CNA share price rises as Robusto explains BI policies exclude virus

CNA share price rises as Robusto explains BI policies exclude virus

CNA share price rises as Robusto explains BI policies exclude virus

CNA’s share price actually rose after the group reported a net loss of $61m for the first quarter of this year, driven by net investment losses of $169m and a decrease in net investment profit to $279m. The reason for the spike in the share price was presumably that Dino Robusto, chairman and chief executive officer, was delighted to report…

Thor Equities attempts to pierce FM Global’s BI sub-limit with $20m suit

Thor Equities attempts to pierce FM Global’s BI sub-limit with $20m suit

Thor Equities attempts to pierce FM Global’s BI sub-limit with $20m suit

FM Global is being sued by a commercial property owner in New York for Covid-19 rental and business interruption (BI) losses that it argues should be covered by its property policy. According to a report on Law360, Thor Equities is seeking $20m to cover loss of rental income on commercial properties in several US cities after tenants closed in state-ordered…

NAIC issues call for data to assess scale of virus BI exposure

NAIC issues call for data to assess scale of virus BI exposure

NAIC issues call for data to assess scale of virus BI exposure

Insurance regulators in all 50 US states will submit data on insurers’ Covid-19 business interruption (BI) exposures to the National Association of Insurance Commissioners (NAIC), following its call for information from both admitted and non-admitted domestic insurers. Foreign insurers and reinsurers are excluded. The NAIC said the data call will reveal the extent of exclusions in BI policies related to…

RMS develops European convective storm model

RMS develops European convective storm model

RMS develops European convective storm model

RMS has launched a new model for convective storms in Europe, which caused €12bn of insured losses between 2013 and 2019. The model covers a range of severe convective storm events, including localised tornadoes and hailstorms. It models property and motor policy losses. The European Severe Convective Storm High Definition Model covers 17 countries where the risk of severe convective…

Australian insurers working on pandemic insurance solution

Australian insurers working on pandemic insurance solution

Australian insurers working on pandemic insurance solution

The Insurance Council of Australia (ICA), the representative body of the Australian insurance sector, has revealed that it is working on a project with actuarial consulting firm Finity to design a new form of pandemic insurance to cover future outbreaks in Australia. Professional Planner magazine reports that during a public hearing for the economics committee to investigate the insurance sector’s…

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

Malaysian policyholders told to check for virus BI cover

The General Insurance Association of Malaysia (PIAM) has advised personal and commercial policyholders to check their property insurance policies to find out whether they are covered for Covid-19 virus claims. PIAM stated that it is aware of the huge uncertainty surrounding the validity of insurance policies and business interruption (BI) cover in particular for virus-linked losses. The association stated that…

Duperreault says Covid-19 will be single largest catastrophe ever seen

Duperreault says Covid-19 will be single largest catastrophe ever seen

Duperreault says Covid-19 will be single largest catastrophe ever seen

The Covid-19 pandemic hammered AIG’s first-quarter underwriting result and post-tax adjusted profits, as the insurer suffered the double hit of a big reduction in investment income in the period (down by $1bn) and virus-related claims of $272m. AIG’s CEO Brian Duperreault said the pandemic would be the single largest catastrophe the insurance sector has ever suffered. If the pandemic impact…

Berkshire takes $55.5bn hit from virus and posts loss in primary business

Berkshire takes $55.5bn hit from virus and posts loss in primary business

Berkshire takes $55.5bn hit from virus and posts loss in primary business

Berkshire Hathaway’s enormous stockholdings left it highly exposed to the market collapse induced by the Covid-19 pandemic, so it has reported a massive $55.5bn investment loss in the first quarter of this year that led to a total group net loss of $49.7bn. Overall, the group’s reinsurance and insurance businesses posted a post-tax profit of $363m – but this was…

Aon responding to demand for balance sheet solutions to cope with virus

Aon responding to demand for balance sheet solutions to cope with virus

Aon responding to demand for balance sheet solutions to cope with virus

Aon withdrew its 2020 guidance on revenues and profits as it announced its first-quarter results on Friday, because of the uncertainty caused by the Covid-19 pandemic. The group is preparing for a likely reduction in revenues in coming quarters because of the global economic downturn caused by the virus. It assured investors that it is proactively managing its cost base…

Groups join forces over Hiscox BI claims as Pool Re called on to cover firms

Groups join forces over Hiscox BI claims as Pool Re called on to cover firms

Groups join forces over Hiscox BI claims as Pool Re called on to cover firms

The UK’s two biggest policyholder action groups pursuing Hiscox over Covid-19 business interruption (BI) claims have joined forces, with one also calling on government to release funds from terrorism backstop Pool Re to help the country pay for the pandemic’s losses. The Night Time Industries Association (NTIA) has formed an alliance with Hiscox Action Group to try and force the…