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Tech & ILS can support fragile SME infrastructure: Palihapitiya, OTT Risk at ILS NYC 2021

The arrival of the global pandemic shone a light on the fragility of the infrastructure that supports small and medium sized enterprises (SMEs) across the world, but with the use of artificial intelligence (AI) and machine learning, there’s an opportunity waiting to be unlocked, according to OTT Risk's Chamath Palihapitiya. Soon read the full article →

EIOPA calls for capital markets capacity for pandemic NDBI insurance

There is a clear role for risk transfer to the capital markets in the provision of capacity to address pandemic related non-damage business interruption risks, according to Europe’s insurance and reinsurance sector watchdog, the European Insurance and Occupational Pensions Authority (EIOPA). The Authority has published a new staff working paper that read the full article →

OTT Risk to fill business interruption coverage gap using advanced tech & ILS

A new start-up aims to enhance the economic resilience of the world's businesses, by filling business interruption coverage gaps using advanced technology such as machine learning and by leveraging insurance-linked securities (ILS) structures to connect this emerging risk class with capital market investors. David Soloff, a co-founder of global economic monitoring read the full article →

Aggregation uncertainty over UK BI ruling and reinsurance losses: Fitch

The recent ruling from the UK Supreme Court, that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals, is not expected to drive significant additional losses through to reinsurance, Fitch Ratings has said. While some reinsurance panels will definitely be affected, read the full article →

RSA & QBE say reinsurance to cover new BI claims after Court ruling

After Friday's ruling from the UK Supreme Court found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals, insurance carriers RSA Group and QBE, have said that at least a portion of the increase in gross pandemic losses due to the read the full article →

Hiscox lifts pandemic BI estimate by $48m net of reinsurance after Court decision

Hiscox Group, the insurance, reinsurance and third-party capital backed underwriter headquartered in Bermuda, is again the first to release a statement following this morning's announcement that the UK Supreme Court found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals. Hiscox has read the full article →

UK court substantially upholds pandemic business interruption judgement

The UK Supreme Court has found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case appeals. This judgement means some insurance firms will end up on the hook for many more business interruption claims from the COVID-19 pandemic than they had been hoping read the full article →

Business interruption test case, COVID wave lockdowns & reinsurance exposure

Reinsurance and also retrocessional exposure to the COVID-19 pandemic may rise if the final judgement in the UK Financial Conduct Authority’s (FCA)’s business interruption insurance test case goes against the industry. But that's not the only current threat, we understand, as new waves from the pandemic are also likely to test read the full article →

Reinsurance could take brunt of COVID second wave losses: Barclays

Reinsurance capital could find itself on the hook for the largest share of COVID-19 losses from second waves of the virus sweeping Europe, with primary insurers largely happy with their loss-picks so far, analysts at Barclays have said. As Europe entered its second wave proper of the COVID-19 coronavirus pandemic in read the full article →

RSA exhausts aggregate reinsurance retention

RSA Group, the UK based general insurance company, said today that it has exhausted the retention under its aggregate reinsurance program, meaning that any major catastrophe loss events in Q4 will fall to its reinsurance panel. At the same time, the company also reported that its reserves for Covid-19 claims from read the full article →