September 16, 2020
Although there is a significant market correction taking place in the North American liability insurance market, demand for casualty reinsurance is increasing, said Chirag Shah, executive vice president, Casualty Reinsurance, at Willis Re. Low interest rates, economic volatility, social inflation …
September 15, 2020
Insurers and observers are weighing in on the ruling by a London court in a test case brought by Britain’s Financial Conduct Authority (FCA) to clarify insurance coverage for COVID-19 related business interruption claims. The FCA says the court brought …
September 15, 2020
London judges have ruled that some of the world’s biggest insurers were wrong to reject tens of thousands of claims from small firms battered by the COVID-19 pandemic, Britain’s Financial Conduct Authority (FCA) said on Tuesday. The FCA, which brought …
September 15, 2020
Claims inflation for the commercial liability business will increase through 2020, although it was accelerating even before the coronavirus pandemic hit. This trend, known as social inflation, has led the insurance industry to reduce capacity and increase prices to try …
September 15, 2020
In every crisis, lessons must be learned, but opportunities also are revealed. And so it goes with the COVID-19, which has shown the need for contract certainty in the re/insurance industry, while at the same time providing an impetus toward …
September 14, 2020
The tailwinds propelling the global reinsurance sector are sufficient impetus for the ratings agency AM Best to retain its stable outlook for the reinsurance industry, despite multiple challenges. During a virtual press briefing on Sunday, the ratings agency described the …
September 14, 2020
Economic uncertainty and volatility, in combination with COVID-19-related losses, is leading to a heightened level of cautiousness among property reinsurers unless pricing and terms and conditions meet specific thresholds, according to Lara Mowery, global head of distribution, Guy Carpenter. For …
September 11, 2020
Fitch Ratings said yesterday its ratings outlook for companies in the global reinsurance sector will continue to remain negative as a result of hefty coronavirus claims and low interest rates. The good news for companies, however, is that the market …
September 10, 2020
ACORD, the standard setting body for the global insurance industry, is experiencing a massive jump in global reinsurance and other industry interest in its digital products and services, CEO Bill Pieroni said. The increase comes as reinsurers and carriers, already …
September 10, 2020
Lloyd’s of London recorded a pretax loss of 400 million pounds ($520.08 million) in the first half, battered by the coronavirus pandemic, the commercial insurance market said on Thursday. Insurers around the world have paid out on event cancellation, travel, …