A stoush between UK’s Financial Conduct Authority (FCA) and insurers over cover for business interruption (BI) during the covid-19 pandemic has erupted before Lord Justice Julian Flaux and Justice Christopher Butcher hearing a test case in the British High Court to find clarity on the issue.
SIRA refers icare to ICAC over financials
The State Insurance Regulatory Authority (SIRA) has referred conduct at icare, NSW workers’ compensation insurance scheme, to ICAC after warnings about its deteriorating financial position, Sydney Morning Herald (SMH) revealed this morning.
Cover for covid-19 related financial losses to be tested in UK’s High Court
UK’s Financial Conduct Authority (FCA) has initiated a test case to bring certainty on issues related to insurance cover for covid-19 related financial losses. It is seeking declarations from the UK High Court on the operation of several non-damage business interruption (BI) extensions.
Catastrophe losses close to record high
The economic loss from natural catastrophes in the first half of 2020 reached $US68bn ($A95bn), a newly released Munich Re report shows – slightly lower than the 30-year average of $ US74bn after adjustment for inflation.
PHI members with hospital cover dwindle to 44%
Private health insurers keep losing members with hospital cover, particularly younger members, while older members are increasing the latest APRA figures for the year ended December 2019 show.
QBE foreshadows $US750m 1H20 loss
QBE expects to report a 1H20 net statutory loss after tax of about $US750m ($A1.05bn), reflecting the impact of COVID-19, catastrophe experience and prior accident year claims development combined with a net investment loss of about $US125m because of extreme investment market volatility.
AM Best: US industry facing widespead bankruptsy if forced to cover COVID-19 claims
The US insurance industry faces widespread bankruptcy if forced to cover COVID-19 business interruption claims, according to a newly released AM Best report.
London remains dominant market
The London market is still the world’s biggest re/insurance hub, according to London Matters 2020, London Marketing Group’s latest report, which tracks the London (re)insurance market’s growth and development.
$9m paid under COVID-19 super ERS
In all, super funds have made $9bn in payments since inception on April 20, of the super early release scheme (ERS), newly released APRA figures show. According to APRA data submissions from 177 funds, the total value of payments during the week to May 10 was $2.7bn and the average payment, $7,546.
Many Aust businesses under-prepared for COVID-19-type risk
At the onset of COVID-19, almost 40% of businesses had failed to regularly test their risk and crisis plans, an Australia-wide survey of almost 400 governance and risk professionals and senior executives found, leaving them exposed to major risks.
ICA cancels 2020 annual forum on covid-19 concerns
ICA has cancelled its 2020 annual forum and annual dinner, scheduled for March 18, after many delegates’ voiced concerns about risks associated with attending big public events during the covid-19 crisis.
Aon, Willis to merge, forming biggest broker globally
Aon this week revisited last year’s plans to buy out Willis Towers Watson Plc in what is the world’s biggest insurance merger. The number two and number three market leading global insurance brokers have agreed to join forces in an all-stock deal with an implied combined equity value of about $US80bn ($A121.6bn).
