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COVID-19

Covid-19 virtual roundtable: Issue Five

Since the Lloyd’s of London underwriting floor closed in response to the global pandemic in March, risks placed on the PPL platform have reached record highs, with other electronic platforms also reporting a surge in risks bound.

Sun 19 Apr 2020

PA Supreme Court decision could weaken BI physical damage argument

News

Business interruption

PA Supreme Court decision could weaken BI physical damage argument

In a decision that is being viewed as hurting insurers’ chances of denying business interruption (BI) claims, the Pennsylvania Supreme Court this week issued a ruling that could make it harder to argue Covid-19 did not result in direct physical loss to property.

Sat 18 Apr 2020

Most BI policies exclude pandemic coverage in Washington state

News

COVID-19

Most BI policies exclude pandemic coverage in Washington state

A poll conducted by Washington insurance commissioner Mike Kreidler has found only FM Global offers coverage in the state for a pandemic event through a standard policy while 15 insurers offer limited coverage through endorsements.

Fri 17 Apr 2020

Reinsurers could question liability for claims arising from US BI legislation

News

Commercial insurance

Reinsurers could question liability for claims arising from US BI legislation

Lloyd’s and London market reinsurers would have scope to question their liability to US cedants were claims to arise from US states passing legislation forcing insurers to pay Covid-19 business interruption (BI) losses, an analysis from Bryan Cave Leighton Paisner (BCLP) suggests.

Fri 17 Apr 2020

News

COVID-19

Covid-19 to reduce (re)insurers’ insurtech capital allocation

The coronavirus crisis is likely to lead insurers and reinsurers to pull back on insurtech investments, both in terms of the number of deals and size of investments.

Fri 17 Apr 2020

Long-term care underwriters prepping for Covid-19 hit

News

Legal dispute

Long-term care underwriters prepping for Covid-19 hit

CNA and Berkshire Hathaway Specialty Insurance (BHSI) are among long-term care medical professional liability (MPL) insurers facing the prospect of a swathe of liability claims as lawsuits begin to be filed against facilities alleging negligence and wrongful death related to Covid-19.

Fri 17 Apr 2020

Broker E&O underwriters bracing for wave of Covid-19 claims

News

Commercial insurance

Broker E&O underwriters bracing for wave of Covid-19 claims

Broker E&O insurers including Swiss Re Corporate Solutions are facing a potential surge in claims from US retail agents and brokers sued by insureds alleging that they failed to properly advise about purchasing appropriate coverage for Covid-19 business interruption losses, The Insurer can reveal.

Fri 17 Apr 2020

AM Best boost to CSAM rated Guernsey reinsurers

News

Property catastrophe

AM Best boost to CSAM rated Guernsey reinsurers

Humboldt Re and Kelvin Re have had their AM Best A- financial strength ratings affirmed despite a warning last year from the rating agency that their underwriting results need to improve.

Fri 17 Apr 2020

Analysis

COVID-19

German trade credit backstop adds to public-private Covid-19 initiatives

Germany’s launch of a Eur30bn trade credit backstop enabling insurers to continue offering coverage for around Eur400bn of credit lines in the face of Covid-19 related claims is the first example of a meaningful public-private partnership being agreed in the coronavirus crisis, despite a range of proposals in other countries.

Fri 17 Apr 2020

D&O writers taking “highly unusual” exclusions action: CRC

News

Commercial insurance

D&O writers taking “highly unusual” exclusions action: CRC

D&O underwriters are pulling quotes off the table, adding exclusions and tightening underwriting in a sign that they are not comfortable with the level of risk in the Covid-19 fallout, according to wholesale broker CRC Group.

Fri 17 Apr 2020

News

Trade credit

IUA and LMA join call for EU support on trade credit

The Lloyd’s Market Association (LMA) and International Underwriting Association (IUA) have joined a host of international trade bodies in issuing a call to EU leaders to support trade credit insurers during the coronavirus pandemic.

Fri 17 Apr 2020

US stock futures shift up as economy readies to reopen

News

Share price

US stock futures shift up as economy readies to reopen

Wall Street futures showed positive signs on Friday morning with news that some parts of the American economy may open up sooner than expected and that a US drugs company may have developed a medicine that can tackle the coronavirus outbreak.

Fri 17 Apr 2020

Margin squeeze drives AM Best negative outlook on UK non-life

News

Personal auto

Margin squeeze drives AM Best negative outlook on UK non-life

AM Best has maintained its negative outlook on the UK non-life insurance sector citing further pressure on underwriting margins as Covid-19 forces a slowdown of economic activity.

Fri 17 Apr 2020

Axis names McCormick Ireland reinsurance CEO

News

People Moves

Axis names McCormick Ireland reinsurance CEO

Axis Capital has appointed Mark McCormick as CEO of Axis Re SE, the carrier’s reinsurance legal entity domiciled in Ireland, to replace Helen O’Sullivan.

Fri 17 Apr 2020

News

Beazley and Hiscox shares lead gains as Euro stocks rally

Shares in Beazley surged over 8 percent in early trading, leading the gains amongst its European counterparts as markets rallied on hopes of a medical breakthrough on the coronavirus and the first signs that the US is on its way to reopening parts of its economy.

Fri 17 Apr 2020

European (re)insurance stocks hold early gains as markets rally

News

COVID-19

European (re)insurance stocks hold early gains as markets rally

European (re)insurance stocks surged in early trading despite damning data on the Chinese economy’s outlook as investors were buoyed over hopes of a medical breakthrough and signs that the US is on its way to reopening parts of its economy.

Fri 17 Apr 2020