The Spanish non-life insurance market has retained a stable outlook under AM Best’s analysis that found it has shown resilience to political turbulence and slowing economic growth. The ratings agency said Spanish insurers have conservative investment portfolios that can bear recent volatility in financial markets following Covid-19. However, it expects financial market turmoil in Q1 2020 to cause unrealised investment…
HDI Global Specialty’s Italian branch has partnered with newly launched underwriting agency Marine Insurance Agency (MIA). Based in Genoa, the new agency will focus on marine hull and cargo business. It has already started writing business for HDI Global Specialty Italy. MIA was launched in March by insurance broker and shipping agency Cambiaso Risso Group. Sergio Revello heads up the…
The impact of Covid-19 is yet to be fully assessed for many African insurers, both in terms of resulting claims and in terms of future business, as a group of insurers discussed at a recent roundtable. Liz Booth reports… Insurers across Africa are reporting few business interruption (BI) claims as yet – but are keeping a close eye on notifications…
Several insurers in the UK have agreed to pay previously disputed business interruption (BI) claims for Covid-19 as the Financial Conduct Authority (FCA) named 16 insurers with policy wordings that will be included in its legal test case to provide coverage clarity . AIG, AXA, Chubb, QBE and Zurich are among those listed, with the latter two among eight insurers actively…
Allianz CEO and Association of British Insurers (ABI) chair Jon Dye has become the latest major insurance industry figure to join Pandemic Re’s steering group, as it presses ahead with plans to protect the UK against future pandemics and considers a state-backed insurance scheme. The insurance industry steering group was formed under the chairmanship of Stephen Catlin, chairman and CEO…
Experts have warned that insurance brokers could be next in line for legal action from companies unable to get Covid-19 claims paid. Companies across Europe and the world have been taking legal action against insurers for failing to pay what they say are valid business interruption (BI) claims for the coronavirus pandemic. Insurers say BI policies typically exclude losses for…
The US commercial property and casualty (P&C) market continued to harden in the first quarter of this year, with significant premium pricing increases in all lines and account sizes, with the exception of workers compensation, according to The Council of Insurance Agents & Brokers’ (CIAB) quarterly commercial P&C market survey. The survey found that premium prices across all-sized accounts increased…
South Korea’s non-life insurance sector’s deteriorated loss ratios in major business lines, escalated pressure on investment earnings amid a historic low interest rate environment and increased asset risk due to capital market volatility, have led AM Best to revise its market segment outlook to negative from stable on the sector. Best said South Korea’s non-life insurance segment went through a…
A class-action lawsuit potentially worth about £18bn has formed against airline easyJet after it revealed a data breach last week. Law firm PGMBM said it will sue the airline and is rallying the support of nine million affected easyJet customers in a no-win, no-fee promise. PGMBM is seeking £2,000 per customer. It said customers had only just been informed of…
The four natural disaster catastrophes declared in Australia during the 2019-2020 summer have already cost more than AU$5.19bn, with more than 15,000 new claims worth AU$270m lodged in the past four weeks, according to the Insurance Council of Australia (ICA). Campbell Fuller, ICA head of communications, said: “Thousands of new claims and property loss assessments have pushed total claims to…