QBE and Aviva BI policies in the sights of action group virus claims

QBE and Aviva BI policies in the sights of action group virus claims

QBE and Aviva BI policies in the sights of action group virus claims

The recently formed Hospitality Insurance Group Action (HIGA), created to pursue business interruption (BI) claims for virus-related losses suffered by companies in the UK hospitality sector, has decided to focus its efforts on policies issued by Aviva and QBE, advising policyholders to sign up by 5 June. The HIGA announced that its legal advisers Mishcon de Reya, in conjunction with…

London market in good shape but still needs to improve claims process

London market in good shape but still needs to improve claims process

London market in good shape but still needs to improve claims process

The London (re)insurance market faces a big share of the $100bn-plus claims that are expected to come as a result of Covid-19, but is in good shape and has used recent investment in technology to deliver contract certainty and continuity to customers, according to the latest London Mattersreport published this week by the London Market Group (LMG). But there remains…

RIMS launches professional advisory programme

RIMS launches professional advisory programme

RIMS launches professional advisory programme

RIMS has launched a new professional advisory programme – Ask a Peer – to connect risk management experts and service providers with risk professionals looking for support and guidance. The costs of the Ask a Peer initiative will vary depending on the scope of the project and the risk professional adviser. RIMS said it will recruit advisers from diverse backgrounds…

EasyJet reveals cyberattack breach of nine million customers’ details

EasyJet reveals cyberattack breach of nine million customers’ details

EasyJet reveals cyberattack breach of nine million customers’ details

Email addresses and travel details of around 9 million easyJet customers were exposed in a “highly sophisticated” cyberattack, the firm has disclosed. The airline and travel company first became aware of the attack in January and informed authorities. But the the complexity of the attack means it has taken time to unravel and identify affected customers, the firm added. Speaking…

Insurers’ capital strength stands up to AM Best’s Covid stress test

Insurers’ capital strength stands up to AM Best’s Covid stress test

Insurers’ capital strength stands up to AM Best’s Covid stress test

The Covid-19 pandemic will hit insurers’ earnings but capital levels are strong enough to withstand the crisis, according to stress-test analysis from AM Best. The ratings agency said the financial strength of insurers would buffer shocks to balance sheets. It added that some insurers – such as those in the life and health sector, with exposure to mortgage loans or…

S&P revises reinsurance outlook to negative from stable

S&P revises reinsurance outlook to negative from stable

S&P revises reinsurance outlook to negative from stable

S&P has revised its reinsurance sector outlook to negative from stable and warned of downgrades for individual reinsurers, which are expected to suffer in 2020 on the back of Covid-19. The ratings agency said reinsurers will fall short of earnings targets this year as they are hit by both pandemic losses and lower investment returns. It added that the Covid-19…

Beazley raises £247m to protect against virus claims and tap opportunities

Beazley raises £247m to protect against virus claims and tap opportunities

Beazley raises £247m to protect against virus claims and tap opportunities

Lloyd’s insurer Beazley has raised £247m in fresh capital, which it says will shore up the group’s capital position in light of the uncertainty surrounding the Covid-19 pandemic and, at the same time, enable it to take advantage of growth opportunities from the hardening market. The insurer announced this morning that it had successfully placed new shares in the company…

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

EC gets behind pandemic risk pools as EIOPA considers pan-European scheme

CRE understands the EC has told campaigners it is exploring proposals to create public-private-partnerships, or pools, to protect against future pandemic risk. The European Insurance and Occupational Pensions Authority (EIOPA) has also backed the moves, with sources explaining that it first wants to explore national schemes and then potentially look at a pan-European solution. The Commission has responded positively to…

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

UK risk management association Airmic has welcomed the news that its government has agreed to provide reinsurance support for trade credit insurers to ensure that companies can maintain critical cover against insolvency in the supply chain during the current Covid-19 pandemic. But the UK has been slow off the blocks to support its exporters. The scheme, which will be operational…

FCA consults buyers as it seeks BI coverage clarity

FCA consults buyers as it seeks BI coverage clarity

FCA consults buyers as it seeks BI coverage clarity

UK buyers in dispute with their insurers over pandemic payments from business insurance policies officially have until tomorrow to submit details to the Financial Conduct Authority (FCA) as it prepares legal test cases. At the beginning of May, the regulator said it would seek legal clarity on the terms of business interruption (BI) policies. Many insurers say their polices exclude…