Business interruption
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The Covid-19 impact on Swiss Re year-end shareholders' equity was 1.63 percent and on Lancashire’s 2.9 percent. -
Some believe US insureds could use the case to argue for BI coverage, but physical damage requirements are a strong defence for the industry.
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Retro deals are seen as a particular concern over growing fears that trapped capital will again be an issue in 2021, as post-2017 innovations will be tested out.
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The broker's total insured loss estimate spanned $11bn to $140bn, depending on the recovery from Covid-19.
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The carrier’s P&C reinsurance business reserved $253mn for Covid-19 in the quarter.
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The Markel co-CEO said the firm was warehousing retro risk until it raised capital for new platform Lodgepine.
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Physical damage requirements should protect the carrier, it argued.
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BI may seep into some reinsurance and retrocession covers but insurers will take the biggest hit, said the head of ILS at Schroders.
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A trade body said the US legislation, if passed, would threaten the very existence of the business interruption insurance market.
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More than 260 small businesses are reportedly taking action against the carrier.
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About 75 percent of this figure is expected to come from BI losses.
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The company previously pegged losses from the pandemic at between $20bn and $40bn.
