Analysis – Page 37
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AnalysisAllianz names Berry chief risk officer
John Berry has been appointed as chief risk officer for Allianz Holdings and Allianz Insurance
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AnalysisLloyd’s pegs COVID losses at $4.3 billion
Estimates total industry losses of $203 billion; claims on a par with 9/11 and the combined impact of hurricanes in 2005 and 2017
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AnalysisDon’t damage trust, Airmic warns insurers
Insurers can “either interpret ambiguous contract wordings with their balance sheet in mind, or they can act as partners to long-standing customers”
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AnalysisPandemic heightens terror risk - Pool Re
States weakened by the serious economic consequences of the pandemic will be more vulnerable to the emergence/resurgence of terrorist groups
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AnalysisFERMA launches non-damage BI taskforce
Aim is to find a solution that provides cover for non-damage BI for all types of catastrophe risks, not just pandemic
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AnalysisGVNW calls for pandemic risk pool
Pandemic shows that existing insurance solutions do not offer sufficient protection for the economy, says German risk management association
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AnalysisRestart facilities with care - AGCS
20% to 30% of AGCS fire claims are related to the condition of electrical equipment and installations
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AnalysisInsurers on the hook for up to $80 billion in COVID claims
Total claims could exceed those of 9/11, underscoring the need for a government backstop - Willis Towers Watson
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AnalysisFCA seeks “clarity” on business interruption claims
Insurers given up to six months to reassess whether their products are still offering value to customers
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AnalysisRIMS calls for pandemic risk insurance program
91% of RIMS members are supportive of a TRIA-type program for insurance claims relating to losses resulting from a pandemic
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AnalysisAXA XL offers virtual risk assessment
Tool will highlight potential new risks as manufacturers adapt their businesses during the pandemic
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AnalysisWTW launches cyber marine cover
Product includes business interruption cover in the event of a cyber incident that disrupts operations
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AnalysisBI claims present an “existential threat” - Willis Re
Estimates the global reinsurance sector will take a $30 billion hit to its capital base from COVID-19
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AnalysisAirmic welcomes pandemic steering group
“It’s really important we learn the insurance lessons of the current pandemic” - John Ludlow
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AnalysisChubb’s Greenberg warns against retroactive BI payments
Evan Greenberg warns against ”self-inflicted harm from government attempts to force insurers to retroactively pay uncovered business interruption claims”
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AnalysisUK insurers set up pandemic steering group
The move has invited criticism; Mactavish says the ”sector has failed in its response to coronavirus”
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AnalysisLate notices are “missed opportunities” - Allied World
Delayed claim reporting can cost both carrier and insured hundreds of thousands of dollars in defence costs
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AnalysisInsurers ‘looking down the barrel’ at class action
Why the insurance industry is under fire for failing to pay business interruption claims - DMH Stallard
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AnalysisFERMA: Pandemic risk pools will provide future financial resilience
France’s CCR, Spain’s Consorcio, UK’s Pool Re and Germany’s Extremus scheme offer possible models
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AnalysisHiscox faces legal action over rejecting coronavirus BI claims
Customers have written to the UK business secretary, Alok Sharma, with their concerns
