Insurers ‘regret’ BI disputes but lessons must be learned

Insurers ‘regret’ BI disputes but lessons must be learned

Insurers ‘regret’ BI disputes but lessons must be learned

British insurers have said they “regret” legal disputes over Covid-19-related business interruption (BI) claims and vowed to pay out on policies as soon as possible. However, a slew of industry trade bodies are calling for insurers to learn lessons and improve the clarity of wordings following the momentous defeat in the UK’s Supreme Court over coronavirus-related BI claims. On Friday,…

Policyholders win resounding victory over insurers in BI test case

Policyholders win resounding victory over insurers in BI test case

Policyholders win resounding victory over insurers in BI test case

Insurers face a large bill for Covid-19-related business interruption (BI) claims after the UK’s Supreme Court resoundingly ruled in favour of policyholders and the Financial Conduct Authority (FCA). All six insurers lost their appeals, while the Supreme Court supported the FCA’s appeals of certain unfavourable rulings delivered by the lower court. The Supreme Court, the UK’s highest, considered appeals against…

Covid-19 fuels a range of business travel risks in 2021, warns Riskline

Covid-19 fuels a range of business travel risks in 2021, warns Riskline

Covid-19 fuels a range of business travel risks in 2021, warns Riskline

Covid-19, social unrest, geopolitical uncertainty, rising violent crime in developing countries and growing nat cats are big risks for business travellers in 2021, warns Riskline. The travel risk intelligent experts said while there is hope that some parts of the world will see the Covid-19 pandemic end this year, its effects will continue to be felt in 2021 and create…

Corporate risk now at critical level in South Africa

Corporate risk now at critical level in South Africa

Corporate risk now at critical level in South Africa

As South Africa enters a new adjusted level-three Covid-19 lockdown, its critical businesses have been re-evaluating their risk strategies with concerns for the year ahead. Gillian le Cordeur, chief executive officer of the Institute of Risk Management South Africa (IRMSA), said the government was left with little choice but to act even though the impact on the economy and jobs…

Covid-19 exclusions set to leave many firms hit by UK border closures exposed

Covid-19 exclusions set to leave many firms hit by UK border closures exposed

Covid-19 exclusions set to leave many firms hit by UK border closures exposed

Hauliers and other companies involved in goods transportation affected by UK border closures this week over fears of a new Covid-19 variant could be unable to claim on their insurance because of communicable disease exclusions introduced earlier this year, warned Jonathan Moss, insurance partner at law firm DWF. A new and more contagious variant of Covid-19 detected by UK scientists…

Allianz top in 2019 but pandemic will shuffle European insurer rankings: AM Best

Allianz top in 2019 but pandemic will shuffle European insurer rankings: AM Best

Allianz top in 2019 but pandemic will shuffle European insurer rankings: AM Best

Europe’s top 30 non-life insurers boosted premiums by 8.6% in 2019 while operating profit was about €13bn higher, according to analysis by AM Best in its top insurer ranking by gross premiums written, which remained largely unchanged from the year before. Allianz was top and AXA moved up one place to beat Lloyd’s into second position. This followed a full…

Spanish brokers see light at end of tunnel for risk managers

Spanish brokers see light at end of tunnel for risk managers

Spanish brokers see light at end of tunnel for risk managers

Spanish companies must gear up for a difficult series of renewals in 2021, but negotiations may be not as traumatic as in the past two years, according to leading Spanish brokers. Even though buyers face a less dramatic hard market than their peers in other European countries, things are dire for Spanish firms in some lines, such as D&O and…

RIMS president calls for better risk financing of extreme events

RIMS president calls for better risk financing of extreme events

RIMS president calls for better risk financing of extreme events

The president of US risk management association RIMS has urged risk professionals and the insurance industry to find new ways of financing extreme events like pandemics, and believes relationships must evolve in order to deliver. The pandemic has highlighted the importance of managing “all risks”, with dynamic and emerging threats a big concern, Laura Langone, RIMS president and head of…

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

Focus shifts to self-insurance incentives as AMRAE welcomes government statement

The Italian and Spanish risk and insurance sectors have joined their peers in the UK, Germany and France in calling for state support to help companies cope with future systemic risks following the catastrophic impact of Covid-19. But it seems that focus is shifting away from demand for monoline state-backed insurance pools towards broader-based incentives for greater risk management, self-insurance…

Covid-19 supply chain impact will roll into 2021, says the BSI

Covid-19 supply chain impact will roll into 2021, says the BSI

Covid-19 supply chain impact will roll into 2021, says the BSI

Global supply chains suffered unprecedented disruption as Covid-19 struck and many of these risks will impact business into 2021, according to the British Standards Institute (BSI). After studying data during the past year, the BSI and supply chain intelligence platform SCREEN found the economic fallout from Covid-19 sparked an increase in targeted cargo thefts, more human rights violations against migrants…

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