The plaintiffs, who include Penguin Random House, Hachette Book Group, HarperCollins and Wiley, are seeking a permanent injunction against the library and an undetermined amount of money for damages. Court papers refer to page views on the archive site, more than 50,000 alone in New York state, but not to how many books were actually borrowed.

Munich Re defends top global reinsurance ranking in 2019

Jun 3, 2020

China Re,only Asian reinsurer among the top 10 global reinsurer, with a total reinsurance premium of $ 13.31 billion has fallen one notch down to ninth position in 2019.However,another Asian major Korea Re with a global premium of $ 6.91 billion has improved its position by one notch to 12th from 13th in 2019
India’s GIC Re with a global premium of over $ 6.53 billion in 2019 has maintained its existing 14th position in the new list.
For the first quarter of 2020, Munich Re disclosed COVID-19 related loss of €800 million, mainly from event cancellation insurance, while Swiss Re said it was expecting a $476 million nonlife charge that mainly covers expected claims for canceled or postponed events. Allianz Group and Hannover Re announced estimated losses of €400 million and €220 million, respectively.
The novel coronavirus is expected to add to the upward pressure on reinsurance rates at the June 1 and July 1 renewals. Pandemic-related claims and the fall in market value of reinsurers’ investment portfolio are both expected to contribute.

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

Jun 2, 2020

“We expect the test case to provide guidance for the interpretation of many other business insurance policies that are not in the representative sample,” the FCA said.

The eight insurers asked to take part in the court case were Lloyd’s of London insurers Hiscox, Arch, Argenta and MS Amlin, as well as RSA, QBE, Zurich and Ecclesiastical, the FCA said in a statement.

Hurricanes may cause more pain for pandemic-hit insurers

Jun 2, 2020

“What we’ve seen over the past couple of years is an increase of (storm) losses from a frequency and severity perspective,” said Susan Fallon, global head of Property at Zurich Insurance Group.

“There’s an expectation we will see increased rates.”

Lloyd’s of London this month forecast more than $100 billion in underwriting losses from the pandemic in 2020, with those losses coming before the hurricane season even gets going.

The specialist insurance market said the pandemic losses were similar in size to the loss year of 2005 – when Hurricane Katrina hit New Orleans – and 2017 – when Hurricanes Harvey, Irma and Maria hit Florida, Puerto Rico and Texas.

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