Credit ratings agency Moody’s has changed the outlook for the Atradius group of credit insurers (ACyC), Coface and Clal Credit Insurance to negative from stable, because it believes they could be hit harder by the coronavirus outbreak than the credit crisis of 2008/2009. Euler Hermes and the Israeli Credit Insurance Company (ICIC) are subject to the same risks but retain their…
US insurance bodies have reaffirmed their stout resistance to any efforts to retroactively alter business interruption (BI) policies to cover coronavirus-related losses, after politicians in Ohio and Massachusetts last week tabled bills to force insurers to lift exclusions, following a similar proposal from New Jersey legislators. If the new laws were passed and copied across the US, the insurance and…
Can you summarise what happened in the Adidas case? David Halperin: The sportswear manufacturer suffered a fire at its warehouse in India in 2009, for which both its German parent (Adidas Germany) and Indian subsidiary (Adidas India) received insurance indemnification. Adidas India received $7m under a property policy issued to it in India (the Adidas India policy), covering loss caused…
Fitch Ratings has revised its outlook for the underlying fundamentals of both the London market insurance sector and the global reinsurance sector to negative from stable. The ratings agency said the revision reflects increased concerns over the Covid-19 disruption and the related impacts on the credit quality of London market insurers and global reinsurers. Fitch said its outlook for ratings…
Portugal is to delay the introduction of its new stamp duty reporting system until 2021, according to insurance premium tax compliance consultancy Impendulo. This is due to the delays caused by the current Covid-19 pandemic. Impendulo said the Portuguese tax authority has decided to defer the introduction of the new stamp duty reporting system to 2021, and reporting will be…
European and national policymakers have been urged to keep European financial markets open during the Covid-19 pandemic. A group of ten associations representing a range of financial services companies, exchanges, funds and consumers, including Insurance Europe, has written to various policymakers emphasising the importance of keeping European financial markets open. The group says that closing the markets would have a…
Willis Towers Watson’s (WTW) GB financial lines and executives risk team (Finex) has appointed Eve Richards as its new GB head of Finex D&O, and Angus Duncan as executive director and coverage specialist. According to WTW, they will be tasked with working with large complex clients on structuring “long-term sustainable placements in a move that reflects the need for a…
The UK’s Treasury Committee has written to the Association of British Insurers (ABI) demanding answers about the way the insurance industry is responding to Covid-19. The letter includes specific questions on business interruption (BI) and asks where there might be room for “flexibility” when it comes to potential cover. Chair of the committee Mel Stride said he sent the open…
Chubb has allegedly been hit by a Maze ransomware attack and has confirmed it is investigating a security incident. Ransomware operator Maze has claimed that it encrypted devices on Chubb’s network in March. Maze has not yet published any of the data it says it has stolen. Chubb has confirmed it is currently investigating a computer security incident that may…
Corporates with employees working from home during the current coronavirus pandemic are at new levels of risk from cybercriminals looking to exploit weak systems, according to Zurich. It said companies must make sure systems are as secure as possible and alert employees of threats to cybersecurity when working remotely. The insurer added that companies must check employees are trained to…