Business interruption
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Some pointed to low average costs to fix burst pipe claims, while others warned that BI could drive up losses. -
The EU’s chief insurance supervisor wants capital markets to augment the capacity provided by traditional (re)insurers.
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The European (re)insurance supervisor said correlation to financial market risk made the idea a challenging one while reinsurance appetite is also very limited.
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The Australian carrier has also modestly increased its reserves for Covid-19 BI claims.
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The analyst predicts the insurance sector could experience its best performance in nearly a decade.
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The ratings agency foresees no “material effect” on the capital or earnings of UK commercial property insurers following the Supreme Court ruling.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration.
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The firm aims to use AI to fill the protection gap left by “black swan” events like Covid-19.
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Some markets on the programme have pushed back on the inclusion of event cancellation exposures.
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This came after analysts said reinsurers could face further cat losses as a result of the case, although XoL claims are likely to be disputed.
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Citizens projected it would cede $94mn in storm losses to reinsurers but has cut this to $62mn.
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The court’s decision was the final step in a protracted legal battle stretching back to May last year.
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