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QBE says cat reinsurance could pay $100m of UK BI after test case ruling

Following yesterday's judgement by the UK High Court that found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, Australian insurer QBE has said it could recover up to US $100 million of UK BI claims from its catastrophe reinsurance. The judgement came read the full article →

Carriers expect reinsurance cover on BI claims from FCA test case judgement

Insurance carriers potentially affected by today's judgement in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case, are suggesting their reinsurance, including catastrophe covers, will provide support. The judgement came through from the High Court this morning and has found largely in favour of insurance policyholders in the FCA’s business read the full article →

High Court favours policyholders in FCA business interruption test case

The UK High Court has found largely in favour of insurance policyholders in the Financial Conduct Authority’s (FCA)’s business interruption insurance test case. The move means insurance firms may end up facing paying for many more business interruption claims from the COVID-19 pandemic than they had been hoping to, as the read the full article →

RSA puts reinsurers on-watch over Covid-19 claims aggregation

RSA Group, the UK based insurance group, has warned reinsurers signed up to its Group Volatility Cover (GVC) and catastrophe reinsurance that it hopes to be able to pass on Covid-19 pandemic related losses, above certain levels, to each of those programs. RSA has previously warned its reinsurance panel that its read the full article →

Covid-19 losses to take years to catch up to industry estimates: Willis Re

Currently, bottom-up Covid-19 pandemic loss announcements from insurance and reinsurance companies stand at only around $6 billion, some way short of the wide ranging $30 billion to $100 billion industry loss estimates and broker Willis Re warns it will likely take years to catch up which has ramifications for the read the full article →

FCA testing UK BI wordings. Zurich & RSA highlight reinsurance covers

The UK's Financial Conduct Authority (FCA), one of the key financial market regulators and part of the Bank of England, is to run a test case to help establish the validity of business interruption claims from the Covid-19 pandemic. Numerous major global insurers are involved, including leading players such as AIG, read the full article →

Volatile ILS fund flows to continue as Covid-19 economic hit persists

Insurance-linked securities (ILS) fund managers and reinsurance companies managing third-party capital are likely to see continuing volatility in terms of investor inflows and outflows, as the broader implications of the Covid-19 pandemic continue to emerge. While an economic recovery is hoped for in the long-run, the hit to global economies and read the full article →

U.S. Treasury opposed to forcing of retroactive COVID-19 BI claims

The United States Treasury has shown in a letter that it is opposed to legislative moves that could force retroactive business interruption claims related to the Covid-19 pandemic onto the insurance and reinsurance industry. The business interruption issues related to the Covid-19 coronavirus pandemic continue to gain air time, with uncertainty read the full article →

Covid-19 a headwind for reinsurance capacity, trapping ILS capital: AIG’s Zaffino

The Covid-19 pandemic is unlike anything else ever encountered by the re/insurance industry and will be a headwind for future reinsurance capacity, according to AIG's Global Chief Operating Officer and CEO of General Insurance Peter Zaffino. With the effects of the Covid-19 coronavirus pandemic sweeping across the insurance, reinsurance and insurance-linked read the full article →

Two-months of retroactive COVID-19 BI claims could wipe out 50% of re/insurer capital

A new report from A.M. Best highlights the potential damage that any legislative moves to force retroactive business interruption claims into the insurance and reinsurance industry could cause, saying that as much as 50% of re/insurer capital could be wiped out with just two months worth of claims. The business interruption read the full article →