covid-19 exposures mount

BI coverage biggest concern for Marsh clients as Covid-19 exposures mount

Cover for Covid-19 business interruption (BI) losses is the biggest concern for Marsh clients currently, as many come to realise that standard property damage and BI policies likely lack any trigger. Even losses covered by non-damage BI extensions will be a matter of significant debate, Marsh said. Clarissa Franks, head of placement, risk management at Marsh, speaking at a recent…

ABI confirms it is prepared to discuss insurer involvement in state-backed pandemic pool

ABI confirms it is prepared to discuss insurer involvement in state-backed pandemic pool

ABI confirms it is prepared to discuss insurer involvement in state-backed pandemic pool

The UK insurance industry is “up for” debate with government and business about the potential creation of a state-backed insurance scheme for pandemic risk, similar to those already in operation for terrorism and natural catastrophe risks, said the Association of British Insurers (ABI). The debate has been sparked by the realisation among businesses of all sizes in the UK and…

US property underwriters register concern about efforts to include virus losses in BI policies

US property underwriters register concern about efforts to include virus losses in BI policies

US property underwriters register concern about efforts to include virus losses in BI policies

Property re/insurance underwriters in the US are worried about moves from various US state legislators to retroactively extend business interruption (BI) policies to include huge non-damage losses caused by the coronavirus outbreak, based on a survey carried out by broker BMS. The survey of 20 US-based property underwriters representing a total of more than $50bn re/insurance capital, found that having…

Comment: Insurance sector needs to find compromise solution to coronavirus BI claims and fast

Comment: Insurance sector needs to find compromise solution to coronavirus BI claims and fast

Comment: Insurance sector needs to find compromise solution to coronavirus BI claims and fast

Pressure is rising on the insurance sector to play its part in supporting the global economy during this time of unprecedented crisis, and individual insurers and the sector’s representative bodies are working hard to let the world know that it is ready to support businesses and individuals as we all grapple with the impact of the coronavirus. Insurance companies have…

US insurance bodies warn of insolvency risk if BI policies retroactively expanded to cover virus

US insurance bodies warn of insolvency risk if BI policies retroactively expanded to cover virus

US insurance bodies warn of insolvency risk if BI policies retroactively expanded to cover virus

US insurance bodies have reaffirmed their stout resistance to any efforts to retroactively alter business interruption (BI) policies to cover coronavirus-related losses, after politicians in Ohio and Massachusetts last week tabled bills to force insurers to lift exclusions, following a similar proposal from New Jersey legislators. If the new laws were passed and copied across the US, the insurance and…

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

The UK’s Treasury Committee has written to the Association of British Insurers (ABI) demanding answers about the way the insurance industry is responding to Covid-19. The letter includes specific questions on business interruption (BI) and asks where there might be room for “flexibility” when it comes to potential cover. Chair of the committee Mel Stride said he sent the open…