Large sporting and major events on the hook as insurers withdraw BI cover

Large sporting and major events on the hook as insurers withdraw BI cover

Large sporting and major events on the hook as insurers withdraw BI cover

Large major events and sports tournaments will carry substantial risk from further outbreaks of Covid-19 or other pandemics next year as insurers withdraw cancellation cover, GlobalData has warned. Its comments follow news that the Wimbledon tennis championship will not be able to renew its pandemic cancellation coverage for the 2021 tournament. Wimbledon was one of the few global events to…

Airmic welcomes Lloyd’s’ pandemic insurance proposals to close protection gap for buyers

Airmic welcomes Lloyd’s’ pandemic insurance proposals to close protection gap for buyers

Airmic welcomes Lloyd’s’ pandemic insurance proposals to close protection gap for buyers

Airmic has welcomed Lloyd’s’ pandemic resilience proposals that include a government-backed non-damage business interruption (NDBI) solution to help companies mitigate losses from Covid-19 and future viruses. Airmic said buyers have worked with Lloyd’s to develop three initiatives put forward and welcomed the collaboration as “vital” during such a “far-reaching crisis”. The UK risk and insurance management association said businesses are…

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

AGCS announces major shakeup to ‘rebuild’ profitability

Allianz Global Corporate & Specialty (AGCS) is embarking on a major ‘New AGCS’ global transformation programme to “rebuild” profitability, which will see a regional shakeup, a new head of multinational, appointments from AIG, AXA and ARGO, and put technical underwriting before growth. The move follows news last month that S&P has revised its outlook on AGCS from stable to negative.…

Marsh launches sports and media group as Covid-19 risks mount

Marsh launches sports and media group as Covid-19 risks mount

Marsh launches sports and media group as Covid-19 risks mount

Marsh has launched a sport, entertainment and media industry group in the UK and Ireland to help the sector address new challenges from Covid-19. The group brings together 60 specialists in client management, technical aspects, placement and risk management from across Marsh. Global event specialist Richard Tolley will head the team. Mr Tolley joined Marsh in 1995 and will head…

HDI Global Specialty hires more Neon staff

HDI Global Specialty hires more Neon staff

HDI Global Specialty hires more Neon staff

HDI Global Specialty has boosted its management liability and financial institutions team with two hires from Neon Syndicate 2468, continuing its acquisition of staff from the insurer since US owner American Financial Group (AFG) said it would place Neon Underwriting into runoff. Charles Boorman will head HDI Global Specialty’s management liability and financial institutions unit, while Louise Parker joins as…

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Pandemic accelerating market hardening in Europe, says Marsh

Hardening of the European insurance market is gathering pace, as the coronavirus pandemic adds to existing pressures driving price increases and capacity shortages in certain lines, according to Marsh. It added that market hardening is now touching most lines of business and geographies in Europe, and is expected to continue into 2021. “Covid-19 will in some areas exacerbate the pricing…

AXA agrees further BI settlement with French restaurant owner: reports

AXA agrees further BI settlement with French restaurant owner: reports

AXA agrees further BI settlement with French restaurant owner: reports

Reuters has reported a further settlement agreement between AXA and French restaurant owner Stéphane Manigold following last month’s court decision that ordered the insurer to pay two and half months of business interruption (BI) losses incurred during the Covid-19 lockdown for one of his four restaurants, Le Flaubert. The new report claims AXA has agreed a broader settlement to cover…

UK announces plans to ‘tailor’ Solvency II and brings forward review

UK announces plans to ‘tailor’ Solvency II and brings forward review

UK announces plans to ‘tailor’ Solvency II and brings forward review

The UK government has announced plans to tailor Solvency II rules to better suit its insurers once the Brexit transition period ends and has brought forward a review of the capital adequacy regime. In a written statement to the UK parliament on the future of financial services regulation, chancellor Rishi Sunak said his government will bring forward a review of “certain”…

Aviation rates set to rise from Covid-19 but cover available

Aviation rates set to rise from Covid-19 but cover available

Aviation rates set to rise from Covid-19 but cover available

The cost of aviation insurance is set to rise further as Covid-19 changes the underlying risk and insurers seek minimum premium levels, but the market looks set to continue providing adequate capacity and cover. With airlines and airports gradually restarting operations as coronavirus lockdown measures ease, the industry is emerging with a very different risk profile than was the case…

Beazley develops new cover for surge in virtual events

Beazley develops new cover for surge in virtual events

Beazley develops new cover for surge in virtual events

Beazley has developed a new contingency policy to cover live virtual events that have increased dramatically since the Covid-19 pandemic and the introduction of social distancing rules. The policy will cover event organisers for transmission failure that either disrupts or cancels a virtual event. The global policy has a limit of up to $10m. It covers first-party losses including costs,…

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