Willis Towers Watson (WTW) has developed a pandemic tracker that will allow P&C clients to measure Covid-19 exposures. Launched by WTW’s risk and analytics team and integrated into its Global Peril Diagnostics tool, the new feature gives up-to-date information on confirmed Covid-19 cases around the world alongside clients’ property total insured values. WTW said it will also track any business…
Airmic has told CRE there is no real evidence that Covid-19 is causing problems for 1 April renewals but added that buyers are still facing problems from continuing “harsh market” conditions. The association’s technical director and deputy CEO Julia Graham said there are some operational delays to 1 April renewals, which are predominantly focused on the UK and London market,…
Lloyd’s has announced pre-tax profit of £2.5bn in 2019 following a £1bn loss a year earlier, as its numbers were boosted by “sustained” rate increases, “improving” underwriting discipline, lower claims and strong investment performance. The market’s improved 2019 results follow heavy losses in previous years, including a £2bn shortfall in 2017. Since then, Lloyd’s has undergone a performance review and…
The American Property Casualty Insurance Association (APCIA) has said it is crucial to discourage efforts to impose retroactive coverage on insurance policies in relation to Covid-19. Speaking at the National Association of Insurance Commissioners (NAIC) online special session on Covid-19, David A Sampson, president and CEO of the APCIA, said: “Most importantly, it is vitally important to discourage efforts to…
Airmic’s conference is almost certainly off after the association announced it has stopped planning for the event, in light of Covid-19. It is the latest event in the risk and insurance management calendar to be hit by the virus, with many other associations across Europe and the world cancelling their annual conferences. The news came on the day that this…
Covid-19 is set to cost UK travel insurers at least £275m and see them record their biggest annual loss ever, according to the Association of British Insurers (ABI). It said initial estimates suggest the vast majority of losses will be for cancellations, with some for disruption costs incurred overseas. The £275m figure far exceeds the highest previous annual figure for…
Ransomware attacks surged 131% in 2019, according to Beazley, which has warned that cyber risks could be exacerbated by employees working from home during the Covid-19 pandemic. Beazley Breach Response Services (BBR Services), which bases its data on breaches reported by corporate clients, said ransom sums demanded by criminals also increased, with cases of seven- or even eight-figure demands. There…
Insurers in the UK, France and Germany will face “moderate” business interruption (BI) losses from disruption and closures as a result of coronavirus, with the bulk of policies excluding pandemic-related claims, according to a report by Moody’s. But it warned this could cause the industry reputational damage. Moody’s said while losses and claims may be low, the insurance sector faces…
Covid-19 will be a ‘landmark’ case in how society deals with mega risks, but it is unlikely to be a one-off, the Institute of Risk Management (IRM) and Institute of Operational Risk (IOR) told CRE. “This is the latest iteration of a known virus that could recur or mutate in the future. It may not just be a one-off risk…