Business interruption
-
Evan Greenberg is the only (re)insurance industry representative on the list of 200 executives who will advise on ending lockdowns.
-
The insurer highlighted its reinsurance cover in place as it downplayed the scope of BI exposure.
-
The regulator issued a notice after receiving complaints about insurers trying to dissuade policyholders from filing claims.
-
John Neal said losses would be significant, but not unmanageable. -
The move highlights fears over pandemic exposure in Canadian property books.
-
Insurance capacity is limited for pandemics, said Swiss Re’s Edouard Schmid.
-
The Axa CEO said the initiative could be owned 50:50 by governments and private insurers.
-
Other US states have proposed similar legislation, as lawmakers explore options to keep businesses afloat.
-
Social inflation trends will make BI disputes particularly acute in the US.
-
Establishing federal backing would allow insurers to cede risk to central government.
-
Pre-Covid-19 mortality risks generally provided low single-digit returns, but significant repricing is underway.
-
The bill is similar to legislation that was proposed in New Jersey earlier this month and then pulled out of consideration.
