EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

CRE understands the EC has told campaigners it is exploring proposals to create public-private-partnerships, or pools, to protect against future pandemic risk. The European Insurance and Occupational Pensions Authority (EIOPA) has also backed the moves, with sources explaining that it first wants to explore national schemes and then potentially look at a pan-European solution. The Commission has responded positively to…

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

UK risk management association Airmic has welcomed the news that its government has agreed to provide reinsurance support for trade credit insurers to ensure that companies can maintain critical cover against insolvency in the supply chain during the current Covid-19 pandemic. But the UK has been slow off the blocks to support its exporters. The scheme, which will be operational…

Ferma launches taskforce to push for public-private NDBI insurance solution for all cat risks

Ferma launches taskforce to push for public-private NDBI insurance solution for all cat risks

Ferma launches taskforce to push for public-private NDBI insurance solution for all cat risks

Ferma and its member associations have launched a taskforce to push the EU, national governments and insurance industry towards providing cover for all catastrophic non-damage business interruption (NDBI). The lack of suitable and affordable NDBI cover has been a big complaint of insurance buyers for many years. The fact that insurers are not expecting big losses from Covid-19 highlights how…

Swiss Re ready to respond to rising demand for alternative risk financing: Keist

Swiss Re ready to respond to rising demand for alternative risk financing: Keist

Swiss Re ready to respond to rising demand for alternative risk financing: Keist

No one within the European risk management and insurance market should be surprised by the uptick in interest in alternative risk financing, as companies across the continent struggle to cope with the economic and financial impact of Covid-19. The current crisis has once again underlined how traditional insurance products are limited in the way in which they can help deal…

Helvetia to pay 50% of restaurant BI losses despite exclusions

Helvetia to pay 50% of restaurant BI losses despite exclusions

Helvetia to pay 50% of restaurant BI losses despite exclusions

Swiss multi-line insurance and reinsurance group Helvetia has taken the radical step of offering to pay 50% of the virus-related business interruption (BI) losses of its Swiss restaurant policyholders, despite continuing to insist that the risk is legally excluded from its policies. This follows a compromise reached in Bavaria led by the German state’s economics ministry, under which a group…

German risk managers call for greater flexibility and partnership from insurers as virus bites

German risk managers call for greater flexibility and partnership from insurers as virus bites

German risk managers call for greater flexibility and partnership from insurers as virus bites

German risk managers are becoming increasingly frustrated by the inflexibility of the insurance market in its response to the Covid-19 pandemic and are asking what happened to the promises of long-term partnerships with customers that were used to help gain significant price increases at recent renewals. The leading insurers will find coming renewals discussions with German risk managers increasingly tense…

Anra and Swiss Re focus on alternative risk financing

Anra and Swiss Re focus on alternative risk financing

Anra and Swiss Re focus on alternative risk financing

The Covid-19 pandemic crisis has clearly shown the limitations of traditional insurance coverage to respond to non-traditional risks, and the market will need to act fast to respond to rising demand from risk managers for solutions as they seek answers for their companies. A number of experts have pointed to the huge opportunity the virus presents for the risk management…

GVNW pleads for urgent action on state-backed pandemic risk system

GVNW pleads for urgent action on state-backed pandemic risk system

GVNW pleads for urgent action on state-backed pandemic risk system

The GVNW, Germany’s risk and insurance management association, has issued a call to the German government and wider insurance market, to “urgently” pursue the creation of a state-backed insurance scheme to provide badly needed coverage for future pandemic risks. As elsewhere in Europe and worldwide, German businesses have found that their business interruption (BI) policies generally do not cover the…

Eurozone facing up to 12% fall in economy, says Mapfre Re

Eurozone facing up to 12% fall in economy, says Mapfre Re

Eurozone facing up to 12% fall in economy, says Mapfre Re

The Covid-19 pandemic is Europe’s “greatest challenge since inception”, according to Mapfre’s economic research unit Mapfre Economics, which has revised its global economic outlook and now forecasts a fall in the region’s economy of at least 5.1% to as high as 12.4% in 2020. Mapfre Economics said the range takes into account the duration of the economic impact, the effectiveness…

Europe’s ESG disclosures should be mandatory across the world, says DBRS

Europe’s ESG disclosures should be mandatory across the world, says DBRS

Europe’s ESG disclosures should be mandatory across the world, says DBRS

The rest of the world should follow Europe in mandating disclosures of corporates’ environmental, social and governance (ESG) risks, according to credit ratings agency DBRS Morningstar. It said global use of ESG reporting would make disclosures more comparable and standardised. Many large companies outside the EU have followed investor appetite for ESG disclosures and voluntarily publish ESG risks, but this…

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