Munich Re is withdrawing its profit guidance of €2.8 billion (3.1 billion) for 2020 as a result of the “great uncertainty” caused by the macroeconomic and financial impacts of COVID-19 in combination with the reinsurer’s expected man-made and natural-catastrophe losses …
Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say. The Tokyo Olympics were postponed …
Having initially brushed off the potential impact from coronavirus-linked claims, global insurers are waking up to the prospect of a double whammy – a sharp rise in payouts at a time of big investment losses. Because epidemics are excluded from …
Global insurers face a hefty bill if the coronavirus forces the cancellation of the Summer Olympics in Tokyo, with estimates of the cost of insuring the sporting showpiece running into billions of dollars. Japan has more than 200 cases of …
Lloyd’s developed the concept of a syndicate-in-a-box (SiaB) to make it easier for innovative capital to enter the market, but there are certain requirements and differences compared to traditional syndicates. The first company to announce the launch of an SiaB …
Lloyd’s of London is expecting big things for 2020 as it rolls out the key initiatives for its massive modernization project designed make it easier to do business with Lloyd’s and, ultimately, reduce the cost base of the market. One …
Many global companies from hotels and airlines to industrial houses are expected to have to foot the bill for disruptions caused by a new coronavirus in China, with epidemics usually excluded from insurance cover, experts said. With 132 deaths in …
Munich Re is considering whether to set itself a long-term net income target of 3 billion euros ($3.3 billion) a year as the company seeks to match levels it regularly achieved until 2015. The reinsurer may announce such a plan …
New York Gov. Andrew Cuomo is proposing an aggressive climate change-fighting campaign for his state that includes a $3-billion bond act that would be put on the ballot this November. Cuomo, who says that money would go to transforming the …
Natural catastrophes caused overall losses of US$150 billion during 2019, including insured losses of about US$52 billion, which matches the average of the past 30 years, according to Munich Re’s catastrophe update. The reinsurer said the protection gap (the difference …
