Ferma calls on brokers and insurers to show flexibility and backs pandemic pool concept

Ferma calls on brokers and insurers to show flexibility and backs pandemic pool concept

Ferma calls on brokers and insurers to show flexibility and backs pandemic pool concept

The Federation of European Risk Management Associations (Ferma) has called for “enhanced” understanding of the insurance needs of European businesses to help them battle through the current pandemic and recover afterwards. The federation also said it does not think the retrospective extension of business interruption (BI) policies to include excluded pandemic risks as suggested in the US is a good…

Covid-19 set to cause ‘substantial’ shift in insurance capacity and premiums: Marsh

Covid-19 set to cause ‘substantial’ shift in insurance capacity and premiums: Marsh

Covid-19 set to cause ‘substantial’ shift in insurance capacity and premiums: Marsh

Although it is too early to measure Covid-19’s full or long-term impact on the insurance industry, it will likely cause the market to shift substantially, according to Marsh JLT. “It [Covid-19] is already having global repercussions that we have not seen since 2008/2009 and 2001, and there is a likelihood that we will see a substantial shift in insurance capacity…

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

‘Savage’ upstream energy conditions threaten capacity exists, warns Marsh JLT Specialty

Marsh JLT Specialty has warned that “savage” conditions facing upstream energy firms are likely to be made worse by insurance capacity withdrawals. In its latest energy report, the broker says the crisis facing upstream energy companies – fuelled by Covid-19 and a collapse the in oil price – is worse than any in living memory. While reduced output could be…

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Harris to replace Pryce as CEO of QBE international

AXA XL’s Jason Harris will replace QBE’s CEO of international business Richard Pryce, who is retiring at the end of this year. Mr Harris was CEO of global property and casualty at AXA XL with responsibility for financial lines, construction, engineering, ART and risk engineering. He will take on his new role in the fourth quarter and report to QBE’s…

Coronavirus risks civil unrest backlash in Latin America, warns Verisk Maplecroft

Coronavirus risks civil unrest backlash in Latin America, warns Verisk Maplecroft

Coronavirus risks civil unrest backlash in Latin America, warns Verisk Maplecroft

The coronavirus pandemic is artificially containing civil unrest in Latin America, but postponed elections threaten a stronger backlash once containment measures are lifted, according to a new report from Verisk Maplecroft. Many Latin American states have enforced measures to contain the spread of Covid-19, including limiting civil liberties and potential delays, or postponements, to elections. Verisk Maplecroft expects the pandemic…

Reinsurance sector well positioned to withstand current disruption: Best

Reinsurance sector well positioned to withstand current disruption: Best

Reinsurance sector well positioned to withstand current disruption: Best

The underwriting risk from Covid-19 for the non-life reinsurance industry is manageable at the moment and relevant policy exclusions will hold up, according to AM Best. It said global reinsurers are well capitalised and the industry is resilient, with a long history of innovative and prudent risk management. The carriers with the greatest potential for insured losses are in the…

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

FFA to propose state-backed pandemic scheme but warns ‘miracle’ funds not available

The French Insurance Association (FFA) has launched a consultation process to prepare a proposal to the government about the formation of a public-private partnership to create an insurance-type regime to cover large-scale health disasters such as the current pandemic. FFA president Florence Lustman has issued a statement in which she said calls in the US and parts of Europe to…

Ferma and Belrim call on insurers and brokers to be flexible and support customers during crisis

Ferma and Belrim call on insurers and brokers to be flexible and support customers during crisis

Ferma and Belrim call on insurers and brokers to be flexible and support customers during crisis

The Federation of European Risk Management Associations (Ferma) has urged brokers and insurers to find ways to support clients who are struggling to pay premiums on time or in full because of the strains caused by the coronavirus pandemic. This follows a similar statement issued by Belgian risk management association Belrim that asked insurers and brokers to take “supportive measures”,…

Risk managers advised on dangers of mothballed facilities

Risk managers advised on dangers of mothballed facilities

Risk managers advised on dangers of mothballed facilities

Most corporate insurance managers will be focusing on how, if possible, to call on their liability coverage to help their company through the current pandemic, but they also need to act on the property risks posed to their mothballed production facilities and industrial plants or face some potentially nasty surprises, warns Allianz Global Corporate & Specialty (AGCS). “Many companies are…

WTW puts Miller sale on hold

WTW puts Miller sale on hold

WTW puts Miller sale on hold

Willis Towers Watson (WTW) has pressed pause on the potential sale of its wholesale Lloyd’s broker Miller, amid uncertainty caused by the Covid-19 pandemic. WTW said in February it was undertaking a strategic review to consider Miller’s future, prompting speculation that the broker was clearing the decks ahead of a large merger. The following month, Aon confirmed an offer of…

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