All claims articles – Page 11
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AnalysisUK Pandemic Re group appoints Amber Rudd
Jon Dye, chairman of ABI and CEO of Allianz Insurance, has also agreed to join the UK Pandemic Re Steering Group
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AnalysisPandemic risk act enters US Congress
Like the Terrorism Risk Insurance Act (TRIA), federal government would serve as a backstop to maintain marketplace stability
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AnalysisFERMA calls for EU-wide NDBI resilience framework
The framework would respond to a range of catastrophic events, such as pandemic and cyber-attacks, that create severe non-damage business interruption losses
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AnalysisRIMS launches risk advisory service
“The world’s risk management community must come together to share their experiences and advance the profession”
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AnalysisCovid-19 heralds hardest of hard markets
Few insurance classes are expected to emerge unscathed as markets harden in the wake of coronavirus - Insurance Times
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AnalysisMost insurers can withstand COVID stress test - AM Best
Insurers are likely to see a significant hit to earnings in 2020, rather than a material decline in risk-adjusted capitalisation
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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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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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AnalysisHow to avoid restart risks
Pre-start up safety reviews can help reduce losses when idle facilities are put back into operation - Swiss Re Corporate Solutions
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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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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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FeaturesSpotlight on business interruption insurance
The COVID-19 outbreak has laid bare the limitations of business interruption insurance, with companies across the globe discovering gaps in coverage
