Commercial insurance products are too standardised for today’s buyers and risks, while policy wordings are overcomplicated and often contradictory, according to a new report from Mactavish. It warns this risks disputed claims, as highlighted by recent high-profile business interruption (BI) Covid-19 losses. “Insurers’ refusal to cover Covid-19 impacts – against the context of ambiguously worded business interruption policies – echoes…
The FCA and seven insurers have filed precautionary ‘leapfrog’ applications to appeal to the UK’s Supreme Court on the recent business interruption (BI) test case ruling, but the regulator said an agreement on claims could be struck by close of play tomorrow as “positive” discussions continue. A High Court ruling two weeks ago on Covid-19 BI claims generally found in…
European D&O insurance buyers now face a hard market and should brace for further increases at renewals, brokers and insurers have warned. Elke Vagenende, head of western Europe for finex at Willis Towers Watson, told CRE that European risk managers are experiencing a “hard market” for D&O insurance, with double-digit rate increases now the new norm in most countries. Some…
Patrick Tiernan, managing director, UK commercial lines and global corporate and specialty at Aviva, has been elected as the new chairman of the International Underwriting Association (IUA). He takes over from Malcolm Newman, managing director of the SCOR EMEA hub. Mr Tiernan has been a member of the IUA board since 2017. “I am delighted to be leading an organisation…
Suzi Morgan has joined BMS Group as a director of BMS North America direct and facultative, effective early 2021. She was most recently head of the North American property team at Willis Towers Watson, where she spent more than seven years. She will assist Mark Lawson in leading the BMS team and will be based in London. According to BMS,…
The German risk and insurance management association GVNW and the Federal Association of German Insurance Brokers (BDVM) have asked their government for a “rapid” extension of the state-backed credit insurance protective shield that is due to expire at the end of this year. The protective shield was introduced in April as German companies faced up to a sudden loss of…
A coalition of financial institutions and investors, including companies from the insurance industry, has warned world leaders against “parking” the threat of climate risk while they deal with Covid-19. The move comes after the COP26 UN Climate Change Conference, due to take place in November, was postponed to next year, raising fears among the coalition that climate risk issues will…
Allianz has appointed Christopher Townsend as head of global insurance lines, including Allianz Global Corporate & Specialty (AGCS) and Euler Hermes, as well as reinsurance, Anglo markets, Middle East and Africa. He joins from AIG, where until recently he was CEO of international general insurance. Mr Townsend takes up the role from Niran Peiris, who is retiring at the end…
HDI Global Specialty has appointed Thomas Barenthein as managing director of its Scandinavian branch. He also joins the executive board and replaces Mats Westerborn, who will become general manager of aviation at HDI’s Scandinavian branch. Mr Barenthein joins HDI from Inter Hannover, where he was managing director for Sweden and chief branch officer. HDI’s Scandinavian branch in Stockholm is its…
The use of global programmes could actually increase as a result of the Covid-19 pandemic, according to experts from Zurich Insurance Group. IPN spoke to a small group of them, ahead of Commercial Risk’s two-day Global Programmes Europe conference (29-30 September). Q: Will the pandemic end the inclusion of employee benefits in global programmes or accelerate it?
