Ferma has called on the EU to create a resilience framework that would include member state insurance pools and coordination between national governments to address the severe shortage of non-damage business interruption insurance (NDBI) for a range of catastrophic risks. In a letter to the EC, Ferma sets out its vision for a multi-layered and graduated public-private partnership to ensure…
An emergency summary procedure carried out by the Paris Commercial Court has ruled that AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the lawyer representing the plaintiff announced on Friday. It is thought that the ruling could spark a wave of copycat litigation in France. The bill faced by restaurants, hotels and bars incurred by…
Credit ratings agency Fitch has said that “loose” business interruption (BI) wordings in some cases may well impact the credit quality of some UK non-life insurers, as court cases brought by businesses hit by the virus lockdown escalate. “The credit quality of some UK non-life insurers could be affected by court rulings on the validity of business interruption claims arising…
An open letter signed by almost 700 business owners in the UK has accused the insurance industry of an “abrogation of responsibility” by refusing to pay out on business interruption (BI) insurance claims brought because of the country’s lockdown. The letter to the Association of British Insurers (ABI) says that the stonewall on BI claims will result in the failure…
An organisation’s approach to cybersecurity must be embedded within its overall approach to enterprise risk management, with boards responsible for enabling the right culture and frameworks, explain Sebastian Hess and Stephen Morton. Companies and their boards are faced with a highly dynamic cyber risk landscape, including more targeted ransomware threats and, more recently, exposures associated with increased remote working. The…
A group of US insurance trade bodies has proposed a federally-backed insurance solution to support businesses financially affected by future pandemics. The group said this type of solution is needed because pandemic risks is simply too large to be covered by insurers alone. The Business Continuity Protection Program (BCPP) promises revenue replacement assistance for payroll, employee benefits and operating expenses.…
Despite facing heavy losses, the event cancellation insurance market remains open but capacity is limited and infectious disease cover is hard to come by, Marsh JLT Specialty told CRE. Event cancellation has been one of the hardest-hit insurance lines during the coronavirus outbreak as sporting fixtures, events, conferences, trade shows and film and TV production have been postponed or cancelled.…
The latest North Atlantic storm and hurricane season prediction from the Met Office estimates slightly more than average activity, and is line with other forecasts for major hurricanes but a touch below the total numbers put forward by other experts. The UK’s Met Office has forecast 13 tropical storms for the June to November season. This is just above the…
Lloyd’s has been revealed as the biggest insurer of Canada’s controversial Trans Mountain tar sand pipeline, followed by Munich Re, with Zurich and Chubb not far behind and increasing their participation in the programme. The majority of the insurers are European and the deal was brokered by JLT before it was taken over by Marsh. The news comes despite the…
Zurich’s top management believes the group is less exposed than others in the market to the threat of legal or legislative action breaching the defences in its business interruption (BI) policies, as lawyers and politicians continue to seek ways of accessing funds to help businesses recover from the Covid-19 virus. CEO Mario Greco told analysts he is confident that the…