Business Interruption
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Policy holders The Taphouse Townsville and LCA Marrickville, and insurer IAG have each filed applications for special leave to appeal to the Australian High Court.
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The court upheld decisions made in October, although it reversed some elements of the case between IAG and Meridian Travel.
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The broker expects ongoing single-digit growth within the ILS market.
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The November gathering will aim to combine a virtual segment and a “scaled-down” live event held in line with health and safety protocols.
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The carrier last year said its K sidecar would pick up Covid claims over time.
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The firm reported an industry-wide loss of $36.8bn caused by the pandemic, up from $29.5bn in Q3.
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The tally so far comes in far below the broker’s year-ago estimate of $80bn for a twelve-month lockdown.
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The organisers pledge to return to Monte Carlo in September 2022.
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The firm reported a $100mn drop in ILS AuM to $1.4bn, although previously had said deployable capital was lower.
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Some had argued that the definition of occurrence used by judges could make it harder for insurers to aggregate treaty claims.
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The carrier revealed 10.9% premium volume growth at 1.1.
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The fund’s worst ILS return to date is understood to be driven by investments hit by Covid-19.
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses.
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The EU’s chief insurance supervisor wants capital markets to augment the capacity provided by traditional (re)insurers.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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The court’s decision was the final step in a protracted legal battle stretching back to May last year.
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The year was marked by record North Atlantic storms, which put the loss tally more than 40% ahead of mild 2019 experience.
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The consultancy said losses were expected to keep mounting following Q4 disclosures.
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Losses were relatively evenly divided between the two events.
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The insurer said its reserving was still adequate after the court supported its overall approach, but said biosecurity exclusions were not sufficient to decline claims.
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The regulator says that the insurance sector had remained resilient this year but faced ongoing threats.
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Occurrence retro rates are among the segments where rate pressure is abating, although the outlook remains somewhat opaque in a late renewal.
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Carriers have raised $19bn so far this year, with another $3bn in the pipeline, the broker says.
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The German carrier pegs the full-year impact of the pandemic on its reinsurance operations at EUR3.4bn.
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The carrier seeks to address potential BI liabilities following a court ruling.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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Court rules policy exclusions referring to outdated law not valid.
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Australian carrier ups coronavirus BI provision to A$195mn.
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The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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Sources think the court ruling in favour of a German beer hall in October could have widespread repercussions.
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The carrier has fully eroded the retention on its group aggregate cover, limiting Q4 cat exposure.
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The case was launched after thousands of businesses attempted to claim on their insurance for Covid-19 related BI.
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Applications have been filed for a 2 October hearing.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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If reinsurers prevail in limiting insurers from aggregating BI claims, this will shield retro markets.
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The multidistrict litigation panel is expected to reach a decision by early next week.
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Financial Services Director General John Berrigan wants to establish a new working group which will report back with proposals in the first quarter.