Indian regulator seeks to expand trade credit cover

Indian regulator seeks to expand trade credit cover

Indian regulator seeks to expand trade credit cover

A working group formed by the Indian insurance regulator (the IRDAI) has proposed increases in the levels of indemnity provided to policyholders by trade credit insurers and also an extension of coverage to include default by sellers and exporters. As elsewhere in the world, the Indian authorities have realised that trade credit capacity is evaporating just as businesses need it…

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

Airmic welcomes delayed UK government credit insurance scheme

UK risk management association Airmic has welcomed the news that its government has agreed to provide reinsurance support for trade credit insurers to ensure that companies can maintain critical cover against insolvency in the supply chain during the current Covid-19 pandemic. But the UK has been slow off the blocks to support its exporters. The scheme, which will be operational…

UK follows European lead with trade credit insurance guarantee scheme

UK follows European lead with trade credit insurance guarantee scheme

UK follows European lead with trade credit insurance guarantee scheme

The UK government has told the nation’s businesses that it will step in to guarantee trade credit insurance through a new scheme, in a move supported by businesses and insurers alike. It comes as some firms risked higher insurance premiums or withdrawal of cover altogether for the risk. Other European countries have introduced similar schemes. John Glen, economic secretary to…

EC approves French export guarantee scheme for SMEs hit by virus

EC approves French export guarantee scheme for SMEs hit by virus

EC approves French export guarantee scheme for SMEs hit by virus

The European Commission has approved, under EU state aid rules, a French guarantee scheme for small and midsize companies with export activities that are affected by the coronavirus outbreak. It is thought the scheme will mobilise some €200m. This follows approval given by the EC for a guarantee scheme that will be managed by the Czech export credit agency EGAP,…

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

Contract frustration claims from virus likely to lead trade credit losses: Kennedys

The Covid-19 pandemic will deliver insured losses in the trade credit market, mainly from falling commodity prices, increased governmental intervention and rising insolvencies of businesses that do not have enough capital to withstand enforced closedowns or supply chain disruptions, according to the insurance team at law firm Kennedys in Singapore. The team, led by Julian Wallace, warns insurance company claims…

CNA share price rises as Robusto explains BI policies exclude virus

CNA share price rises as Robusto explains BI policies exclude virus

CNA share price rises as Robusto explains BI policies exclude virus

CNA’s share price actually rose after the group reported a net loss of $61m for the first quarter of this year, driven by net investment losses of $169m and a decrease in net investment profit to $279m. The reason for the spike in the share price was presumably that Dino Robusto, chairman and chief executive officer, was delighted to report…

Duperreault says Covid-19 will be single largest catastrophe ever seen

Duperreault says Covid-19 will be single largest catastrophe ever seen

Duperreault says Covid-19 will be single largest catastrophe ever seen

The Covid-19 pandemic hammered AIG’s first-quarter underwriting result and post-tax adjusted profits, as the insurer suffered the double hit of a big reduction in investment income in the period (down by $1bn) and virus-related claims of $272m. AIG’s CEO Brian Duperreault said the pandemic would be the single largest catastrophe the insurance sector has ever suffered. If the pandemic impact…

Retroactive expansion of BI coverage challenges ‘very notion’ of insurance: Glaser

Retroactive expansion of BI coverage challenges ‘very notion’ of insurance: Glaser

Retroactive expansion of BI coverage challenges ‘very notion’ of insurance: Glaser

Marsh president and CEO Dan Glaser has said that efforts by lawyers and legislators in the US to try and retroactively open up business interruption (BI) coverage to Covid-19 virus claims challenge the “very notion” of insurance. Reporting a strong set of first-quarter results only lightly hit by the virus so far, Mr Glaser said that the impact of Covid-19…

CCR hands net profit to state-backed credit insurance scheme to help with virus claims

CCR hands net profit to state-backed credit insurance scheme to help with virus claims

CCR hands net profit to state-backed credit insurance scheme to help with virus claims

CCR, the French public-sector reinsurer for natural catastrophe and uninsurable risks, has decided to contribute its 2019 net profit to the newly launched state-backed reinsurance scheme that covers credit insurance risks, to support French SMEs through the current Covid-19 crisis. CCR Re, which is likely to be used as the basis of a future French state-backed insurance scheme to provide…

Coface in talks with various governments about schemes to bolster credit cover

Coface in talks with various governments about schemes to bolster credit cover

Coface in talks with various governments about schemes to bolster credit cover

France-based international credit insurer Coface reported a solid set of first-quarter results little affected by the Covid-19 pandemic. But the group warned that both falling revenues and rising claims in coming quarters because of the pandemic will hit results, and it has bolstered its liquidity, up almost three times compared with pre-crisis levels, and de-risked its asset base in preparation…

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