Airmic welcomes ‘landmark’ BI ruling

Airmic welcomes ‘landmark’ BI ruling

Airmic welcomes ‘landmark’ BI ruling

Airmic has welcomed the “landmark” UK Supreme Court business interruption (BI) ruling as “positive news” for insurance buyers struggling with the hard market and Covid-19. The Supreme Court has rejected appeals from six insurers and substantially upheld the Financial Conduct Authority (FCA) appeals in a test case intended to clarify BI cover for Covid-19-related losses in the UK. The judgment…

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,…

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…

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex raises further $500m in capital to reach $3.2bn

Convex Group, which was set up by insurance industry veteran Stephen Catlin, has secured $500m of capital from investment firm Sixth Street, which lifts the specialty (re)insurer’s total to $3.2bn. The $500m of preferred equity capital from affiliates of Sixth Street follows a recent $1bn capital raise from a consortium led by Onex and GIC, in which Sixth Street also…

Demand for parametric triggers rises in hard market

Demand for parametric triggers rises in hard market

Demand for parametric triggers rises in hard market

Demand for parametric insurance products is rising in the hard market, and as companies place more value on cashflow, according to Aon. Interest in solutions for ‘black swan’ events and intangible risks may also drive future demand in parametric products, Paul Ramiz, director of Aon’s innovations and solutions team, told Commercial Risk Europe. Risk managers have significantly increased their interest…

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…

Commercial property rates still on the up in US, but signs of moderating

Commercial property rates still on the up in US, but signs of moderating

Commercial property rates still on the up in US, but signs of moderating

Commercial property policyholders in the US can expect upward pressure on rates and restrictive terms and conditions to continue through 2021, though there are some early signs that the market may be moderating, brokers say. However, as first reported in Business Insurance, it seems risk managers have yet to see any easing in the hard market. The 1 Jan renewals…

UK Supreme Court BI Covid-19 judgment on Friday

UK Supreme Court BI Covid-19 judgment on Friday

UK Supreme Court BI Covid-19 judgment on Friday

The much-anticipated judgment on UK Covid-19 business interruption (BI) policies will be delivered by the country’s Supreme Court on Friday morning. The 15-minute judgment will draw a line under disputed policy wording between buyers and their insurers, who argue BI policies were not intended to pay our for global pandemics. The Supreme Court heard appeals from insurers and the UK’s…

Market grows increasingly ruthless but rate of hardening may have peaked

Market grows increasingly ruthless but rate of hardening may have peaked

Market grows increasingly ruthless but rate of hardening may have peaked

The insurance market is getting tougher for buyers and experts predict conditions will worsen this year, but there is some hope that the rate of hardening will slow. Brokers, ratings agencies and Ferma all told Commercial Risk Europe that the commercial insurance market is increasingly difficult for buyers and they expect it to harden further in 2021. Hugo Wegbrans, Aon’s…

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

New Lloyd’s broker created in Germany to allow clients access to EU and UK markets

A new joint venture between Seventeen Group, which owns London-based brokerage James Hallam and MGA Touchstone Underwriting, and German broker MRH Trowe has been launched to create a Lloyd’s broker in Germany that will allow clients of all firms to better access UK and EU markets. The new European Lloyd’s broker London Re will be based in Duesseldorf and have…

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