Business interruption
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The carrier seeks to address potential BI liabilities following a court ruling.
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A fresh BI ruling in Australia this week highlighted the industry's reason for caution over Covid exposure as legal actions continue.
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The carrier plans to raise A$750mn in new equity capital to help shore up its balance sheet, and has further eroded its aggregate reinsurance.
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Both Suncorp and QBE said multiple tests applied to trigger BI coverage, with QBE saying aggregate reinsurance should mitigate net exposure.
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Court rules policy exclusions referring to outdated law not valid.
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Australian carrier ups coronavirus BI provision to A$195mn.
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The German carrier says P&C gross written premiums expanded 3% to $27.3bn in the period. -
The carrier expects its total losses to reach EUR700mn-EUR900mn, as Covid claims reports begin to flow to reinsurers.
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Sources think the court ruling in favour of a German beer hall in October could have widespread repercussions.
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The carrier has fully eroded the retention on its group aggregate cover, limiting Q4 cat exposure.
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The risk modelling firm also says offshore energy losses from the storm are unlikely to exceed $1bn.
