Admiral has said it faces a “difficult call” with regard to whether or not claims frequency will return to pre-pandemic levels this year, reporting that it saw a 3-4% increase in road accidents last week alone.
The combined hull, cargo and port facility insured losses from last week’s warehouse explosions in Beirut should not exceed $250m (£191m), according to an initial analysis by Guy Carpenter.
Credit insurers face pandemic-related claims continuing well into 2021 but will avoid losses on a similar scale to those seen after the 2008 global financial crisis thanks to government interventions, according to Fitch Ratings.
The warehouse explosion in the port area of Beirut on Tuesday is unlikely to lead to insured losses on the same scale as those that followed a similar incident in China in 2015, industry figures have said.
While market conditions are slowly recovering in the wake of the coronavirus lockdown, the volume of new enquiries for commercial policies remain substantially lower than were last year, according to Allianz Insurance.
Axa has offered a UK policyholder £50 in compensation after rejecting a business interruption claim it had initially indicated would be covered.
Lloyd’s will limit access to its underwriting room when it reopens on 1 September giving underwriters and brokers in different classes of business set days for face-to-face meetings at One Lime Street.
Hiscox has not seen a slowdown in business as a result of its high-profile involvement in disputes over coronavirus business interruption claims, the insurer’s global retail CEO Ben Walter told Post.
NFU Mutual has defended itself against claims by self-catering accommodation businesses that it is unfairly deducting the value of government grants from coronavirus-related payouts.
High Court approval of Lloyd’s proposed transfer of European policies to its Brussels subsidiary is not assured, according to an expert with experience of portfolio transfers.
Davies Group is scoping out expanding its captive management presence to Guernsey or Malta, after expanding its US capabilities with the acquisition of Citadel Risk’s captive management business last week.
The Financial Services Compensation Scheme has appointed former cabinet minister Baroness Nicky Morgan, former Aviva executive Cathryn Riley, and police and fire services inspector Wendy Williams as non-executive directors.
Holidaymakers cancelling trips to Spain in light of the updated travel guidance issued over the weekend are unlikely to find cover under their travel insurance if they purchased policies after mid-March.
Lloyd’s has granted in-principle approval to a syndicate to insure the storage and transportation of a Covid-19 vaccine to emerging economies once one is developed.
The effective date for the Part VII scheme that will transfer Lloyd’s European policies to its subsidiary in Brussels has been pushed back to 30 December following a delay to the final court hearing in the process.
Beazley has posted a pre-tax loss of $13.8m (£10.8m) for the first half of 2020 after seeing claims surge for its contingency and property divisions amid the Covid-19 pandemic.
Insurers’ repeated argument that policies were not intended to cover pandemics has been described as “a diversionary tactic” on the third day of the Financial Conduct Authority’s business interruption test case.
US insurance group Genworth Financial has agreed a £624m settlement with Axa, bringing to a close a lawsuit over payment protection insurance mis-selling losses.
Voluntary initiatives launched in 2018 to address dual pricing are “having a positive impact”, the Association of British Insurers has claimed amid suggestions that the industry needs to go further and do so quickly.
The Financial Conduct Authority has argued that where businesses made changes to their model and customers could not access them as normal, giving the example of a restaurant becoming a takeaway, they are not the "same insured business" and insurers…
Lloyd’s syndicates’ plans for 2021 include £11bn of fresh business, but some will be told that they must continue to focus on performance over growth as the market looks to “finish the job” it embarked on 2018 of turning around its profitability woes.