Insurers clarifying pandemic coverage at renewals

Insurers clarifying pandemic coverage at renewals

Insurers clarifying pandemic coverage at renewals

Moves by insurers to ensure they are not exposed to Covid-19 on future policies are mostly to clarify cover rather than rewrite coverage, said Aon’s global chief broking officer, Hugo Wegbrans. He also told CRE that the insurance market coped well during 1 April renewals, with things relatively smooth for buyers despite turmoil thrown up by the pandemic. “In general,…

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Demand for specialist epidemic insurance has surged as the Covid-19 pandemic continues to escalate and insurers further restrict cover in property policies, according to London market insurance broker Miller. Although it is no longer possible to buy cover for the current coronavirus outbreak, a growing number of companies are thinking about how to protect against the next infectious outbreak, explained…

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

John Doyle, president and CEO of Marsh and vice-chair of Marsh & McLennan Companies (MMC), has written to Congress leaders and the US administration, offering to help create a pandemic risk insurance programme that would help the US economy recover from Covid-19 and be far better prepared for any future outbreak. Marsh’s bid to create a government-backed scheme to cover…

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

New York joins three other states in bid to retroactively extend BI policies to cover coronavirus

The state of New York has joined Ohio, Massachusetts and New Jersey by tabling a bill that would retroactively force all state insurers to pay for coronavirus-related business interruption (BI) claims made by companies with fewer than 100 employees, despite the exclusions contained within almost all BI policies If passed, the bill would apply to all policies in force in…

BI coverage biggest concern for Marsh clients as Covid-19 exposures mount

BI coverage biggest concern for Marsh clients as Covid-19 exposures mount

BI coverage biggest concern for Marsh clients as Covid-19 exposures mount

Cover for Covid-19 business interruption (BI) losses is the biggest concern for Marsh clients currently, as many come to realise that standard property damage and BI policies likely lack any trigger. Even losses covered by non-damage BI extensions will be a matter of significant debate, Marsh said. Clarissa Franks, head of placement, risk management at Marsh, speaking at a recent…

ABI says very few firms covered for Covid-19 business interruption

ABI says very few firms covered for Covid-19 business interruption

ABI says very few firms covered for Covid-19 business interruption

The Association of British Insurers (ABI) has said any enforced government business closure could help some larger firms claim for Covid-19 business interruption (BI), but will not help the majority of companies that are simply not covered for the risk. While Mactavish said the amount of claims paid will be much smaller than many predict because losses will generally fall…

IUA cyber group forms to tackle silent cover risks

IUA cyber group forms to tackle silent cover risks

IUA cyber group forms to tackle silent cover risks

The London company insurance market has formed a new cyber risk committee to specifically address non-affirmative cover. Set up by the International Underwriting Association (IUA), the committee has met for the first time to collate data, look at the impact of model clauses across different lines of business and analyse interactions between standalone cyber policies and other insurance. Senior underwriters…

P&C insurers will take underwriting hit from virus but investments far more exposed: DBRS Morningstar

P&C insurers will take underwriting hit from virus but investments far more exposed: DBRS Morningstar

P&C insurers will take underwriting hit from virus but investments far more exposed: DBRS Morningstar

Coronavirus (COVID-19) will hit property and casualty (P&C) insurers’ investment books much harder than their underwriting books, despite rising claims for specialty lines such as events cancellation and travel insurance, while the underwriting blow will be softened by the hardening markets, according to credit ratings agency DBRS Morningstar. “We consider the coronavirus to be largely an economic event for now,…

Covid-19 insurance claims uncertain as insurers turn to policy language and exclusions, warns Marsh

Covid-19 insurance claims uncertain as insurers turn to policy language and exclusions, warns Marsh

Covid-19 insurance claims uncertain as insurers turn to policy language and exclusions, warns Marsh

Insurers have learnt from previous virus outbreaks and in many cases policy language and exclusions could be used to deny cover for coronavirus (Covid-19), making insurance recoveries complex and uncertain, according to experts from various business lines on a Marsh webinar. Liability and business interruption losses from Covid-19 could potentially be covered by traditional property and casualty insurance coverages, such…

Storms Ciara and Dennis will cost UK insurers more than £360m, says ABI

Storms Ciara and Dennis will cost UK insurers more than £360m, says ABI

Storms Ciara and Dennis will cost UK insurers more than £360m, says ABI

February storms Ciara and Dennis are expected to cost UK insurers £363m, according to statistics from the Association of British Insurers (ABI). Flood claims make up the bulk of the losses and are estimated to total £214m. This is spilt between £107m for domestic properties, £85m for 1,500 commercial property flood claims and £22m for motor. Wind damage claims are…

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