GFIA warns that insurance industry stability threatened by retroactive cover

GFIA warns that insurance industry stability threatened by retroactive cover

GFIA warns that insurance industry stability threatened by retroactive cover

The Global Federation of Insurance Associations (GFIA) has said that asking insurers to retroactively cover pandemic losses that were not included in existing policies could seriously threaten the stability of the global insurance industry. It said retroactively changing the terms of policies would not be an appropriate way to address the large-scale financial impacts of the Covid-19 pandemic. Instead, the…

Good news for corporates on cyber insurance

Good news for corporates on cyber insurance

Good news for corporates on cyber insurance

The UK Supreme Court has delivered good news to corporates, agreeing that the Morrisons supermarket group was not vicariously liable for the actions on an employee who leaked staff data back in 2014. The ruling is good news for insureds – it was the first data class action in the UK of its type and was a much-anticipated judgment, as…

Insurers wary of meeting growing demand for specialist pandemic cover

Insurers wary of meeting growing demand for specialist pandemic cover

Insurers wary of meeting growing demand for specialist pandemic cover

Brokers want to increase capacity for specialist pandemic cover but insurers are reluctant to offer protection without government backing. A number of brokers have said they are experiencing more enquiries for specialist pandemic insurance. Last week, London market broker Miller said it had experienced a surge in interest from companies wanting to protect themselves against the next epidemic or pandemic.…

Tapping BI policies for virus risk would cause insurer liquidity crunch, warns Morningstar

Tapping BI policies for virus risk would cause insurer liquidity crunch, warns Morningstar

Tapping BI policies for virus risk would cause insurer liquidity crunch, warns Morningstar

If legislative efforts in several US states to retroactively extend business interruption (BI) policies to include the current virus outbreak are successful, it would cause a “liquidity crunch” for a number of commercial line P&C insurers and potentially leave the whole sector highly exposed if reinsurers are able to refute claims, according to credit ratings agency DBRS Morningstar. Latest analysis…

AXA’s Buberl vows to push for creation of state-backed pandemic risk schemes

AXA’s Buberl vows to push for creation of state-backed pandemic risk schemes

AXA’s Buberl vows to push for creation of state-backed pandemic risk schemes

Thomas Buberl, CEO of AXA, has pledged to personally lead efforts by the French insurance industry and others across Europe to create state-backed insurance schemes to provide cover for pandemic risk in the form of public-private partnerships. In an interview carried out with French weekly newspaper Le Journal du Dimanche, Mr Buberl said AXA is ready to work with the…

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

The French Insurance Association (FFA) has launched a consultation process to prepare a proposal to the government about the formation of a public-private partnership to create an insurance-type regime to cover large-scale health disasters such as the current pandemic. FFA president Florence Lustman has issued a statement in which she said calls in the US and parts of Europe to…

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

John Doyle, president and CEO of Marsh and vice-chair of Marsh & McLennan Companies (MMC), has written to Congress leaders and the US administration, offering to help create a pandemic risk insurance programme that would help the US economy recover from Covid-19 and be far better prepared for any future outbreak. Marsh’s bid to create a government-backed scheme to cover…

UK Supreme Court delivers good news for risk managers in Morrisons and Barclays cases

UK Supreme Court delivers good news for risk managers in Morrisons and Barclays cases

UK Supreme Court delivers good news for risk managers in Morrisons and Barclays cases

Risk managers will welcome two long-awaited rulings from the UK Supreme Court in cases against Morrisons and Barclays that will reduce the exposure of corporates going forward. Both cases involved the responsibility of the corporate for the actions of an individual employee. Morrisons workers whose payroll details were leaked by a disgruntled employee will not receive compensation, the Supreme Court has…

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Europe’s corporate risk and insurance managers would support the creation of state-backed insurance pools to cover pandemic risk and plug the huge coverage gap that has been exposed by the Covid-19 outbreak, based on feedback from leading industry representatives gathered by Commercial Risk Europe. The topic has risen to the top of the agenda as businesses across Europe and the…

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