coronavirus insurance impact News

Florida’s Citizens Ends Moratorium on Cancellations, Nonrenewals

After extending the moratorium on cancellations and nonrenewals put into place at the start of the pandemic, Citizens Property Insurance Corp. has announced it will resume processing these as of Feb. 1, 2021. The Florida insurer of last resort said …

COVID-19 Pressures Threaten About 4,000 Small UK Financial Firms

Britain’s market watchdog warned about 4,000 small financial firms are at greater risk of failure from the coronavirus as the country endures a third lockdown. The Financial Conduct Authority said Thursday that the pandemic is pushing the firms to the …

January Renewals Saw Some of Sharpest Price Hikes in Recent Years: Howden

Lower investment yields, adverse catastrophe loss development, higher loss cost trends, concerns over climate change, and, of course, the pandemic coalesced to bring some of the sharpest price increases in recent memory during the Jan. 1 reinsurance renewals, according to …

South African Insurer Santam Accepts Liability for Some Rejected COVID-19 Claims

JOHANNESBURG – South African insurer Santam will begin assessing payouts for some previously rejected coronavirus-related claims after recent court judgments on such cases but still intends to challenge one finding against it. Like other insurers around the world, Santam had …

Insurance Journal’s Most Noteworthy Topics of 2020: International

COVID-19 and mergers and acquistions were just two of noteworthy topics of 2020 covered by the International section of Insurance Journal. Other notable topics included business moves — from startups and existing companies — and natural and manmade catastrophes. We …

S. African Insurer Guardrisk Will Not Challenge Court Ruling on COVID-19 Claims

JOHANNESBURG – South African insurer Guardrisk will not further challenge a court process that has found it liable to pay clients’ rejected coronavirus-related claims, it said late on Thursday. Guardrisk, the country’s fourth-largest non-life insurer, and its peers around the …

Solvency II Capital Rules for Insurers Need Changing: EU Watchdog

The European Union’s capital rules for insurers need changing to reflect low interest rates and provide stronger intervention powers like banning dividends to preserve solvency during market shocks, the bloc’s insurance watchdog said on Thursday. The EU is reviewing its …

South Africa Court Dismisses Insurer Guardrisk’s Appeal in Coronavirus Claims Case

JOHANNESBURG – A South African court on Thursday dismissed insurer Guardrisk’s appeal against a previous ruling that found it was liable pay a Cape Town cafe’s rejected coronavirus claim. Like other insurers in South Africa and around the world, Guardrisk, …

Canada Regulator to Allow Insurers, Banks to Pay Some Special Dividends

TORONTO – Canada’s financial regulator said on Monday it could allow institutions to pay special non-recurring dividends under “exceptional circumstances,” even as it maintains a March moratorium on broader dividend increases and share buybacks. The Office of the Superintendent of …

Fidelis Raises $185M of Capital, Bringing 2020 Total to More than $1.3B

Fidelis Insurance Holdings Ltd. announced it has raised in the fourth quarter of 2020 an additional $60 million of equity capital from existing and new investor relationships, including Alfa Insurance and affiliated companies with which Fidelis has a long-standing relationship. …