The deal struck between broking giants Aon and Willis Towers Watson to combine to form the world’s largest insurance broker is unlikely to be jeopardised by the coronavirus pandemic, a corporate advisory expert has told Post.
The insurance industry must get better at explaining the products it offers, Lloyd’s CEO John Neal said, as the market’s aggregated results for 2019 showed it returning to profit on the back of large investment earnings.
Thingco chief technology officer Jonathon Valentine has launched a platform to securely connect elderly people and people in self-isolation to volunteer groups, foodbanks and takeaway services.
Legal expenses insurer Arc Legal is aiming to capitalise on developments around whiplash reforms and fixed recoverable costs in commercial disputes, following the integration of fellow Amtrust subsidiary Composite Legal Expenses.
Ratings agencies have moved to assess the impact of the coronavirus pandemic on insurers. Among them is AM Best, which is developing stress tests that will assess the impact on insurance companies’ balance sheets.
Businesses’ insurance programmes are most likely to respond to disruption caused by the coronavirus pandemic through non-damage extensions but only after a difficult claims process, Marsh UK practice leaders have said.
Travel insurers that have pulled their products off the market due to the coronavirus pandemic will continue to offer renewals to existing customers.
The Financial Conduct Authority has said it expects insurers to show flexibility in dealing with customers affected by the coronavirus outbreak.
Insurers are facing depleted investment earnings this year, as the coronavirus pandemic translates to greater volatility in financial markets and falling bond yields.
Existing travel policies likely to be eligible for cancellation claims as FCO discourages 'all but essential' trips
Direct Line reported facing increased calls from travel insurance customers on Tuesday after the Foreign Office advised against all but essential international travel in light of the coronavirus pandemic.
North America’s Risk Management Society has cancelled its annual conference and exhibition in light of growing concerns about the spread of the coronavirus.
QBE will shut nine UK offices on Wednesday as it stress tests its remote working contingencies in response to the coronavirus pandemic.
Aviva, Admiral and Direct Line have joined a growing list of insurers that have pulled travel insurance products off the market due to the coronavirus outbreak.
The Lloyd’s Market Association has published policy language that aims to ensure policyholders aren’t left without cover if the coronavirus outbreak disrupts renewal discussions.
'Disappointing' Aon/WTW merger could see risk managers turn backs on broking giants, warns Airmic CEO
The UK risk management association Airmic has voiced disappointment at Aon’s merger with Willis Towers Watson, warning that its members are prepared to turn to alternative modes of risk transfer if they feel they aren’t getting value for money.
Aviva's business interruption policies will not cover disruption caused by the coronavirus outbreak, the insurer’s general insurance CEO Colm Holmes has confirmed.
Operating profits for Aviva’s UK general insurance business fell 35% to £250m in 2019, though the result excludes the £45m cost of strengthening reserves following July’s Ogden rate revision, as it revealed it has cut 1200 jobs across the company so far.
Businesses disrupted by the coronavirus outbreak may be able to recoup their losses if they have purchased insurance policy extensions indemnifying losses stemming from “notifiable disease”, following updates to public health statutes.