UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

UK’s BI ruling will have international impact and see more claims paid

The recent judgment on Covid-19-related business interruption (BI) insurance by the UK’s Supreme Court will affect policies and laws well beyond the UK, and means policyholders from various jurisdictions are more likely to get claims paid, according to legal experts. The 15 January UK Supreme Court judgment found in favour of policyholders that had been denied cover for Covid-19-related BI…

GDPR fines up 39% in 2020

GDPR fines up 39% in 2020

GDPR fines up 39% in 2020

Regulatory fines for data breaches under the GDPR increased 39% in Europe during the past year to €158.5m, according to new research from law firm DLA Piper. The company said regulators “tested their powers” under the GDPR in 2020 after a slow start during the regulation’s first 20 months when fines totalled €114m. Total fines levied since the GDPR was…

AMRAE’s virtual conference to boost risk debate as pandemic rolls on

AMRAE’s virtual conference to boost risk debate as pandemic rolls on

AMRAE’s virtual conference to boost risk debate as pandemic rolls on

French risk management association AMRAE will discuss the implications of Covid-19, as well as focus on other related risks such as environmental, social and corporate governance issues, climate change, the future of capitalism and supply chain disruption, at its online conference early next month. The association’s virtual annual conference takes place on February 3 and 4, and is free to…

Cost of building resilience far less than inaction, say WEF experts

Cost of building resilience far less than inaction, say WEF experts

Cost of building resilience far less than inaction, say WEF experts

The cost of inaction far outweighs the cost of building resilience to risk, according to expert speakers at the launch of the World Economic Forum’s (WEF) Global Risks Report 2021, who urged companies and governments to take a holistic, rather than short-term, approach to risk management. The report warns that the world faces short-term societal and technological risks created by…

Axis’s Covid-19 losses rise by $125m in Q4

Axis’s Covid-19 losses rise by $125m in Q4

Axis’s Covid-19 losses rise by $125m in Q4

Axis Capital Holdings said Covid-19 claims will cost a further $125m in Q4 and have been impacted by last week’s UK BI ruling, with total catastrophe and weather-related losses for the period to range between $195m and $205m. Axis’s Covid-19 losses come on top of $235m worth of pandemic claims  booked in the first quarter of last year. The additional…

World must ‘wake up’ to existential threats says WEF as report lays out Covid-19 risks

World must ‘wake up’ to existential threats says WEF as report lays out Covid-19 risks

World must ‘wake up’ to existential threats says WEF as report lays out Covid-19 risks

The world faces short-term societal and technological risks created by Covid-19 that will give way to economic pressures over the medium term and geopolitical problems in the long run, warns the World Economic Forum’s (WEF) Global Risks Report 2021. With climate change still the biggest existential threat, it says risk resilience is more important than ever to help the world…

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Pandemic shakes up top risks facing global firms, finds AGCS Barometer

Business interruption (BI) has reclaimed its position as the top risk facing global firms, followed by a pandemic outbreak in second place and cyber incidents a close third, after taking the number one spot last year, according to Allianz Global Corporate & Specialty’s (AGCS) Risk Barometer 2021. BI held the top spot for four consecutive years in the Allianz Risk…

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

European firms name cyber as top risk for 2021 in AGCS poll

Cyber incidents have retained their position as the number one risk facing businesses in Europe during 2021, with business interruption (BI) in second place and pandemic outbreak third, finds a poll of risk experts and business leaders by Allianz Global Corporate & Specialty (AGCS). BI’s position is unchanged from last year, while pandemics are a new entry in the top…

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

FCA ruling sets out clear path for Covid-19 BI claims in ‘resounding’ victory for buyers

Last week’s UK Supreme Court ruling on Covid-19-related non-damage business interruption (BI) claims was a big victory for policyholders, and has clearly set out a path for businesses of all sizes to claim under BI policies, overturning established case law in the process, say legal experts. The Supreme Court judgment represents a “resounding” win for policyholders, according to Aaron Le…

Reinsurance hardening to hit primary coverage in 2021

Reinsurance hardening to hit primary coverage in 2021

Reinsurance hardening to hit primary coverage in 2021

The hardening reinsurance market could mean higher prices for corporate insurance buyers into 2021 and signal a period of restricted coverage and reduced underwriting flexibility. The hardening reinsurance market is likely to exert more influence on the primary commercial P&C and specialty markets than has been the case in previous years, according to Clarissa Franks, managing director and risk management…