GFIA warns that insurance industry stability threatened by retroactive cover

GFIA warns that insurance industry stability threatened by retroactive cover

GFIA warns that insurance industry stability threatened by retroactive cover

The Global Federation of Insurance Associations (GFIA) has said that asking insurers to retroactively cover pandemic losses that were not included in existing policies could seriously threaten the stability of the global insurance industry. It said retroactively changing the terms of policies would not be an appropriate way to address the large-scale financial impacts of the Covid-19 pandemic. Instead, the…

Conyers advises on compliance with economic substance requirements

Conyers advises on compliance with economic substance requirements

Conyers advises on compliance with economic substance requirements

Regulatory authorities in Bermuda, the Cayman Islands and the British Virgin Islands (BVI) have issued guidance notices on the issue of compliance with economic substance requirements in the light of Covid-19, according to law firm Conyers. At issue is the problem of entities being able to comply with requirements such as holding a certain number of board meetings with a…

Best revises US commercial lines industry outlook to negative

Best revises US commercial lines industry outlook to negative

Best revises US commercial lines industry outlook to negative

The impact of Covid-19 and the ensuing economic slowdown has led AM Best to revise its market segment outlook on the US commercial lines industry to negative from stable. However, it is maintaining its stable outlook on the country’s personal lines industry. Best said the main factor was the rapid deterioration of the economy, which will be felt throughout the…

Rims supports moves to create pandemic insurance pools

Rims supports moves to create pandemic insurance pools

Rims supports moves to create pandemic insurance pools

US risk management association Rims has joined Ferma in supporting moves to develop government-backed pandemic insurance pools for future outbreaks. A growing number of risk management and insurance associations have called for government-backed pandemic insurance solutions. This week, Ferma urged the EU to support the creation of national insurance pools for future pandemic risks. This follows similar calls from the…

Tapping BI policies for virus risk would cause insurer liquidity crunch, warns Morningstar

Tapping BI policies for virus risk would cause insurer liquidity crunch, warns Morningstar

Tapping BI policies for virus risk would cause insurer liquidity crunch, warns Morningstar

If legislative efforts in several US states to retroactively extend business interruption (BI) policies to include the current virus outbreak are successful, it would cause a “liquidity crunch” for a number of commercial line P&C insurers and potentially leave the whole sector highly exposed if reinsurers are able to refute claims, according to credit ratings agency DBRS Morningstar. Latest analysis…

US insurers fight to show contribution to virus effort as state attacks on BI cover mount

US insurers fight to show contribution to virus effort as state attacks on BI cover mount

US insurers fight to show contribution to virus effort as state attacks on BI cover mount

The US insurance industry has stepped up efforts to show it is willing and able to support US businesses and individuals during the escalating coronavirus crisis, by voicing support for a state-backed public-private pandemic scheme and backing federal assistance programmes that deliver aid directly to vulnerable business communities, particularly small firms. As in Europe, insurers are working hard to give…

Small business BI losses from Covid-19 in US would dwarf annual premiums, says APCIA

Small business BI losses from Covid-19 in US would dwarf annual premiums, says APCIA

Small business BI losses from Covid-19 in US would dwarf annual premiums, says APCIA

The American Property Casualty Insurance Association (APCIA) has warned that any moves to retroactively mandate insurance coverage for viruses by removing exclusions would threaten the solvency of insurers and their ability to pay claims on existing insurance policies. David Sampson, president and CEO of the APCIA, said: “Many commercial insurance policies, including those that have business interruption coverage, do not…

BMS appoints property facultative leader

BMS appoints property facultative leader

BMS appoints property facultative leader

Larry Broadnax has been appointed as senior vice-president, property facultative leader, of specialist (re)insurance broker BMS Group, with effect from 15 April 2020. He will be based in Atlanta and report to Pete Chandler, president and CEO of BMS’s US reinsurance arm. Mr Broadnax is joining BMS from Guy Carpenter where he was vice-president, facultative property broker since 2003, focusing…

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…

New global leader for Marsh’s multinational client service team

New global leader for Marsh’s multinational client service team

New global leader for Marsh’s multinational client service team

David Rahr has been appointed global leader, multinational client service for Marsh, with effect from 15 April. He will oversee Marsh’s Multinational Client Service (MCS) team of 1,200 specialists who provide global insights and strategic risk advice to multinational companies of all sizes across 130 countries. He succeeds Justin Walsleben, who has retired from Marsh. Mr Rahr said: “Whether operating…

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