The European Commission has approved, under EU state aid rules, a French guarantee scheme for small and midsize companies with export activities that are affected by the coronavirus outbreak. It is thought the scheme will mobilise some €200m. This follows approval given by the EC for a guarantee scheme that will be managed by the Czech export credit agency EGAP,…
RMS has launched a new model for convective storms in Europe, which caused €12bn of insured losses between 2013 and 2019. The model covers a range of severe convective storm events, including localised tornadoes and hailstorms. It models property and motor policy losses. The European Severe Convective Storm High Definition Model covers 17 countries where the risk of severe convective…
Bottlenecks in European and global supply chains caused by the Covid-19 pandemic will significantly deepen the economic crisis faced by EU nations and plunge the bloc into a worse recession than in 2009, according to Oxford Economics, the UK-based global forecasting and quantitative analysis firm. Its latest analysis finds that for the EU, intra-bloc trade is vital and shutdowns will…
The World Bank’s pandemic bonds, which could provide $132.5m of funds to countries within the International Development Association (IDA) and International Bank Reconstruction and Development (IBRD), will be triggered and paid out – but only if reported cases of coronavirus continue to escalate rapidly in the developing world, as cases in China and Europe show welcome signs of plateauing. Credit…
Deutsche Bank has revealed that it may ask its German staff to cut their hours and take government money instead, as the loss-making German bank attempts to struggle through the coronavirus crisis, according to news agency Reuters. Earlier this month, the bank said the impact of the coronavirus outbreak may affect its ability to meet its financial targets. Last year,…
The UK, Germany, Spain, France, the Netherlands, Belgium and Romania are the European countries most at risk from the spread of coronavirus (Covid-19) as a result of the outbreak in Italy, according to scenarios run by AIR Worldwide. It has also named the countries most at risk from the secondary outbreaks in South Korea and Iran. Using models to project…
Europe’s data protection regulators have shown wide differences in General Data Protection Regulation (GDPR) fines and been inconsistent in dealing with cyber incidents, according to analysis from Beazley. In its latest Breach Insights article, Beazley says there has been little consistency so far even though the same rules apply across Europe. Beazley notes that although GDPR regulatory activity has picked up,…
Insured losses from Europe’s Storm Ciara/Sabine are estimated to total between €1.1bn and €1.9bn, with claims in Germany likely to account for half the total loss. RMS said the storm will costs insurers between €1.1bn and €1.8bn, with around 50% hitting Germany. The estimate is in line with the €1.1bn to €1.9bn forecast by AIR last week. Germany’s insurance association…
The first insured loss estimate for European Storm Ciara/Sabine from AIR Worldwide ranges between €1.1bn and €1.9bn, with the majority falling in the UK, France and Germany. The storm also affected a wide area of mainland Europe including the Netherlands, Poland, Belgium, the Czech Republic, Slovenia, Sweden, Denmark and Norway, where it was named Elsa. It caused wind damage and…
AXA is selling its operations in Poland, Czech Republic and Slovakia, but AXA XL’s and AXA Partners’ operations within the three countries are not within the scope of the agreement. AXA has entered into an agreement with UNIQA to sell 100% of its life and savings, P&C and pension businesses in central and eastern Europe for a total cash consideration of…