US insurance trade bodies propose federal pandemic scheme

US insurance trade bodies propose federal pandemic scheme

US insurance trade bodies propose federal pandemic scheme

A group of US insurance trade bodies has proposed a federally-backed insurance solution to support businesses financially affected by future pandemics. The group said this type of solution is needed because pandemic risks is simply too large to be covered by insurers alone. The Business Continuity Protection Program (BCPP) promises revenue replacement assistance for payroll, employee benefits and operating expenses.…

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali’s profits plummet on back of €655m Covid-19-related investment hit

Generali has vowed to “significantly” reduce costs and made clear its financial performance will fall below last year, after net profits were slashed by nearly 85% in Q1 as Covid-19 severally hit its investment portfolio. The insurer saw net profit fall 84.8% to €113m, from €744m in the same period of 2019. Generali said that was primarily because it booked…

WTW names Forsgård as leader of new Nordic structure

WTW names Forsgård as leader of new Nordic structure

WTW names Forsgård as leader of new Nordic structure

Willis Towers Watson (WTW) has named Johan Forsgård as leader of its new Nordic regional structure. As head of Nordics he will manage the newly formed regional unit at WTW that now includes Sweden, Finland, Denmark and Norway. Mr Forsgård was previously head of Sweden and Finland at the broker. He will carry out his new role from Stockholm. Anne…

Event cancellation market open but capacity and disease cover limited

Event cancellation market open but capacity and disease cover limited

Event cancellation market open but capacity and disease cover limited

Despite facing heavy losses, the event cancellation insurance market remains open but capacity is limited and infectious disease cover is hard to come by, Marsh JLT Specialty told CRE. Event cancellation has been one of the hardest-hit insurance lines during the coronavirus outbreak as sporting fixtures, events, conferences, trade shows and film and TV production have been postponed or cancelled.…

Mactavish urges buyers to tender business to multiple brokers as report flags conflict of interest

Mactavish urges buyers to tender business to multiple brokers as report flags conflict of interest

Mactavish urges buyers to tender business to multiple brokers as report flags conflict of interest

A new report from Mactavish finds that brokers operating in the UK market receive as much as 80% of their remuneration from insurers and much is directly linked to premium, creating a “huge” conflict of interest. It says this conflict is set to worsen as rates harden further because of Covid-19 and advises policyholders to tender business to multiple brokers…

Slightly above-average US hurricane season predicted in latest forecast

Slightly above-average US hurricane season predicted in latest forecast

Slightly above-average US hurricane season predicted in latest forecast

The latest North Atlantic storm and hurricane season prediction from the Met Office estimates slightly more than average activity, and is line with other forecasts for major hurricanes but a touch below the total numbers put forward by other experts. The UK’s Met Office has forecast 13 tropical storms for the June to November season. This is just above the…

Lloyd’s, Munich Re, Zurich and Chubb criticised for insuring Trans Mountain tar sand pipeline

Lloyd’s, Munich Re, Zurich and Chubb criticised for insuring Trans Mountain tar sand pipeline

Lloyd’s, Munich Re, Zurich and Chubb criticised for insuring Trans Mountain tar sand pipeline

Lloyd’s has been revealed as the biggest insurer of Canada’s controversial Trans Mountain tar sand pipeline, followed by Munich Re, with Zurich and Chubb not far behind and increasing their participation in the programme. The majority of the insurers are European and the deal was brokered by JLT before it was taken over by Marsh. The news comes despite the…

Zurich confident in ability to resist attack on BI coverage via virus claims

Zurich confident in ability to resist attack on BI coverage via virus claims

Zurich confident in ability to resist attack on BI coverage via virus claims

Zurich’s top management believes the group is less exposed than others in the market to the threat of legal or legislative action breaching the defences in its business interruption (BI) policies, as lawyers and politicians continue to seek ways of accessing funds to help businesses recover from the Covid-19 virus. CEO Mario Greco told analysts he is confident that the…

AGCS names new head of cyber competence unit

AGCS names new head of cyber competence unit

AGCS names new head of cyber competence unit

Allianz has appointed Dr Catharina Richter as global head of cyber at its centre of competence, the insurance group’s cyber risk underwriting initiative and part of its corporate arm Allianz Global Corporate & Specialty (AGCS). Dr Richter takes up the role from her current position as head of digital regulation at Allianz. She will report to Thomas Sepp, AGCS chief…

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