IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

IAIS calls for patience on global regs as risk associations urged to step in

Manuela Zweimueller, head of supervisory practices at the International Association of Insurance Supervisors (IAIS), has told multinational insurance buyers not to expect the supervisory body to magically fix problems with global programme regulations anytime soon, but said it is starting to raise awareness of various issues with regulators. This prompted other experts at our latest conference to urge insurance buying…

Fitch puts stable outlook on French market with Covid BI losses to recede

Fitch puts stable outlook on French market with Covid BI losses to recede

Fitch puts stable outlook on French market with Covid BI losses to recede

Fitch has assigned a stable outlook for the French non-life insurance sector in 2021, as it predicts business interruption (BI) losses will fall while other affected lines, such as trade credit and event cancellation, may rise. The ratings agency said new affirmative language inserted into BI policies at renewal from the first quarter of 2020 will reduce the impact of…

FCA BI test case appeal likely to see clear winner but result in balance, says leading lawyer

FCA BI test case appeal likely to see clear winner but result in balance, says leading lawyer

FCA BI test case appeal likely to see clear winner but result in balance, says leading lawyer

The Supreme Court’s appeal ruling in the UK’s business interruption (BI) test case is likely to be decisive but could go either way, according to a legal expert, who added that it will impact similar cases overseas, as well as insurance and reinsurance contracts subject to English law. Last week saw the conclusion of the test case brought by the…

Santam to appeal after losing CBI court case in South Africa

Santam to appeal after losing CBI court case in South Africa

Santam to appeal after losing CBI court case in South Africa

Santam is to appeal against a court ruling that found South Africa’s largest non-life insurer liable to pay a client’s claim relating to a coronavirus lockdown. Insured hotel group Ma-Afrika successfully argued it was wrong to reject claims made under contingent business interruption policies after they were forced to close, following government lockdowns in the eye of the Covid-19 pandemic.…

Praedicat develops clash risk models for Covid-19 liability exposures

Praedicat develops clash risk models for Covid-19 liability exposures

Praedicat develops clash risk models for Covid-19 liability exposures

Emerging risk modeller Praedicat has developed scenarios that allow casualty insurers to track Covid-19 liability exposures, manage aggregations and set aside reserves for potential legal cases, in a bid to help the market support customers. The clash scenarios developed by Praedicat within the Lloyd’s Lab insurtech facility are based on past mass-litigation cases. They map loss estimates against companies that…

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

IAG raises new equity as Australia’s BI test case finds in favour of policyholders

Australian insurer IAG said it will raise $750m in new equity after the Supreme Court of New South Wales (NSW) put insurers back on the hook for business interruption (BI) payments to policyholders affected by the Covid-19 crisis. The judgment found pandemic exclusions in BI policies, particularly those that refer to Australia’s Quarantine Act rather than the new Biosecurity Act,…

UK’s Supreme Court takes recess to mull BI Covid-19 appeals

UK’s Supreme Court takes recess to mull BI Covid-19 appeals

UK’s Supreme Court takes recess to mull BI Covid-19 appeals

The UK’s Supreme Court will adjourn today and consider appeal arguments lodged by UK regulator the Financial Conduct Authority (FCA) on behalf of business interruption policyholders and opposing arguments from their insurers over Covid-19 claims. The court has listened to appeals on policy wordings from all parties this week following the High Court’s ruling in September. QBE, Argenta, MS Amlin,…

Call for EU rules to help competitiveness of European insurers

Call for EU rules to help competitiveness of European insurers

Call for EU rules to help competitiveness of European insurers

Insurance Europe has called for EU rules and trade policy to help, not hinder, European firms’ global competitiveness. In its response to a consultation conducted by the European Commission (EC) on its review of EU trade policy, Insurance Europe says the EC should consider global competitiveness as a clear objective in EU policymaking. The response notes that about a third…

Dutch law firm joins Global Insurance Law Connect network

Dutch law firm joins Global Insurance Law Connect network

Dutch law firm joins Global Insurance Law Connect network

The Dutch law firm WIJ advocaten BV has become the latest member of the Global Insurance Law Connect (GILC) legal network. Jim Sherwood, chairman of GILC, said: “WIJ advocaten was founded a decade ago, and in that ten years, it has focused entirely on insurance. It is a perfect fit for our group of likeminded specialist firms, which all have…

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Suncorp adds $125m to BI reserves after Victoria’s Covid-19 lockdown

Australian insurer Suncorp has set aside a further $125m in reserves for potential business interruption (BI) claims following the second Covid-19 lockdown in Victoria, raising its total provision for BI pandemic losses to $195m. Booked to the first half of 2021, ending December 2020, the additional reserves follow $70m in provisions for BI claims linked to Covid-19 up to the…

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