Business interruption
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The decision comes as Lloyd’s and other insurers are named in a coronavirus class action lawsuit by restaurateurs and bar owners.
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Evan Greenberg is the only (re)insurance industry representative on the list of 200 executives who will advise on ending lockdowns.
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The insurer highlighted its reinsurance cover in place as it downplayed the scope of BI exposure.
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The regulator issued a notice after receiving complaints about insurers trying to dissuade policyholders from filing claims.
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John Neal said losses would be significant, but not unmanageable. -
The move highlights fears over pandemic exposure in Canadian property books.
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Insurance capacity is limited for pandemics, said Swiss Re’s Edouard Schmid.
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The Axa CEO said the initiative could be owned 50:50 by governments and private insurers.
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Other US states have proposed similar legislation, as lawmakers explore options to keep businesses afloat.
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Social inflation trends will make BI disputes particularly acute in the US.
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Ohio and Massachusetts lawmakers propose re-writing business interruption policies to include coronavirus losses.
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The backstop is just one of many ideas being floated, as governments and insurers look to improve preparedness.
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