Lloyd’s has launched a parametric insurance product to cover SME business interruption losses caused by IT disruption or downtime.
The Financial Conduct Authority and seven out of the eight insurers involved in the regulator’s business interruption test case have filed applications to ‘leapfrog’ an appeal of the High Court judgment handed down earlier this month to the Supreme Court.
The coronavirus pandemic has underscored the need for the organisers of events like the postponed Tokyo Olympics and risk managers in general to give serious consideration to every item in their risk registers, a research team at Willis Towers Watson has…
Work to create a vehicle for dealing with catastrophic and systemic risks in the wake of the coronavirus pandemic must take into account the full spectrum of risks capable of causing comparable levels of disruption, prominent industry figures said on…
Virgin Atlantic switched its insurance broker three weeks before the renewal date of its directors and officers policy out of frustration with poor communication and a lack of faith in brokers’ ability to deal in a hard market, its head of risk said at a…
Business may not be devoting enough attention to the financial risks associated with climate change-related litigation and business transformation, Axa XL spokespeople told risk managers on Wednesday.
One in five UK directors and officers insurance buyers faced rate rises of 400% or more during this year’s renewals, according to Airmic.
In August, Aviva announced that it was aiming to roll out a motor insurance product under its main brand on price comparison websites this autumn.
Lloyd’s posted a £438m loss in the first half of 2020 driven by £2.4bn of Covid-19 claims, which added 18% to its combined operating ratio.
One in ten jobs at the Motor Insurers’ Bureau are at risk of being cut, with the organisation citing among other factors the need to minimise costs due to challenges posed by the current economic climate.
Moody’s has revised its outlook for the global reinsurance sector to negative, citing weakened profitability in the wake of the coronavirus pandemic, bringing it into line with other ratings agencies.
Munich Re has called for government-backed risk pools to be created to insure against the effects of future pandemics.
Munich Re expects its losses from August’s warehouse explosion in Beirut and a trio of recent North Atlantic hurricanes to both reach “low triple-digit million euro” sums.
Early estimates of the insured losses resulting from Hurricane Laura range from $4bn to $12bn, with the damage concentrated in southern Louisiana.
Capsicum Re is to rebrand as Gallagher Re from 1 October in order to align the business with Gallagher’s retail and insurance broking operations.
Updated: Over one million homes at risk as Hurricane Laura brings ‘unsurvivable’ storm surge to US Gulf Coast
Hurricane Laura, which made landfall in Louisiana early this morning as a category-four storm, has the potential to impact 1.1 million homes worth $265bn in terms of reconstruction cost value, according to Core Logic.
Businesses in the leisure and hospitality sector have been warned they face “inevitable” employers’ liability claims from employees who contract the coronavirus on the job or are otherwise injured as a result of changes made by businesses post-lockdown.
In June, Craig Thornton, general insurance and protection director at Lloyds Banking Group, was announced as the chair of the Association of British Insurers’ General Insurance Council, replacing Andy Watson as he stood down as CEO of Ageas UK.
Direct Line has been ordered to pay £36,998 to a former employee who claimed they were unfairly dismissed, Post has learned.
Hiscox has agreed to an expedited arbitration process in its dispute with the Hiscox Action Group, a coalition of policyholders that is contesting the insurer’s rejection of coronavirus-related business interruption claims.
Zurich’s UK general insurance business faced £140m in Covid-19 related claims across travel, event cancellation and business interruption lines in the first half of 2020.