Disputes over cover for businesses struggling to stay afloat during coronavirus lockdowns have erupted in countries including Britain and the United States, where eight states have brought in laws which would require insurers to pay claims, mainly to small businesses, despite exclusions.
Where pandemic risks are covered by a policy, insurers should pay out such claims in a prompt and efficient manner, the International Association of Insurance Supervisors (IAIS) said, while cautioning “against initiatives seeking to require insurers to retroactively cover COVID-19 related losses.”

RMS unveils high definition models for European severe convective storm

May 6, 2020

“The multi-peril stochastic set includes over 7.5 million events, covering 17 countries, based on 50,000 years of simulations, so that we appropriately capture the spatial and temporal scale of convective storm risk in the European modelling domain,” said Mohsen Rahnama, chief risk modeling officer, RMS, said.

Recent events have shown the potential cost of this peril for the re/insurance industry, said RMS, noting that from 2013 to 2019, losses from major and attritional severe convective storms in Europe exceeded €12 billion (US$13 billion),said RMS in a statement.

“Businesses need to restart facilities with care and caution after coronavirus lockdown”:AGCS

May 6, 2020

“Restoring operations at a facility that was once idle or vacant presents another set of loss prevention challenges, particularly to manufacturing plants with hazardous equipment or processes,” explains Stephen Clark, Global Technical & Expertise Manager for Property Risk Consulting at AGCS.

Gilead in talks to expand global supply of COVID-19 drug remdesivir

May 6, 2020

Gilead also said on Tuesday it was negotiating long-term licenses with several generic drugmakers in India and Pakistan to produce remdesivir for developing countries and that it would provide technology to aid the production.

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