BI
-
AXIS forecasts first-quarter $235m pre-tax loss for Covid-19-related claims
Bermuda-based re/insurer AXIS Capital Holdings has announced an estimated net claims provision of $300m, pre-tax, for the first quarter related…
-
UK insurers told to ‘go the extra mile’ on ‘grey area’ BI policies for virus claims
Mel Stride MP, chair of the Treasury Committee, has written to Huw Evans, director general of the Association of British…
-
Forecasts of coronavirus insured losses mount as BI policies look more vulnerable
Evidence is mounting that the Covid-19 crisis will hit the European and international insurance sector harder than originally envisaged, not…
-
Hiscox Action Group hires legal counsel for virus-related BI claims
Hiscox Action Group, the body formed to pursue UK insurer Hiscox for business interruption (BI) claims caused by the Covid-19…
-
Hiscox set for $150m Covid-19 losses to September 2020
Hiscox has said restrictions on travel and mass gatherings in response to Covid-19 will cost it $150m through event cancellation,…
-
Beazley estimates $170m Covid-19 loss as rates rise 8% in Q1
Beazley has estimated Covid-19 losses of $170m net of reinsurance as it saw average rate increases of 8% in Q1…
-
Berkley warns society will pay ‘dear price’ if plaintiffs override virus exclusions
William Robert Berkley, chairman and founder of US insurance group W R Berkley, has warned that society will pay a…
-
Greenberg warns against ‘unconstitutional’ retroactive expansion of BI policies
Evan Greenberg, chairman and chief executive officer of Chubb, believes that “unconstitutional” efforts to retroactively open up business interruption (BI)…
-
Mactavish calls UK Covid-19 insurance industry steering group a ‘PR gimmick’
Mactavish has called the UK’s new Covid-19 insurance industry steering group a “PR gimmick” and said the sector has failed…
-
Travelers CEO calls for tort reform as US grapples with virus recovery effort
Americans should not have to endure the costs and headaches brought by frivolous lawsuits seeking damages from Covid-19-related losses, and…
-
Airmic likely to join UK insurance industry steering group to plan pandemic response vehicle
The UK insurance industry has taken its first real public step towards the creation of a state-backed pandemic insurance scheme,…
-
US risk managers back the creation of state-backed pandemic insurance scheme
US-based risk management society Rims has thrown its weight behind the effort to create a state-backed pandemic risk insurance programme,…
-
String of class actions claim pandemic risks not excluded from BI policies
The legal assault by US policyholders on business interruption (BI) policies to seek redress for the massive losses incurred by…
-
Wimbledon’s £114m event cancellation insurers and broker named
The Wimbledon Championships' event cancellation policy that is set to pay out on Covid-19 was underwritten by Lloyd’s, AIG, Argo,…
-
Risk managers must fight ‘flat earth’ insurer denial of BI claims: Pillsbury
Risk managers should not meekly accept the “knee-jerk” reaction of insurers to flatly deny business interruption (BI) pandemic claims, because…
-
Policyholders must notify now as pressure builds on BI insurers to pay virus claims
US policyholders that have suffered business interruption losses as a result of the Covid-19 pandemic should notify their insurers as…
-
Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools
The Federation of European Risk Management Associations (Ferma) has written to the European Commission’s Covid-19 coordinating response team, offering its…
-
Chubb CEO warns forcing insurers to cover BI losses would bankrupt industry
Chubb CEO Evan Greenberg has warned lawmakers and regulators that forcing insurers to pay for uncovered business interruption (BI) losses…
-
Limited data for pricing pandemic BI policies poses threat to Chinese P&C insurers: Fitch
The recent launch, directed by the Chinese government, of insurance policies to cover Chinese enterprises against losses caused by business…
-
Maine superintendent of insurance warns market not to narrow or cancel valid virus cover
Eric Cioppa, superintendent of insurance in the state of Maine, has warned admitted and surplus lines insurers and brokers that…