Covid-19 has sparked a wave of insurance coverage litigation that is set to lead to further restrictions on business interruption (BI) cover. Small businesses were hit hard by the pandemic and resulting lockdowns. Many soon found their insurance did not cover related BI losses. Hundreds joined class actions against their insurers, while test cases were brought in the UK and…
The global P&C insurance industry produced another underwriting profit last year and a combined ratio of 97.4%, according to Aon’s 15th annual Insurance Risk Study. The figure is a slight improvement on the 98% combined ratio in 2018 and was buoyed by an overall 95.5% combined ratio in Europe. Asia-Pacific and the Americas each averaged 98%. The combined ratio was…
Captives are currently a good option for European risk managers as they grapple to contain costs and maximise coverage during the rapidly hardening corporate insurance market. They offer the opportunity to more effectively identify, measure, manage and prevent risks, and provide critical leverage when negotiating terms and conditions with the insurance and reinsurance markets. But a panel of experts gathered…
France’s minister for the economy and finance Bruno Le Maire said this week that France will need to pass a law to force insurers to participate in any new pandemic risk transfer system. Reuters reported that Mr Le Maire told Le Monde newspaper: “The state is not going to pick up the tab for businesses’ operating losses each time there’s…
A webinar hosted by French risk management association AMRAE has urged members to take on a pioneering role and help organisations tackle climate change risks, which increasingly have the attention of CEOs. The webinar was organised by AMRAE’s property damage commission and AXA Climate, a subsidiary of the French insurance giant, while risk managers from some of France’s largest companies…
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…
Almost one quarter of London market brokers have set up a base in Belgium to continue operating in Europe after the UK’s transition period expires at the end of December, according to the London & International Insurance Brokers Association (LIIBA) that is confident members will be able to continue serving clients in the EU. The survey of London market intermediaries…
The integration of artificial intelligence (AI) tools is the next frontier for developers of risk management software, according to AMRAE, France’s risk management association. An annual survey of the sector just published by AMRAE reveals that novelties such as chatbots, deep learning and data visualisation can make the lives of risk managers much easier and help them to communicate with…
Scor is set to raise €300m in a Tier 2 notes issue placement. The French reinsurer said it will use the proceeds “for general corporate purposes” and will be eligible as regulatory capital. The settlement is expected on 17 September. CEO Denis Kessler said the notes were oversubscribed by nine times. The coupon has been set at 1.375% until 2031…
Curaçao, Israel and the US are among the simplest jurisdictions in terms of their legislative environment, while Indonesia tops the list as the most complex, according to TMF Group’s Global Business Complexity Index 2020. The index is generated from an in-depth survey of TMF Group’s in-market experts in 77 jurisdictions. The index shows there is significant global variation in the…