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Tag: COVID-19


Regulatory / Legal

Ohio Supreme Court: No Coverage Owed for COVID Business Shutdown

December 13, 2022

Via: Insurance Journal

The Ohio Supreme Court ruled Monday that COVID-19 cannot cause any direct physical damage or loss that is covered by a commercial property insurance policy, joining nine other state high courts that have rejected similar business-interruption claims. The Ohio court […]


Regulatory / Legal

Judge dumps COVID-19 business interruption claims against Erie Insurance

October 18, 2022

Via: Insurance Business

A federal judge in western Pennsylvania has ruled that losses from the COVID-19 pandemic and related government shut-down orders do not trigger business interruption (BI) coverage under Erie Insurance’s (Erie) commercial “all risk” property policies. Reuters reported that Chief US […]


News

IAG and Suncorp slash COVID reserves after Australia BI test case ruling

October 17, 2022

Via: Artemis BM

Two of Australia’s largest insurers have both slashed their reserve provisions for business interruption claims from the COVID-19 pandemic after last week’s test case ruling. As we reported last week, the second test case in the High Court of Australia […]


Regulatory / Legal

Reinstatement of COVID BI case has potential to set a ‘worrying precedent’

July 19, 2022

Via: Reinsurance News

The recent ruling by a California court of appeal to reverse a lower court’s dismissal and reinstate a COVID-19 related business interruption (BI) lawsuit filed against a division of global insurer Allianz, has the potential to set a “worrying precedent”, […]


Financial, Risk Management

“Four European reinsurers saw decline in profits in Q1 2022” – Fitch Ratings

May 16, 2022

Via: Reinsurance News

The decline in profits for four major European reinsurers is down to varying factors, says Fitch Ratings. The agency said that the Q! 2022 results for Munich re, Swiss Re, Hannover Re, and SCOR saw an average return on equity […]


Financial, Risk Management

State Farm pledges $2 million grant to help underserved communities

April 28, 2022

Via: Insurance Business

To help those whose lives have been impacted by the COVID-19 pandemic, State Farm is offering a $2 million grant to the Local Initiatives Support Corporation (LISC), a nonprofit with which the insurer has a decades-long partnership. The grant will […]


Risk Management, Trends

Business Insurance Coverage in the Time of COVID

March 11, 2022

Via: JD Supra

The COVID-19 pandemic has now been with us for almost two years. In that time, it has brought hardships and lost profits to many sectors of the business community, from hotels to restaurants to brick-and-mortar stores. As a result, a […]


Risk Management, Trends

Part Three: Reviewing Key U.S. Insurance Decisions, Trends, & Developments

February 15, 2022

Via: JD Supra

COVID-19 Business Interruption Coverage Litigation This is the third installment of our series of articles reviewing some of the key trends and developments currently impacting the U.S. insurance industry. The issuance of various governmental orders requiring businesses to temporarily modify […]


Financial, Risk Management

BoA predicts strong numbers for European reinsurers

January 24, 2022

Via: Reinsurance News

Bank of America (BoA) has said that reinsurers in Europe should post strong last-quarter numbers for 2021, saying that figures for that period may be higher than expected. The bank said it believes that a strong Q4 2021 will contrast […]


Financial, Risk Management

Aviation reinsurance market unaffected by COVID at renewals: GC

January 10, 2022

Via: Reinsurance News

Analysts at Guy Carpenter have reported that the general aviation and aerospace markets remained “relatively unaffected” by COVID-19 at the January 1, 2022 renewal period. After two years of increases in these markets, the broker reported that reinsurers priced as […]


Regulatory / Legal

NHL, clubs sue insurers for refusing to cover over $1 billion COVID-19-related losses

January 6, 2022

Via: Insurance Business

The National Hockey League (NHL), and 20 of its clubs, have filed a lawsuit against their insurance carriers for allegedly breaching contracts by refusing to cover more than $1 billion in COVID-19-related losses incurred over the past two seasons. The […]


News

Top 10 National Insurance Journal Stories of 2021

December 30, 2021

Via: Insurance Journal

News about two proposed but unrealized insurance acquisitions were the top national stories published by Insurance Journal in 2021, a year in which news on COVID-19 and ransomware also continued to dominate. Reports on the twists and turns of broker […]


Regulatory / Legal

The Long Tail of Pandemic-Related Global Insurance Disputes

November 19, 2021

Via: Claims Journal

As the COVID-19 pandemic began to spread around the world last year, businesses faced unprecedented certainty and disruption, leading to a wave of insurance coverage disputes. Roughly a year and a half later, we are beginning to get some clarity […]


Cyber Risks, Risk Management

Reinsurers could unlock the cyber insurance market: S&P

September 30, 2021

Via: Reinsurance News

In a recent report, S&P Global Ratings says the demand for cyber coverage has increased significantly since before COVID-19 and that a stronger partnership between insurers and reinsurers could help strengthen coverage, give greater balance sheet protection against frequent, high-severity […]


Financial, Risk Management

UNDP launches new Insurance and Risk Finance Facility

September 27, 2021

Via: Reinsurance News

The United Nations Development Programme (UNDP) has announced an initiative aimed at strengthening the protection of vulnerable communities from socio-economic, climate and health-related disasters. handshake-close-up-photoThe Insurance and Risk Finance Facility (IRFF), established in the Finance Sector Hub, is said to […]


News

Pandemic-induced innovation drives women forward in insurance

July 19, 2021

Via: Insurance Business

The shutdown that followed the COVID-19 pandemic ironically forced many companies forward when it came to technology and innovation, and the shift appears to be a permanent – and positive – one, especially for women. “Companies are recognizing if people […]


Financial, Risk Management

Economic recovery from COVID-19 to drive global insurance premiums to $7tn: Swiss Re

July 15, 2021

Via: Artemis BM

A new report from global reinsurance company Swiss Re suggests that a strong economic recovery from the COVID-19 pandemic will drive insurance market premiums much higher, lifting them to a record almost US $7 trillion by the end of 2021. […]


Financial, News, Risk Management

Reinsurers hit with $4.4bn of COVID-19 claims in Q1, says Bloomberg report

June 1, 2021

Via: Reinsurance News

According to a new report from Bloomberg, the cumulative cost of COVID-19 claims for the largest life reinsurers hit $4.4 billion in the first quarter of the year as mortality rates spiked. The biggest costs for life reinsurers came from […]


News

US insurance industry reports $7.5tn in cash and invested assets

May 25, 2021

Via: Reinsurance News

According to a National Association of Insurance Commissioners (NAIC), the US insurance industry reported a total of $7.5 trillion in total cash and invested assets at the end of last year, showing an increase of 7.7% compared to 2019. The […]


InsurTech

Insurers need to start using newer technologies: insurtech report

May 13, 2021

Via: Reinsurance News

According to a new insurtech report from Capgemini and Efma, policyholders have become more cautious when taking out insurance, resulting in the need for insurers to empower their distribution network with newer technologies. As natural disasters and emerging risks have […]