Articles by Kirstin Ridley and Carolyn Cohn

UK Pubs Group Sues Zurich, Liberty Mutual, MS Amlin for $1.2B Over COVID BI Losses

Britain’s biggest pubs group Stonegate, which is suing Zurich Insurance and two peers for 1 billion pounds ($1.2 billion) over lockdown losses, battled the COVID-19 pandemic “day by day, venue by venue,” a London trial heard on Monday. Ben Lynch, …

Insurers Must Be Better Prepared for Impact of Climate Change: BoE

Insurers need to plug data gaps to be better prepared for the impact of climate change on their operations and further work may be needed on how much capital they should hold, the Bank of England (BoE) said on Wednesday. …

Insurance (or Lack of It) Is Russian Oil’s Achilles’ Heel

Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and its customers can plug a gap left by Western underwriters. …

HSBC Banker Suspended After Playing Down Financial Risks of Climate Change

UK pension schemes should not ignore climate change, a senior executive at The Pensions Regulator said on Monday, the first watchdog to weigh in after a top HSBC banker was suspended after playing down the financial risks of climate change. …

UK Insurer Aviva May Be Able to Return More Cash to Shareholders: CEO

Aviva may be able to give more cash back to shareholders, its chief executive said on Wednesday, as the British insurer reported a 5% increase in general insurance sales in the first quarter and said its capital position was strong. …

Allianz Plans to Take Harder Line on Insuring Fossil Fuel Industry to Meet Climate Goals

Europe’s biggest insurer Allianz plans to take a harder line on insuring the oil and gas industry as part of efforts to align its underwriting policies with the world’s climate goal, the company said on Friday. The move is the …

Lloyd’s Insurer Lancashire Sees Manageable Russia-Ukraine Losses

Shares in Lloyd’s of London insurer Lancashire jumped nearly 10% on Thursday as it estimated net losses in Ukraine at around $20-30 million and said further potential losses in the region were within its risk tolerance levels. Lancashire was continuing …

AIG Looks at Cutting Insurance for Russia, Ukraine

AIG, one of the world’s biggest commercial insurers, is considering cutting cover for Russia and Ukraine, to shield itself from the risk of hefty claims as sanctions ratchet up and the war drags on, an insurance broker and a source …

Rebel Generali Investor Could Mount Legal Challenge if Bid to Remake Board Fails

A rebel investor in Generali could mount a legal challenge if his bid to appoint new top executives at Italy’s largest insurer loses by a narrow margin in a shareholder vote this month, a candidate for the chairman’s role said. …

Analysis – Cyber Insurers Face Large Ukraine War-Related Claims Despite Exclusions

Insurers face potential multi-billion dollar claims for cyber attacks related to Russia’s invasion of Ukraine, despite policy wording designed to get them off the hook for war, industry sources say. Following the Feb. 24 attack on Ukraine and Western sanctions …