All COVID-19 articles
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NewsBest’s Market Segment Report: MENA Reinsurers Strive to Adapt to Testing Conditions
Regional reinsurers operating in the Middle East and North Africa (MENA) are no strangers to challenging operating conditions. In recent years, the region’s reinsurance market has been characterised by competitive pricing pressures, overcapacity and increased incidence of large losses.
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News
COVID crisis sparks captive growth
Captive formation grew by 200% in the first half of 2020, including captives to cover pandemic-related losses - Marsh
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News
Lockdown is technology’s ‘moment to shine’ says Insurercore’s founder and MD Peter Clarke
Lockdown has been technology’s “moment to shine” with Insurercore’s platform seeing an uptick in activity and witnessing one of its best weeks in August.
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News
COVID-19: Mid-market firms hit by social engineering
Cybercriminals targeted businesses that remained open during lockdown, making them more susceptible to cyber attack
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News
FCA called out as ‘shining example of regulatory intervention’ for test case action
Legal professionals are applauding the FCA’s prompt response to the conflict between insurers and policyholders surrounding Covid-19-related business interruption (BI) claims as the High Court yesterday published its verdict on the eight-day test case that sought to clarify non-damage BI policy wordings and their interpretation.
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News
Briefing: Customers will face more agony despite test case ruling
The FCA ruling will only help some clients and, even then, there will be arguments over payouts. The FCA ruling closes one chapter on this unedifying experience for the insurance industry. There are lessons to be learned.
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Analysis
Munich Re: Pandemics, climate change, cyber: Major risks of our time – Better preparation needed
”The coronavirus pandemic needs to be a lesson to us all: We must take action more rapidly and vigorously to ensure that we are not as unprepared as we were with COVID-19 for risks such as cyber attacks or climate change. It is possible to better safeguard against the financial ...
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News
CII urges industry to develop an approach to pandemics to avoid further test case scenarios
The professional body says that building trust across the industry is a ‘key concern’
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News
High Court rules in favour of FCA for majority of Covid-related BI wording interpretations
Policyholders who had business interruption (BI) claims linked to the coronavirus pandemic but rejected by insurers have today been vindicated, as the High Court has ruled in favour of the FCA’s interpretation of non-damage BI policy wordings across the majority of key contention areas.
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News
Insurance lines in UK need to adapt as remote working is here to stay, says GlobalData
More than two thirds of small and mid-size enterprises (SMEs) in the UK expect that remote-working levels will be higher than before the COVID-19 period, which will have lasting consequences on the insurance industry.
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News
Hannover Re anticipates significant price increases in property and casualty reinsurance
Hannover Re expects to see significant price increases spanning the various lines of property and casualty reinsurance in the treaty renewals as at 1 January 2021. The key drivers here are the strains incurred by primary insurers and reinsurers in connection with the Covid-19 pandemic, a further drop in interest ...
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Analysis
Best’s Market Segment Report: Asia-Pacific Reinsurers Need to Revisit Strategic Approach in Problematic COVID-19 Era
he challenges from COVID-19 continue to evolve for the Asia-Pacific reinsurance sector, with the related macroeconomic and investment impacts pressuring profitability, according to a new report from AM Best.
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News
Business interruption test case judgement will not be the ‘final word’
An appeal on the judgement delivered for the test case on non-damage business interruption (BI) policy wordings and their interpretation for Covid-19-related claims tomorrow is “inevitable” – Plexus Law partner Andrew Crocombe thinks that early 2021 is the more likely deadline for a “final word” on the matter, once the ...
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Analysis
Eurozone to benefit from reshoring - sigma
Global supply chains are undergoing fundamental and accelerated restructuring, with re-shoring a growing trend in Europe
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News
Southeast Asia to benefit from supply chain diversification
Global supply chains are undergoing fundamental and accelerated restructuring, the latest Swiss Re Institute sigma study
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News
Lloyd’s of London expecting to pay out £5bn in claims, despite reporting stronger solvency position
Lloyd’s of London expects to pay out up to £5bn in Covid-19 customer claims on a gross basis, with £2bn of this figure being reinsured. It announced a loss of £0.4bn pre-tax for the first six months of 2020, compared to £2.3bn in 2019.
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News
British theatres and live music venues can no longer get commercial insurance
British theatre and live music venues can no longer get commercial insurance due to the Covid-19 pandemic and are therefore calling on the government to provide a financial backstop. A handful of venues have reopened in Britain, but underwriters are excluding Covid-19 from cover meaning that there is no ...
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News
Online fraud and cyber scams soar during pandemic lockdown but insurance for it ‘fairly new’
A spike fraud and cyber scam in cases has exposed a new risk for the cyber insurance market, Insurance Times looks at what the industry is doing to protect vulnerable customers during the pandemic and why some many not be covered if they work remotely. Cyber scams and ...
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News
Coronavirus lockdown causes 0.3% decline in home insurance premiums
Insurance premiums for buildings and contents policies have decreased by 0.3% over the last three months as the national lockdown, implemented to mitigate the spread of Covid-19, influenced a steep drop in recorded crime. However, average premiums for this line of business has increased by 3% over the last 12 ...
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News
Markerstudy cuts compulsory redundancies for proposed Co-op Insurance deal
Markerstudy has reduced the number of compulsory redundancies for the proposed deal with the Co-operative Insurance. Earlier in the week an Early Day Motion was filed by Rochdale MP Tony Lloyd on 1 September, alongside a protest with trade union Unite outside the birthplace of the Co-operative movement.
