Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Covid-19 contributes to higher prices and capacity pressures, Aon says in Q1 report

Insurance rate hardening accelerated in Q1 with Covid-19 impacting some regions, according to a new report from Aon that found Europe recorded rate increases of more than 10% in the first few months of 2020. The market has also tightened on terms and capacity, Aon says, with higher risk placements “very challenging” in Europe. Aon adds that insurers have retreated…

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

DAC Beachcroft hires Stovold from Clyde & Co as aviation partner

Law firm DAC Beachcroft has appointed Alex Stovold as aviation partner in its London global insurance practice. Mr Stovold joins from Clyde & Co, where he was a partner. He will begin his new role in July. “This appointment is another significant step in the continued growth of our market-leading global insurance offering to meet the needs of our clients,”…

Supply chain risk mitigation top priority for CFOs during crisis, finds PwC

Supply chain risk mitigation top priority for CFOs during crisis, finds PwC

Supply chain risk mitigation top priority for CFOs during crisis, finds PwC

Supply chain security will be the top priority for businesses looking to stabilise their operations post-Covid-19, according to PwC’s latest coronavirus impact report. “Most CFOs are still considering cost containment measures, but they are also planning various actions around work sites, supply chains and investments that will position their company to succeed in the post-crisis world,” PwC says. In a…

Eurozone facing up to 12% fall in economy, says Mapfre Re

Eurozone facing up to 12% fall in economy, says Mapfre Re

Eurozone facing up to 12% fall in economy, says Mapfre Re

The Covid-19 pandemic is Europe’s “greatest challenge since inception”, according to Mapfre’s economic research unit Mapfre Economics, which has revised its global economic outlook and now forecasts a fall in the region’s economy of at least 5.1% to as high as 12.4% in 2020. Mapfre Economics said the range takes into account the duration of the economic impact, the effectiveness…

Spanish risk managers say pandemic is boosting market hardening

Spanish risk managers say pandemic is boosting market hardening

Spanish risk managers say pandemic is boosting market hardening

The Covid-19 pandemic is strengthening the hardening insurance market trend, moving underwriters to further restrict capacities and demand rate increases in several insurance lines, according to Spanish risk management association IGREA. IGREA pointed out in a statement, however, that the dramatic economic slowdown triggered by government-mandated measures to stop the virus will result in lower loss ratios, and this should…

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

Ferma offers risk expertise to EC and urges it to support state-backed pandemic pools

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 help with the recovery and re-construction effort. It also suggests a coordinated approach to the creation of state-backed pandemic insurance pools, possibly supported by an EU backup later via the European Stability Mechanism (ESM). Ferma president Dirk Wegener points out…

Covid-19 economic contraction will rival Great Depression, warns IMF

Covid-19 economic contraction will rival Great Depression, warns IMF

Covid-19 economic contraction will rival Great Depression, warns IMF

Global GDP will fall 3% in 2020 as the economy takes a direct hit from Covid-19 and subsequent ‘Great Lockdown’, warns the International Monetary Fund (IMF), as the Swiss Re Institute predicts the pandemic will produce one of the deepest but shortest recessions on record. According to the latest World Economic Outlook report published by the IMF, a 3% contraction in…

AIR launches open-source Covid-19 projection model

AIR launches open-source Covid-19 projection model

AIR launches open-source Covid-19 projection model

An interactive Covid-19 projection model has been launched by AIR Worldwide, mapping case and death forecasts globally for the next four weeks and currently predicts the UK could see the highest number of fatalities in Europe. The data, which has been made available to public view, models the pandemic by country and has accounted for variations in data availability and underreporting.…

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