Meanwhile, several severe weather outbreaks in the United States in June resulted in an economic loss exceeding USD2.3 billion. The costliest event was a prolonged weather pattern from June 5-11 across much of the eastern two-thirds of the United States that caused total economic losses estimated at USD800 million, of which more than USD600 million was insured.

Business interruption insurance claims are a worry, BoE says before court rules

Jul 9, 2020

Britain’s Financial Conduct Authority goes to court this month to clarify whether an array of wordings in business interruption insurance policies back claims for compensation for disruptions caused by pandemic lockdowns.

AXA’s fund arm sets 33% gender diversity target on company boards

Jul 9, 2020

The asset management unit of French insurer AXA said on Wednesday it will also introduce a target to have at least one woman on listed company boards in Japan and in emerging markets, or 10% for larger boards.

Chubb wants U.S. to offer businesses pandemic cover, with insurers taking some risk

Jul 9, 2020

Under Chubb’s plan, the government would offer up to $750 billion in coverage for small businesses with up to 500 employees. Of that, the industry would pay for 6% of claims, or up to $15 billion, during the program’s first year, growing annually to 12% by year 20. COVID-19, the disease caused by the novel coronavirus, would be excluded.

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