The Financial Conduct authority has confirmed temporary measures aimed at helping insurance customers who find themselves in financial difficulty due to the coronavirus pandemic, including requiring payment deferrals.
Providing premium refunds of £20 to £25 to all motor policyholders in the wake of Covid-19 behaviour changes amounts to little more than a “marketing initiative”, Ageas CEO Bart De Smet has said.
Allianz could see a €1bn (£882m) or more hit from the coronavirus pandemic across property and casualty, Allianz group chief financial officer Giulio Terzariol has cautioned.
Allianz Holdings, comprising of LV General Insurance and Allianz Insurance, saw £68m in claims relating to storms and flooding in the first quarter of 2020 as Allianz unveiled a global property and casualty €400m (£351m) Covid-19 hit.
Direct Line Group CEO Penny James has said 99.5% of its business interruption customers have standard policies and the insurer believes the wording is “robust” enough that it will not be liable for coronavirus-related pay outs on these.
Exclusive: Insurers seeking to recoup losses from other classes, such as event cancellation and wedding insurance, are threatening policyholders involved in business interruption group actions against them with legal action.
Gallagher CEO Pat Gallagher has urged brokers “anywhere around the globe” to consider his firm as a merger partner, despite disruption posed by the coronavirus pandemic.
The value of the Aon and Willis Towers Watson merger has “ironically” been reinforced by the impact of the coronavirus pandemic, Aon CEO Greg Case said on Friday.
Making global pay cuts was a “collective” decision that staff have “embraced” since a Monday announcement, according to Aon CEO Greg Case.
Willis Towers Watson CEO John Haley said the group could see double-digit revenue decline as a result of the coronavirus impact, as the risk giant yesterday pulled its profit guidance for the year.
Aon’s announcement that it would reduce 70% of its employees’ salaries led to some speculation that soon-to-be acquired Willis Towers Watson and rival Marsh might swiftly follow, but both brokers have since confirmed they will not follow Aon’s lead.
Marsh & McLennan CEO Dan Glaser today confirmed that the group has no current plans to cut pay packets or dividends, describing salary slashing as “survival mode stuff”.
Markel yesterday confirmed its event cancellation book includes Wimbledon and the Olympics, while it will also pay out on some UK business interruption claims.
Axa, China Taiping, RSA, Touchstone and Zurich have been named as potential group action targets by a hospitality business interruption action group.
Aon will cut the pay of 70% of its staff and slice executive pay packets as it seeks to preserve jobs during the coronavirus pandemic, but the broking giant’s decision to go ahead with a May dividend payment seems at odds with its message.
Admiral confirmed it will recommend a final dividend for the year to shareholders, as it suspended a special dividend.
Insurers are expecting to payout £900m towards UK business interruption claims, latest figures from the Association of British Insurers show.
A judge has ruled against Markel and ordered it to pay damages of £16m in a long-running dispute with lender UK Acorn Finance.
The Night Time Industries Association has sought legal counsel on its members' rights on refused business interruption policies.