Global M&A deals sink to lowest level since 2010

Global M&A deals sink to lowest level since 2010

Global M&A deals sink to lowest level since 2010

The Covid-19 pandemic had a significant but not unexpected impact on dealmaking in the first six months of 2020, with global M&A activity falling to its lowest level in more than a decade according to Willis Towers Watson (WTW). However, this was largely driven by North America, which saw the lowest number deals for a six-month period since 2009, while…

Atradius reports ‘huge’ rise in late payments as pandemic recession bites

Atradius reports ‘huge’ rise in late payments as pandemic recession bites

Atradius reports ‘huge’ rise in late payments as pandemic recession bites

New research from international credit insurance group Atradius reports that late payments have “soared” in the US, Mexico and Canada (USMCA) region as businesses are hit by the impact of Covid-19. The insurer’s annual Payment Practices Barometer analyses the payment behaviours and sentiment of businesses in the USMCA region. This year’s survey results reveal compromised cashflows and an increased reliance…

Chubb proposes government/industry pandemic BI insurance

Chubb proposes government/industry pandemic BI insurance

Chubb proposes government/industry pandemic BI insurance

Chubb has proposed a model to cover future pandemic risks for businesses in the US, with the insurance industry and government sharing the risk. Under its Pandemic Business Interruption Program put to the US government, there would be two approaches – one for small businesses with up to 500 employees and a separate scheme for larger firms. Both schemes exclude…

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance recovery from Covid-19 will outrun economies, says Swiss Re

Global insurance premiums will stage a full recovery next year after the impact of Covid-19, says Swiss Re in a new Sigma report, with the pandemic raising risk awareness levels and demand for protection. Rates are expected to harden in commercial lines and take non-life insurance premiums above pre-crisis levels, Swiss Re says, adding that emerging economies led by China…

Covid-19 to delay premium rate increase benefits for US commercial insurers

Covid-19 to delay premium rate increase benefits for US commercial insurers

Covid-19 to delay premium rate increase benefits for US commercial insurers

The coronavirus pandemic and its consequent economic fallout will delay any benefits for US commercial insurers from recent sharp premium rate improvement, according to Fitch Ratings. It said the pandemic has introduced considerable uncertainty for near-term underwriting performance that is expected to extend into 2021. However, Fitch said it is maintaining a stable ratings outlook on the US P&C insurance…

Europe on terror alert as lockdown lifts, says Pool Re

Europe on terror alert as lockdown lifts, says Pool Re

Europe on terror alert as lockdown lifts, says Pool Re

The UK’s terrorism threat level sits at substantial, where an attack is likely, said Pool Re in its first update since the terror attack in Reading last month. The reinsurer also warned that attacks may have been shelved during the Covid-19 pandemic but as restrictions are lifted, there could be an increase in the risk of terrorism incidents. “The frequency…

CNA Hardy pauses Covid-19 non-damage BI claims until FCA test case resolved

CNA Hardy pauses Covid-19 non-damage BI claims until FCA test case resolved

CNA Hardy pauses Covid-19 non-damage BI claims until FCA test case resolved

CNA Hardy has told policyholders with Covid-19 business interruption (BI) claims that it will await the decision in the Financial Conduct Authority’s (FCA) test case and put their claims on hold until the outcome is known. Although the insurer is not part of the FCA’s test case, which is seeking clarity from the High Court on non-damage BI policies or…

Chubb books $1.4bn Covid-19 loss

Chubb books $1.4bn Covid-19 loss

Chubb books $1.4bn Covid-19 loss

Covid-19 claims will cost Chubb $1.37bn in the second quarter of 2020, with total cat losses for the period nearer $1.81bn. Chubb said the bulk of Covid-19 losses at $605bn were from entertainment and commercial business interruption policies, as well as accident and health products including travel insurance. A further $553m of its Covid-19 losses is booked to liability products,…

FCA rejects insurers’ defences in BI test case

FCA rejects insurers’ defences in BI test case

FCA rejects insurers’ defences in BI test case

UK regulator the Financial Conduct Authority (FCA) has rejected the defences of eight insurers for not paying claims on business interruption (BI) policies for Covid-19 losses. In the latest development in the High Court test case brought by the regulator, the FCA said the defences fail to account for the true nature of the insurance sold to buyers, often small…

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Aviation rates harden but industry profits hang in the balance for 2020, says Gallagher

Covid-19 could act as a catalyst for future rate increases in aviation insurance and accelerate the upwards trend already in play, according to a market briefing from Gallagher. Aviation rate increases are expected to continue into 2021, the broker said, and pressure on capacity will strengthen insurers’ resolve. The aviation insurance bottom line, however, hangs in the balance. “It is…

1 2 3 46