AM Best backs case for pandemic risk backstop
19 October 2020
Proposed public-private partnerships are warranted for the “disastrous effects” on businesses of COVID-19, given the systemic risks posed by the pandemic, ratings company AM Best says...
International
Hurricane Delta insured losses may reach $4 billion
19 October 2020
Hurricane Delta insured losses may reach $US1-3 billion after it made landfall in an area still recovering from Hurricane Laura six weeks earlier, catastrophe risk modelling firm AIR Worldwide says...
Insurers face ‘digital reckoning’ after lagging on innovation
19 October 2020
Insurers have no choice but to upgrade their public digital experience or undermine customer loyalty as the COVID-19 pandemic presents a watershed moment for the industry, new research from consultancy Bain & Company says...
Lloyd’s urges industry to build ‘simpler’ products
19 October 2020
Lloyd’s wants the industry to make insurance products less complex and provide customers with greater certainty...
Swiss Re sets up insurance JV with Daimler
19 October 2020
Swiss Re has teamed up with Daimler Insurance Services – which is owned by German auto giant Daimler Group – to set up an automotive and mobility insurance joint venture...
Lloyd’s donates to 197 charities worldwide
19 October 2020
Lloyd’s says it has donated £12 million to 197 charities worldwide since March...
Lloyd’s CEO sees ‘biggest ever, unusual and uneven’ recession
12 October 2020
This year’s COVID pandemic has triggered “mind-boggling” economic policy and “we’re about to go into the biggest recession we will have ever seen”, Lloyd’s CEO John Neal says...
Hurricane Delta landfall sets US record
12 October 2020
Hurricane Delta has set a record for the number of tropical storms to cross the US coast during an annual season after sweeping ashore in Louisiana last week...
Virus spikes ‘outweigh reduction in claims’ from lockdowns
12 October 2020
Claims reductions due to COVID19 lockdowns have been “outweighed” by virus-caused spikes in other areas, a report from Allianz Global Corporate & Specialty says...
Insurers urged to work with cities to handle risks
12 October 2020
The insurance industry and cities around the world need to develop stronger, more effective working partnerships to better protect against political, cyber and economic risks and natural catastrophes, a new Lloyd’s report says...
US fires expected to continue run of multi-billion claims
12 October 2020
2020 will mark a record run of six straight years of multi-billion-dollar payouts for global insurers due to wildfires, Aon says...
Reinsurers ‘not ready for IFRS 17’
12 October 2020
S&P Global Ratings has warned most reinsurers will find it challenging to transit to International Financial Reporting Standards 17, the new accounting rule that is set to come into force on January 1 2023...
Pandemic puts climate change back of mind
05 October 2020
Infectious disease and pandemics have replaced climate change in a new survey of the most pressing global risks...
UK court allows ‘leapfrog’ for BI test case appeals
05 October 2020
The UK High Court has allowed a fast-track process for appeal applications that may be lodged following the business interruption test case that it decided last month...
Gallagher hit by ransomware attack
05 October 2020
US-based broker Gallagher was forced to take its entire global systems offline as a precautionary measure after a ransomware attack last month...
Townsend named as Peiris replacement at Allianz
05 October 2020
Chris Townsend will join Allianz in January, taking on the Board of Management role in charge of Global Insurance Lines, the insurer announced last week...
Catastrophe bond market rebounds
05 October 2020
The catastrophe bond market returned to strong growth last financial year despite some impact from the COVID-19 outbreak, Aon Securities says in an annual review of insurance-linked securities...
Lloyd’s Parametrix BI targets SMEs
05 October 2020
Lloyd’s has launched a new business interruption policy which it says is the first off-the-shelf parametric IT downtime policy tailored towards SMEs...
FCA outlines ‘radical’ moves on premium pricing
28 September 2020
The UK Financial Conduct Authority expects new laws to ban pricing practices that disadvantage loyal customers will take effect next year as part of a proposed package of reforms...
Pandemic offers enterprise risk management warning
28 September 2020
The coronavirus pandemic has highlighted the need for insurers to review enterprise risk management frameworks and guard against complacency, AM Best has warned...