Negative outlook for underlying fundamentals of London market and reinsurance sectors

Negative outlook for underlying fundamentals of London market and reinsurance sectors

Negative outlook for underlying fundamentals of London market and reinsurance sectors

Fitch Ratings has revised its outlook for the underlying fundamentals of both the London market insurance sector and the global reinsurance sector to negative from stable. The ratings agency said the revision reflects increased concerns over the Covid-19 disruption and the related impacts on the credit quality of London market insurers and global reinsurers. Fitch said its outlook for ratings…

New GB head of Finex D&O for Willis Towers Watson

New GB head of Finex D&O for Willis Towers Watson

New GB head of Finex D&O for Willis Towers Watson

Willis Towers Watson’s (WTW) GB financial lines and executives risk team (Finex) has appointed Eve Richards as its new GB head of Finex D&O, and Angus Duncan as executive director and coverage specialist. According to WTW, they will be tasked with working with large complex clients on structuring “long-term sustainable placements in a move that reflects the need for a…

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

UK Treasury Committee demands answers from insurers on Covid-19 and BI claims

The UK’s Treasury Committee has written to the Association of British Insurers (ABI) demanding answers about the way the insurance industry is responding to Covid-19. The letter includes specific questions on business interruption (BI) and asks where there might be room for “flexibility” when it comes to potential cover. Chair of the committee Mel Stride said he sent the open…

April 1 renewals working well despite Covid-19 but ‘harsh market’ remains, says Airmic

April 1 renewals working well despite Covid-19 but ‘harsh market’ remains, says Airmic

April 1 renewals working well despite Covid-19 but ‘harsh market’ remains, says Airmic

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 returns to £2.5bn profit helped by sustained rate increases

Lloyd’s returns to £2.5bn profit helped by sustained rate increases

Lloyd’s returns to £2.5bn profit helped by sustained rate increases

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…

Europe heading towards recession, says S&P

Europe heading towards recession, says S&P

Europe heading towards recession, says S&P

The Covid-19 outbreak is predicted to cause a recession in the eurozone and UK with GDP predicted to fall 2% this year, equivalent to a €420bn loss, said ratings agency Standard & Poor’s (S&P). A lockdown of four months though could reduce the GDP for eurozone countries by as much as 10%, it warned. The ratings agency said economic costs…

Airmic halts 2020 conference plans

Airmic halts 2020 conference plans

Airmic halts 2020 conference plans

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…

UK travel insurers’ coronavirus losses at least £275m, says ABI

UK travel insurers’ coronavirus losses at least £275m, says ABI

UK travel insurers’ coronavirus losses at least £275m, says ABI

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…

BIBA cancels 2020 conference

BIBA cancels 2020 conference

BIBA cancels 2020 conference

UK broker association BIBA has cancelled its 2020 conference, which was due to be held in Manchester in May. The association said the event could no longer proceed in light of the UK government’s response to Covid-19, which has restricted gatherings and travel. “We know that this will come as an enormous disappointment to all of those involved, including our…

Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

Few European buyers have cover for Covid-19 closures: Moody’s

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…

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