An emergency summary procedure carried out by the Paris Commercial Court has ruled that AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the lawyer representing the plaintiff announced on Friday. It is thought that the ruling could spark a wave of copycat litigation in France. The bill faced by restaurants, hotels and bars incurred by…
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…
Insurance rate hardening accelerated in Q1 with Covid-19 impacting some regions, according to a new report from Aon that found Europe recorded rate increases of more than 10% in the first few months of 2020. The market has also tightened on terms and capacity, Aon says, with higher risk placements “very challenging” in Europe. Aon adds that insurers have retreated…
Covéa has retracted its $9bn offer for Exor-owned Bermudan reinsurer PartnerRe, after attempts to renegotiate the deal in light of Covid-19 ended in failure. With animosity seemingly growing between the two sides, Exor said Covéa attempted to renegotiate the terms of the deal but the French mutual’s “refusal to honour its commitment” was unjustified. Covéa said “current unprecedented conditions” and…
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,…
Being prepared and flexible has been key in finding innovative solutions to working through the Covid-19 crisis, according to Florence Louppe of HDI Global. Coping with the Covid-19 pandemic has brought out the best in people as they find innovative solutions and workarounds to keep business moving through worldwide lockdowns, said Ms Louppe, the insurer’s country manager in France. “Right…
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…
CCR, the French public-sector reinsurer for natural catastrophe and uninsurable risks, has decided to contribute its 2019 net profit to the newly launched state-backed reinsurance scheme that covers credit insurance risks, to support French SMEs through the current Covid-19 crisis. CCR Re, which is likely to be used as the basis of a future French state-backed insurance scheme to provide…
France-based international credit insurer Coface reported a solid set of first-quarter results little affected by the Covid-19 pandemic. But the group warned that both falling revenues and rising claims in coming quarters because of the pandemic will hit results, and it has bolstered its liquidity, up almost three times compared with pre-crisis levels, and de-risked its asset base in preparation…
The planned French state-backed insurance scheme for pandemic risks is moving forward and it is hoped that a proposal will be ready for consultation by June, AXA’s chief risk officer Renaud Guidee told Reuters yesterday. Discussions about the creation of state-backed insurance schemes for pandemic risk – which would comprise policyholders retentions, layers covered by insurers and ultimately reinsured by…