Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re is proven model but not only option for pandemic insurance solution: Enoizi

Pool Re chief executive Julian Enoizi welcomed the recent debate on future pandemic risk financing in partnership between government, the insurance sector and business, telling Commercial Risk Europe in an exclusive interview this week that risk managers definitely need to be involved in the discussion from the outset. He pointed out that Pool Re was created in only three months during…

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Covid-19 unlikely to change course of aviation rates, says Gallagher

Broker Gallagher has said Covid-19 is unlikely to change the course of the aviation insurance market, with hardening conditions set to continue throughout 2020 driven by the frequency and severity of recent claims. The next round of renewals are expected to continue on higher rates. But Gallagher said the recent ratings trend will be “somewhat clouded by the huge reduction…

Insurers clarifying pandemic coverage at renewals

Insurers clarifying pandemic coverage at renewals

Insurers clarifying pandemic coverage at renewals

Moves by insurers to ensure they are not exposed to Covid-19 on future policies are mostly to clarify cover rather than rewrite coverage, said Aon’s global chief broking officer, Hugo Wegbrans. He also told CRE that the insurance market coped well during 1 April renewals, with things relatively smooth for buyers despite turmoil thrown up by the pandemic. “In general,…

No immediate market reaction to pandemic but likely to reinforce hardening

No immediate market reaction to pandemic but likely to reinforce hardening

No immediate market reaction to pandemic but likely to reinforce hardening

The commercial insurance market remains difficult for buyers but has not immediately reacted to Covid-19, however experts say it will likely reinforce hardening in the longer term. Aon’s global chief broking officer, Hugo Wegbrans, told Commercial Risk Europe that the insurance market has not immediately reacted to Covid-19 at 1 April renewals and, although still tough for insureds, has stabilised…

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Miller sees surge in demand for epidemic insurance as property market restricts cover further

Demand for specialist epidemic insurance has surged as the Covid-19 pandemic continues to escalate and insurers further restrict cover in property policies, according to London market insurance broker Miller. Although it is no longer possible to buy cover for the current coronavirus outbreak, a growing number of companies are thinking about how to protect against the next infectious outbreak, explained…

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

Marsh tells US Congress it can help create TRIA-style pandemic pool

John Doyle, president and CEO of Marsh and vice-chair of Marsh & McLennan Companies (MMC), has written to Congress leaders and the US administration, offering to help create a pandemic risk insurance programme that would help the US economy recover from Covid-19 and be far better prepared for any future outbreak. Marsh’s bid to create a government-backed scheme to cover…

Germany to back trade credit insurers during Covid-19 crisis: Reuters

Germany to back trade credit insurers during Covid-19 crisis: Reuters

Germany to back trade credit insurers during Covid-19 crisis: Reuters

The German government has struck a deal with the country’s trade credit insurers to ensure trade is covered through the current Covid-19 pandemic, according to Reuters. The details have yet to be confirmed by the government or any of the insurers involved. Reuters said it has learnt the government will guarantee €30bn for the commercial trade credit insurance sector so…

Munich Re first reinsurer to act on virus impact as profit guidance and share buyback cancelled

Munich Re first reinsurer to act on virus impact as profit guidance and share buyback cancelled

Munich Re first reinsurer to act on virus impact as profit guidance and share buyback cancelled

Munich Re has withdrawn its profit guidance and cancelled a planned share buyback because of the scale of claims linked to coronavirus, which include a large share of the Olympic postponement loss. The insured cost of the Tokyo Olympics delay until 2021 will be far less than total cancellation would have been but will still probably cost the insurance market…

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Risk managers will support creation of state-backed pandemic pools to plug coverage gap

Europe’s corporate risk and insurance managers would support the creation of state-backed insurance pools to cover pandemic risk and plug the huge coverage gap that has been exposed by the Covid-19 outbreak, based on feedback from leading industry representatives gathered by Commercial Risk Europe. The topic has risen to the top of the agenda as businesses across Europe and the…

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