GFIA warns on industry collapse if retro coronavirus cover enforced
The Global Federation of Insurance Associations (GFIA) has warned governments that forcing insurers to pay out on losses caused by the spreading coronavirus that are not covered by policies would threaten the entire financial stability of the industry.
Catlin calls for a more positive COVID-19 industry response
Insurers can take the sting out of criticism over its “defensive” response to the COVID-19 crisis by working together and with government bodies to come up with workable solutions to pandemic crises in the future, industry entrepreneur Stephen Catlin has said.
Aspen 4711’s shuttered marine and energy books drove £57.4 million loss
Aspen Syndicate 4711, Lloyd’s worst performer in 2019 with a combined ratio of 139 percent, booked a loss of £57.4 million (US$71.1 million) primarily due to higher than expected prior year losses in its now shuttered marine and energy liability accounts.
Aon completes parent redomicile to Ireland
Aon has completed the move of the jurisdiction of incorporation for the firm’s parent company from London to Dublin.
Aon urges London market reinsurers to e-trade through Covid-19 crisis
Aon has launched a new bind feature on its electronic trading portal ABConnect Placements which it is pushing Lloyd’s and London company market reinsurers to use from 1 April
renewals onwards as it responds to changed working practices in the Covid-19 fallout.
Backstopped pandemic programme would create viable insurance market in the US
If the US insurance industry’s role is to be a facilitator of economic growth then events of the last few weeks have put it in an invidious position.
The Tria-style public-private pandemic risk solution being proposed by Marsh would establish a viable insurance market with sufficient affordable capacity to cover the exposure, the broker’s CEO John Doyle has told clients.
Stung by criticism, UK insurers mull new state pandemic carrier
Behind the scenes discussions coalescing around new state-backed “Pandemic Re” vs Pool Re extension as UK industry maintains defensive stance over BI exclusions.