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.
A mandate issued by Lloyd’s of London with the aim of tackling the issue of insurers’ exposure to silent cyber coverage has led to questions over how some cyber-related risks will be underwritten in future.
Direct Line’s profits slumped by 12.2% in 2019 as the group incurred the first of a multi-year package of restructuring costs and strengthened reserves in response to the revised Ogden rate.
Ardonagh has acquired agricultural specialist Rural Insurance Group from Primary Group for an undisclosed sum.
Though losses from natural catastrophes fell in 2019, the proportion of losses that were uninsured rose to a three-year high. Post investigates why.
UK insurers could soon see their claims costs increase as a result of social inflation similar to that which is challenging carriers in the US, law firms RPC and Hinshaw and Culbertson have warned.
Jon Hancock has been appointed CEO of AIG’s international general insurance division, and will join the company this spring.
Hastings is hoping that investment in its anti-fraud capabilities and supplier partnerships secured in the tail-end of last year will mitigate the impact of claims inflation on its bottom line.
Jon Dye, the chair of the Association of British Insurers, has called for government flood defence investment to rise to at least £1.2bn a year.
Storm Dennis has caused a second weekend of claims surges across the UK, and together with last weekend’s Storm Ciara, could be on track to exceed the impact on claims volumes of 2018’s Beast from the East.
Organisers and event insurers face uncertainty over what cancellations stemming from the ongoing Covid-19 coronavirus outbreak will cost them, as wordings are pored over and new policies have cover for the virus stripped out.
Cybercriminals are increasingly using crisis events such as the ongoing Covid-19 coronavirus outbreak to breach the security systems of businesses and individuals.
Travel insurers are keeping a close eye Foreign Office travel advice and have taken differing positions on whether travelling to China amid the ongoing coronavirus outbreak would invalidate policyholders' coverage.
Businesses seeking to use insurance to recoup costs incurred by the ongoing coronavirus outbreak are likely to find their cover wanting, due to a raft of exclusions, stringent notification criteria and sublimits.