Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

Insurers in the UK, France and Germany will face “moderate” business interruption (BI) losses from disruption and closures as a result of coronavirus, with the bulk of policies excluding pandemic-related claims, according to a report by Moody’s. But it warned this could cause the industry reputational damage. Moody’s said while losses and claims may be low, the insurance sector faces…

German insurers say cat bonds may be needed for pandemic cover as BI market backs away

German insurers say cat bonds may be needed for pandemic cover as BI market backs away

German insurers say cat bonds may be needed for pandemic cover as BI market backs away

The German insurance association, the GDV, has reminded policyholders and the wider market that they should not expect to be able to call on their standard business interruption (BI) policies for coronavirus-related losses, because it is generally excluded. In an article on its website quoting a number of German market insurance and reinsurance experts, the association said there is likely…

EIOPA says European insurers need to reduce returns before it relaxes solvency requirements

EIOPA says European insurers need to reduce returns before it relaxes solvency requirements

EIOPA says European insurers need to reduce returns before it relaxes solvency requirements

The European Insurance and Occupational Pensions Authority (EIOPA) is ready to relax Solvency II’s capital adequacy and reporting requirements because of the impact of coronavirus. But it wants to see European insurers reduce their returns to shareholders before it advises national regulators (NCAs) to take action. The lack of statutory powers held by EIOPA to impose its guidelines on NCAs…

GVNW cancels Cologne event as Merkel warns up to 70% of Germans will be infected

GVNW cancels Cologne event as Merkel warns up to 70% of Germans will be infected

GVNW cancels Cologne event as Merkel warns up to 70% of Germans will be infected

The German risk and insurance management association GVNW has cancelled its popular Focus on Cyber and Financial Lines conference planned for Cologne on 18-19 March for health reasons, as the coronavirus (Covid-19) accelerates in the country. The GVNW’s decision to cancel its second-biggest event of the year came the day after Chancellor Angela Merkel warned that up to 70% of the…

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

Covid-19 to spark global and eurozone recession, warns Swiss Re Institute

The coronavirus (Covid-19) will spark a global and eurozone recession this year, having changed economic projections “considerably”, according to the Swiss Re Institute. Its revised baseline forecast is for a global recession in 2020 and no ‘V-shaped’ recovery, given the coronavirus outbreak and tightening financial conditions on the back of already weak economic resilience. The Swiss Re Institute said the…

ERGO and Munich Re exceed 2019 profit targets

ERGO and Munich Re exceed 2019 profit targets

ERGO and Munich Re exceed 2019 profit targets

Munich Re’s primary business ERGO reported profits of €440m in 2019 as it beat targets and added to the reinsurer’s group €2.7bn bottom line. ERGO’s P&C Germany unit saw profits rise to €148bn from €45m in 2018, and its international business saw them increase a touch to €105m from €103m ERGO’s target profit for last year was €400m. Munich Re…

Buyer associations urge market to change behaviour as ‘long-term’ hardening sets in

Buyer associations urge market to change behaviour as ‘long-term’ hardening sets in

Buyer associations urge market to change behaviour as ‘long-term’ hardening sets in

GVNW and Airmic have warned that the hardening insurance market will be a long-term, seismic shift, after recent membership surveys revealed big changes in the price, scope and availability of cover. The surveys also showed widespread dissatisfaction in the way insurers and brokers are handling the changing conditions, with the associations keen to let the market know it could lose…

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