Measured approach from reinsurers at April renewals despite flash points, says Willis Re

Measured approach from reinsurers at April renewals despite flash points, says Willis Re

Measured approach from reinsurers at April renewals despite flash points, says Willis Re

The April reinsurance renewals saw significant rate increases on loss-affected accounts, in some case as much as +50% for Japanese wind exposures, but loss-free business saw more modest rises,  according to latest 1st View renewals report from Willis Re. It concludes that overall reinsurers took a measured approach to the April renewals. With the gradual hardening of the market during…

IFRIMA warns of unscrupulous insurers as Covid-19 unfolds

IFRIMA warns of unscrupulous insurers as Covid-19 unfolds

IFRIMA warns of unscrupulous insurers as Covid-19 unfolds

The International Federation of Risk and Insurance Management Associations (IFRIMA) has warned risk managers they will face belligerent claims staff and unscrupulous insurers as the Covid-19 crisis unfolds. The stark warning came from IFRIMA president Gert Cruywagen, writing to risk managers in his native South Africa. “There will be many new risks after Covid-19,” he stressed. “Those of us who…

Willis develops pandemic tracker to help clients assess P&C exposures

Willis develops pandemic tracker to help clients assess P&C exposures

Willis develops pandemic tracker to help clients assess P&C exposures

Willis Towers Watson (WTW) has developed a pandemic tracker that will allow P&C clients to measure Covid-19 exposures. Launched by WTW’s risk and analytics team and integrated into its Global Peril Diagnostics tool, the new feature gives up-to-date information on confirmed Covid-19 cases around the world alongside clients’ property total insured values. WTW said it will also track any business…

Hong Kong insurance industry grew 9.1% in 2019

Hong Kong insurance industry grew 9.1% in 2019

Hong Kong insurance industry grew 9.1% in 2019

The Hong Kong insurance industry reported an increase in total gross premiums in 2019 of 9.1% to $580.2bn, and an increase of 93.3% in general insurance business underwriting profit, according to provisional statistics released by the Insurance Authority of Hong Kong. The growth in premiums was largely driven by life business. Total revenue premiums of long-term in-force business were $524.6bn…

Experts put forward supply chain risk management response for triple-shock Covid-19

Experts put forward supply chain risk management response for triple-shock Covid-19

Experts put forward supply chain risk management response for triple-shock Covid-19

The business impact of Covid-19 will be unlike anything in recent memory, with supply, demand and liquidity shocks set to combine and cause unprecedented disruption, according to expert speakers on a Commercial Risk Europe webinar. The specialists said that although supply chain risk management is lacking in many organisations, there are steps they can take now to respond to the coronavirus…

Australian class action landscape set to significantly evolve in 2020 after recent decisions

Australian class action landscape set to significantly evolve in 2020 after recent decisions

Australian class action landscape set to significantly evolve in 2020 after recent decisions

The fast-evolving Australian class actions landscape is likely to see “significant” change in 2020, according to Chris Pagent of Australian law firm Corrs Chambers Westgarth. Some of the change will be be welcomed by risk managers battered by the rapid rise in actions over recent times, but some will not. The big driver of positive change from a defendant’s perspective…

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

IIF calls for unity in virus response and level playing field for all

The Washington-based Institute of International Finance (IIF) has called on international policymakers to maintain a united and coordinated response to the financial and economic threat posed by coronavirus and warned against regulatory arbitrage if some financial centres fail to fall into line. Dr Axel Weber, IIF chairman and chairman of the board of directors at UBS Group, and Tim Adams,…

Mactavish warns Covid-19’s impact on insurance sector could be greater than 9/11 and worsen hard market

Mactavish warns Covid-19’s impact on insurance sector could be greater than 9/11 and worsen hard market

Mactavish warns Covid-19’s impact on insurance sector could be greater than 9/11 and worsen hard market

Mactavish has warned that Covid-19’s impact on the commercial insurance sector could be greater than 9/11, with heavy investment losses exacerbating the hard market and premiums rising dramatically, cover being withdrawn, more exclusions and rejected claims. It has therefore called for a range of emergency government and industry measures to support the insurance market and its customers, including a temporary…

Insurance Council of Australia declares Covid-19 a catastrophe but BI claims largely excluded

Insurance Council of Australia declares Covid-19 a catastrophe but BI claims largely excluded

Insurance Council of Australia declares Covid-19 a catastrophe but BI claims largely excluded

The Insurance Council of Australia (ICA) has declared coronavirus (Covid-19) an insurance catastrophe and tried to clarify what is and what is not covered under various lines of business, but conceded that the extent of claims and losses is unknown at this point in a fast-changing situation. The ICA, which represents virtually all Australian insurers, said an insurance industry taskforce…

World Bank warns against shift to protectionist policies and simplified supply chains to combat coronavirus

World Bank warns against shift to protectionist policies and simplified supply chains to combat coronavirus

World Bank warns against shift to protectionist policies and simplified supply chains to combat coronavirus

The World Bank has advised national governments not to react to the rise of coronavirus (Covid-19) and its devastating impact on the global economy too hastily by raising protectionist barriers and particularly by restricting the export of badly needed food and medical products. Now is the time for the nations of the world to pull together to combat the virus…

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