Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

Covid-19 heightens key risks and raises operational threat for several EU countries: Control Risks

The Covid-19 pandemic has heightened political and economic risks, with a bungled recovery and threat of economic paralysis meeting political weakness the top threats, warns Control Risks in a special edition of its Risk Map 2020. Control Risks has also raised the operational risk level for several European countries following Covid-19. This includes the UK, Spain and Germany, which all…

SCOR Channel makes specialty insurance appointments

SCOR Channel makes specialty insurance appointments

SCOR Channel makes specialty insurance appointments

SCOR Channel, part of the reinsurer’s specialty insurance platform, has appointed Christian Stanley as head of underwriting insight and Christianna Vandoorne as head of terrorism and political violence. Mr Stanley was previously the casualty executive of Lloyd’s’ underwriting performance management directorate. In this role he was responsible for the oversight of syndicate underwriting performance and business planning for cyber, professional…

HDI Global Specialty launches London political and credit risk team with Neon hires

HDI Global Specialty launches London political and credit risk team with Neon hires

HDI Global Specialty launches London political and credit risk team with Neon hires

HDI Global Specialty has launched a political and credit risk team in London after hiring Nick Robinson and Anthony Vaughan from Neon Underwriting. The new London team will work in collaboration with the specialty insurer’s existing political risk team in Stockholm. Mr Robinson joins HDI Global Specialty as head of political risk and structured credit. He has 20 years of…

Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

Covid-19 set to extend hard market through 2021, says WTW

The Covid-19 pandemic and resultant economic downturn are set to extend the hard US commercial insurance market through 2021, according to Willis Towers Watson (WTW) in a report that shows buyers already face tough conditions. “The pandemic and economic downturn will very likely extend the hard market through 2021, with market discipline continuing as insurers’ losses materialise and their investment…

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

The Covid-19 pandemic will deliver insured losses in the trade credit market, mainly from falling commodity prices, increased governmental intervention and rising insolvencies of businesses that do not have enough capital to withstand enforced closedowns or supply chain disruptions, according to the insurance team at law firm Kennedys in Singapore. The team, led by Julian Wallace, warns insurance company claims…

Retroactive expansion of BI coverage challenges ‘very notion’ of insurance: Glaser

Retroactive expansion of BI coverage challenges ‘very notion’ of insurance: Glaser

Retroactive expansion of BI coverage challenges ‘very notion’ of insurance: Glaser

Marsh president and CEO Dan Glaser has said that efforts by lawyers and legislators in the US to try and retroactively open up business interruption (BI) coverage to Covid-19 virus claims challenge the “very notion” of insurance. Reporting a strong set of first-quarter results only lightly hit by the virus so far, Mr Glaser said that the impact of Covid-19…

Beazley estimates $170m Covid-19 loss as rates rise 8% in Q1

Beazley estimates $170m Covid-19 loss as rates rise 8% in Q1

Beazley estimates $170m Covid-19 loss as rates rise 8% in Q1

Beazley has estimated Covid-19 losses of $170m net of reinsurance as it saw average rate increases of 8% in Q1 and gross written premiums (GWP) rise by 13%. The insurer posted an investment loss of $55m in the first quarter and said it has reviewed all classes of business in light of the global pandemic and expected subsequent recession. Announcing…

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

No v-shaped economic ‘snap back’ from Covid-19 as geopolitical tensions split open

There will be no economic “snap back” from Covid-19 until late 2021 as the pandemic causes civil unrest and splits open geopolitical tensions, a Risk Advisory webinar has warned. The global economy will not see a sudden uptick in growth post-Covid-19 and is most likely to be depressed into next year, followed by a slow and gradual pickup towards the…

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…

ABI confirms it is prepared to discuss insurer involvement in state-backed pandemic pool

ABI confirms it is prepared to discuss insurer involvement in state-backed pandemic pool

ABI confirms it is prepared to discuss insurer involvement in state-backed pandemic pool

The UK insurance industry is “up for” debate with government and business about the potential creation of a state-backed insurance scheme for pandemic risk, similar to those already in operation for terrorism and natural catastrophe risks, said the Association of British Insurers (ABI). The debate has been sparked by the realisation among businesses of all sizes in the UK and…

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