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The heat is turned up over Covid-19 BI claims

Comment

Business interruption

The heat is turned up over Covid-19 BI claims

Insurers were already feeling the heat over Covid-19 business interruption (BI) losses before US President Donald Trump waded into the issue and a House Democrat introduced a bill that would force BI payments regardless of exclusions.

Wed 15 Apr 2020

Hiscox seeks to reassure on SME Covid-19 exposures

News

Business interruption

Hiscox seeks to reassure on SME Covid-19 exposures

Hiscox has moved to calm investors’ concerns about its Covid-19 exposure by reiterating that its core policy wordings do not provide cover for business interruption (BI) as a result of the general measures taken by the UK and other governments in response to the pandemic.

Wed 15 Apr 2020

News

Sompo International to exit Lloyd’s in 2021 to streamline for growth

Sompo International has announced it is exiting Lloyd’s next year with the company set to cease underwriting via its Endurance at Lloyd’s managing agency and £400mn capacity Syndicate 5151 from January 2021.

Wed 15 Apr 2020

WTW adds BofE’s Scott to lead climate and resilience hub

News

People Moves

WTW adds BofE’s Scott to lead climate and resilience hub

Willis Towers Watson has hired the former leader of the Bank of England’s Green Finance Strategy 2019, Matt Scott, as a senior director in its climate and resilience hub.

Wed 15 Apr 2020

News

COVID-19

Lloyd’s considering Covid-19 fund

Lloyd’s is in advanced discussions as it looks at initiatives to raise up to £100mn from the market for a fund that will underpin its response to the global coronavirus pandemic, The Insurer can reveal.

Wed 15 Apr 2020

Liberty Mutual names Chubb’s Williams GRS multinational CUO

News

People Moves

Liberty Mutual names Chubb’s Williams GRS multinational CUO

Liberty Mutual has appointed David Williams to the newly created role of multinational chief underwriting officer for the carrier’s commercial and specialty (re)insurance operation, Global Risk Solutions (GRS).

Wed 15 Apr 2020

Comment

Monte Carlo or bust

News earlier this week that Chubb is running its own virtual conference for risk managers and brokers on the dates when RIMS 2020 would have been in full swing looks like an astute piece of opportunistic thinking and a demonstration that technology is allowing the industry to keep functioning through the Covid-19 crisis.

Wed 15 Apr 2020

THB adds Aon’s Reichenfeld to lead Europe treaty book

News

People Moves

THB adds Aon’s Reichenfeld to lead Europe treaty book

Lloyd’s wholesale broker THB has appointed Bob Reichenfeld as executive director for THB Europe, responsible for leading the firm’s treaty business.

Wed 15 Apr 2020

News

Cyber

Beazley replaces cyber head Donovan with Greenwood

Blue-chip insurer Beazley has promoted Bethany Greenwood as global head of cyber and executive risk (CyEx), replacing Mike Donovan who will retire after 15 years with the carrier.

Wed 15 Apr 2020

European (re)insurance equities fall as fears over coronavirus crash grow

News

COVID-19

European (re)insurance equities fall as fears over coronavirus crash grow

European (re)insurance stocks fell in early trading on Wednesday following Asia-Pacific markets into negative territory as investors digested the latest warning from that the global economy is set to see its worst financial crisis since the Great Depression.

Wed 15 Apr 2020

Asta adds former Aspen UK CEO Green to board

News

People Moves

Asta adds former Aspen UK CEO Green to board

Lloyd’s third-party managing agent Asta has appointed Karen Green to its board of directors, as independent non-executive and chair of the risk committee.

Wed 15 Apr 2020

FCA will not intervene on BI virus exclusions

News

Business interruption

FCA will not intervene on BI virus exclusions

The UK’s Financial Conduct Authority (FCA) confirmed on Wednesday that it would not intervene and force carriers to pay out on coronavirus-related business interruption (BI) claims where pandemics are excluded from the policy, despite mounting pressure from insureds to do so.

Wed 15 Apr 2020

News

COVID-19

French insurers double Covid-19 solidarity fund donations to Eur400mn

Insurers in France have pledged total donations of Eur400mn ($437.3mn) to the country’s solidarity pot to help small businesses through the coronavirus.

Wed 15 Apr 2020

News

Hiscox sell-off continues as shares fall 30% this week

Shares in London-listed Hiscox have plunged almost 30 percent in the first two days of trading this week after investors sent prices tumbling on news that a group of SME policyholders are threatening legal action over the carrier’s refusal to pay out on coronavirus business interruption (BI) claims.

Wed 15 Apr 2020

Hastings to proceed with dividend after no Covid-19 exposure

News

Results

Hastings to proceed with dividend after no Covid-19 exposure

UK insurer Hastings plans to propose a reduced dividend of 5.5 pence per share at its 21 May AGM, defying recent calls from regulators.

Wed 15 Apr 2020

APAC stocks slip after IMF warns on coronavirus hit to global economy

News

COVID-19

APAC stocks slip after IMF warns on coronavirus hit to global economy

Asia-Pacific stocks slipped overnight after the International Monetary Fund (IMF) warned on Tuesday that the global economy is set to see its worst financial crisis since the Great Depression.

Wed 15 Apr 2020