Pandemic Reinsurance Solution Gains Wide Support from UK Re/Insurance Industry June 1, 2020 UK insurance executives have taken another step toward developing a public-private risk-financing mechanism for future pandemics with the creation of...
Italy’s Regulator Asks Insurer Cattolica to Boost Its Capital by $557M on COVID-19 Impact June 1, 2020 Cattolica Assicurazioni said on Monday that Italy’s insurance regulator had told it to raise 500 million euros ($557 million) after...
Pandemic-Hit Re/insurers Expect a Costly Hurricane Season – and Rates Are Rising June 1, 2020 By Carolyn Cohn The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already...
British Regulator Enlists 8 Insurers in Pandemic Test Case of Business Interruption Cover June 1, 2020 By Huw Jones and Carolyn Cohn Insurers including Hiscox, RSA and QBE will take part in a UK test case to decide whether their policies should...
Reinsurers Will Fail to Earn Cost of Capital in 2020, Leading to More Rate Hikes: Fitch May 27, 2020 Global reinsurers will fail to earn its cost of capital in 2020 amid the coronavirus crisis, which will help maintain...
SCOR CEO Takes 30% Bonus Cut; 2019 Dividend Scrapped on COVID-19 Crisis May 26, 2020 By L.S. Howard French reinsurer SCOR announced that its Chairman & CEO Denis Kessler will receive 30% less in his annual variable compensation...
EU Urged to Create Insurance Catastrophe Backstop for Pandemics, Huge Cyber Attacks May 26, 2020 A European Union framework is needed to provide insurance cover for catastrophes such as pandemics and huge cyber attacks, the...
Update: AXA to Pay Business Interruption Claims to Restaurants After Court Ruling May 26, 2020 By Maya Nikolaeva and Sudip Kar-Gupta A Paris court ruled last week that AXA should pay a restaurant owner two months of revenue losses caused by...
French Court Orders AXA to Pay Restaurant’s COVID-19 Business Interruption Losses; AXA Vows to Appeal May 22, 2020 By Elizabeth Pineau and Maya Nikolaeva A Paris court ruled that insurer AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the...
Insurers, Agents Propose Pandemic Business Relief Plan; Plaintiffs Offer BIG Compromise May 22, 2020 Key segments of the property/casualty insurance industry, which is facing mounting claims for business interruption losses from the pandemic, have...