Government-backed pandemic schemes stall in UK and Germany

Government-backed pandemic schemes stall in UK and Germany

Government-backed pandemic schemes stall in UK and Germany

State-backed pandemic insurance schemes in the UK and Germany have stalled and now look unlikely to come to fruition as quickly as insureds would like, according to speakers at Reuters’ Future of Insurance Europe conference. The news agency reported that Stephen Catlin, chairman of Pandemic Re, one of the proposed solutions in the UK, now thinks this initiative is unlikely…

Zurich confirms talks to buy MetLife’s P&C business

Zurich confirms talks to buy MetLife’s P&C business

Zurich confirms talks to buy MetLife’s P&C business

Zurich Insurance has confirmed it is in discussions to acquire MetLife’s US P&C business, which predominantly covers car and home insurance, following media reports of a potential deal. Zurich said its subsidiary Farmers Group has proposed to buy the business in conjunction with the Farmers Exchanges. Zurich said terms of the deal are being negotiated and the acquisition has yet…

UK’s Supreme Court takes recess to mull BI Covid-19 appeals

UK’s Supreme Court takes recess to mull BI Covid-19 appeals

UK’s Supreme Court takes recess to mull BI Covid-19 appeals

The UK’s Supreme Court will adjourn today and consider appeal arguments lodged by UK regulator the Financial Conduct Authority (FCA) on behalf of business interruption policyholders and opposing arguments from their insurers over Covid-19 claims. The court has listened to appeals on policy wordings from all parties this week following the High Court’s ruling in September. QBE, Argenta, MS Amlin,…

Buberl calls for focus on public-private partnership for systemic risk

Buberl calls for focus on public-private partnership for systemic risk

Buberl calls for focus on public-private partnership for systemic risk

AXA CEO Thomas Buberl used the closing CEO debate at the Pan Asia Risk & Insurance Management Association (Parima) Resilience Week to call again for the creation of public-private partnerships at national and possibly regional levels to cope with future systemic risks such as the current Covid-19 pandemic. A number of schemes to help cope with future crises have been…

AXA XL digitalises physical risk services for risk managers

AXA XL digitalises physical risk services for risk managers

AXA XL digitalises physical risk services for risk managers

AXA XL Risk Consulting has launched a new digital global risk assessment service called Risk Scanning to undertake multi-peril assessments of physical risks and company sites. The insurer said Risk Scanning combines the expertise of its risk consultants with probabilistic algorithms and data mining. Risk managers will be able to generate assessments of their company’s physical sites by region, country…

Aon launches IP tool to boost M&A value

Aon launches IP tool to boost M&A value

Aon launches IP tool to boost M&A value

Aon has developed a tool that measures the quality of intellectual property within companies involved in mergers and acquisitions. The Quality of Intellectual Property Solution (QoIP) has already been deployed for M&A transactions and generates reports to help companies that have invested in IP achieve higher M&A transaction values and for buyers to better gauge IP assets. “Our Quality of…

Insurers curtail BI cover amid fears disease restrictions will spread to other perils

Insurers curtail BI cover amid fears disease restrictions will spread to other perils

Insurers curtail BI cover amid fears disease restrictions will spread to other perils

Insurers are restricting non damage business interruption (NDBI) cover just when buyers need it most, and some fear problems will spread beyond infectious diseases to other perils. The pandemic has revealed gaps in cover and inadequacies in some current insurance arrangements, according to Ailsa King, chief client officer for UK and Ireland at Marsh. “With the pandemic, there is a…

AGCS falls to €257m loss on back of Covid but rates up 22%

AGCS falls to €257m loss on back of Covid but rates up 22%

AGCS falls to €257m loss on back of Covid but rates up 22%

Allianz Global Corporate & Specialty (AGCS) has fallen to an operating loss of €257m in the first nine months of this year from a profit of €250m, as Covid-19 claims of €493m took their toll. The unit achieved rate increases of 22% during the period. AGCS’s nine-month combined ratio stands at 112.7%, compared with 101.2% for the same period in…

French pandemic insurance scheme likely delayed till crisis over

French pandemic insurance scheme likely delayed till crisis over

French pandemic insurance scheme likely delayed till crisis over

The proposed French state-backed pandemic insurance scheme to help businesses cope with future pandemics has made little progress since the summer and will not be launched until the current Covid-19 crisis is over, a leading French broker involved in the process has told Commercial Risk Europe. Frederic Durot, ‎technical director of property and casualty at Siaci Corporate & Specialty, has been…

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Q3 insurance prices up 20% globally, 34% in UK and 15% in Europe: Marsh

Global insurance prices rose 20% in Q3, with increases of 34% in the UK and 15% in continental Europe, according to Marsh’s latest index, which saw the biggest jump since it began tracking figures back in 2012. The broker said it expects this rising trend to continue into 2021. Marsh’s third-quarter Global Insurance Market Index shows that all regions around…

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