Insurers ‘regret’ BI disputes but lessons must be learned

Insurers ‘regret’ BI disputes but lessons must be learned

Insurers ‘regret’ BI disputes but lessons must be learned

British insurers have said they “regret” legal disputes over Covid-19-related business interruption (BI) claims and vowed to pay out on policies as soon as possible. However, a slew of industry trade bodies are calling for insurers to learn lessons and improve the clarity of wordings following the momentous defeat in the UK’s Supreme Court over coronavirus-related BI claims. On Friday,…

Howden launches Australian broking operation with Steadfast

Howden launches Australian broking operation with Steadfast

Howden launches Australian broking operation with Steadfast

Howden has launched an Australian broking operation in association with Steadfast, the insurance intermediary network in Australia, and has formed a strategic partnership to support Steadfast’s London market broking requirements. Howden will join Steadfast’s network, Australia’s largest general insurance platform, to leverage its scale, strength and access, according to the broker. Howden’s operation in Australia will be headed up by…

Reinsurance renewals see widespread price increases, says Fitch

Reinsurance renewals see widespread price increases, says Fitch

Reinsurance renewals see widespread price increases, says Fitch

The January 2021 reinsurance renewals have seen widespread price increases that often went beyond claims inflation, according to Fitch Ratings. It said the reinsurance market continued to harden, driven by pandemic-related claims, high natural catastrophe losses and pressure on liability lines of business. However, Fitch said the increases were capped by abundant capital in the market. “Both traditional and alternative…

Tax changes in Denmark and Guernsey highlighted by Impendulo

Tax changes in Denmark and Guernsey highlighted by Impendulo

Tax changes in Denmark and Guernsey highlighted by Impendulo

Specialist insurance premium tax compliance firm Impendulo has noted two recent tax changes in Denmark and Guernsey. In Denmark, the contribution to the Stormrådet will decrease from DKK60.00 per policy to DKK40.00 per policy, effective from 1 July 2021. The Stormrådet is a storm surge and flood pool, which now exceeds $500m. According to the Danish authorities, this means that…

Chubb appoints chief reinsurance officer

Chubb appoints chief reinsurance officer

Chubb appoints chief reinsurance officer

Jeremiah Konz has been appointed chief reinsurance officer at Chubb. He is currently executive vice-president, reinsurance officer for Chubb Overseas General, the company’s international general insurance business. In his new role, Mr Konz will have management responsibility for the design and purchase of reinsurance programmes for Chubb and its business units globally, managing the company’s reinsurance recoverable assets and overseeing…

Policyholders win resounding victory over insurers in BI test case

Policyholders win resounding victory over insurers in BI test case

Policyholders win resounding victory over insurers in BI test case

Insurers face a large bill for Covid-19-related business interruption (BI) claims after the UK’s Supreme Court resoundingly ruled in favour of policyholders and the Financial Conduct Authority (FCA). All six insurers lost their appeals, while the Supreme Court supported the FCA’s appeals of certain unfavourable rulings delivered by the lower court. The Supreme Court, the UK’s highest, considered appeals against…

Willis Towers Watson adds Shanghai to global P&C hub

Willis Towers Watson adds Shanghai to global P&C hub

Willis Towers Watson adds Shanghai to global P&C hub

Shanghai has been added to Willis Towers Watson’s global property and casualty (P&C) hub. The broker said the move was aimed at enhancing the company’s global placement model for clients. The global markets P&C hub initially focused on the coordination of placement activity across London, Bermuda and Singapore, and Willis Towers Watson said the addition of Shanghai enables the hub…

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s gets approval for PCC to attract new and alternative capital

Lloyd’s has received regulatory approval to create a multi-insurance special purpose vehicle (MISPV), called London Bridge Risk PCC Limited, to raise new and alternative capital as part of its modernisation plans. Lloyd’s said approval from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) is a “key milestone” in its Future at Lloyd’s strategy, which partly aims to…

Average cat losses in 2020 contribute to ‘orderly’ 1 Jan renewals: Aon

Average cat losses in 2020 contribute to ‘orderly’ 1 Jan renewals: Aon

Average cat losses in 2020 contribute to ‘orderly’ 1 Jan renewals: Aon

Global insured catastrophe losses totalled $86bn last year and were almost exactly the $87bn average of the last ten years, according to preliminary figures from Aon in its Reinsurance Market Outlook. It adds that the 1 Jan reinsurance renewals were “orderly and efficient”, as sufficient capital kept things in check. The broker explains that the US experienced significantly higher insured…

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