Reinsurance

Insurers’ business interruption U-turn could lead to significant uptake in product,says GlobalData

International News       Jun 02, 2020

  London: Following the announcement by the Financial Conduct Authority (FCA) that multiple insurers are to back down on the coronavirus policy dispute and pay company owners with business interruption policies.   Ben Carey-Evans, Insurance Analyst at GlobalData, a leading data and analytics company, said “This is...

Hurricanes may cause more pain for pandemic-hit insurers

International News       Jun 01, 2020

  London: The official start of the Atlantic hurricane season on Monday could signal more steep losses for insurers and reinsurers, already battered by the impact of the coronavirus pandemic on their underwriting and investment positions.   However, recent years of hefty damage from hurricanes and high...

British watchdog enlists 8 insurers in pandemic test case of Business Interruption cover

International News       Jun 01, 2020

London: Insurers including Hiscox, RSA and QBE will take part in a UK test case to decide whether their policies should pay out millions of pounds to companies hit by the coronavirus pandemic, the industry regulator said on Monday.   A national lockdown has triggered insurance...

Lloyd's of London considers part-virtual underwriting room

International News       May 30, 2020

LONDON: The Lloyd’s of London insurance market said on Friday it is considering combining its physical underwriting floor in the City of London with some online elements.Lloyd’s shut its “underwriting room” in its London tower on March 19 in response to the coronavirus pandemic and...

Crashed Pakistan A320 jet insured for $19.7 million: airline document

International News       May 30, 2020

  SYDNEY/LONDON/Karachi: The Pakistan International Airlines (PIA) Airbus SE A320 jet that crashed into a crowded residential district of Karachi last week killing 97 people on board was insured for $19.7 million, an airline document showed.   Insurance industry sources said the insurance was reinsured into international...

Pakistan Jet crashed shortly after bizarre landing attempt at 327 KPH

International News       May 29, 2020

  Karachi: A deadly plane crash in Pakistan is prompting questions about how the crew could touch down without landing gear when their sophisticated jetliner was bristling with equipment to prevent pilots from doing just that.   After an abrupt descent that had unnerved air-traffic controllers, the...

AXA agrees to pay Covid-19 Business Interruption claims to French restaurants after court ruling

International News       May 29, 2020

  Paris:  AXA will meet the bulk of business interruption claims from some restaurant owners in France, it said on Tuesday, after losing a court case seen as a potential precedent for coronavirus-related disputes across the world.   A Paris court ruled last week that AXA should...

 Pek Hui Zhi joins as Asian terrorism underwriter in Markel International 

International News       May 28, 2020

  Singapore/London Markel International,specialist insurer has announced the appointment of Hui Zhi Pek as terrorism underwriter for Asia.   Pek Hui ZhiPek , who joined the Market International on 4th May, holds more than 12 years of industry experience and joins from Asia Capital Reinsurance Group, where...

Coronavirus impact on shipping industry: idle vessels face new risks, Allianz warns

      May 28, 2020

  Johannesburg/London/Munich/New York/Paris/Sao Paulo/Singapore: Restrictions on supply chains and international travel due to the coronavirus outbreak have serious implications for the maritime industry. Although the threat from the perils ships usually encounter at sea may have reduced in many cases due to an increasing number of...

Trump executive order to reduce liability shield for social media giants

International News       May 28, 2020

Donald Trump has been raging against Twitter Inc. since the social media platform that helped vault him to the presidency slapped fact-check links on a pair of his tweets.   Now, he’s poised to take action Thursday that could bring a flurry of lawsuits down on...