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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.
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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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P&C (re)insurers are in a stronger position than peers in the life insurance market, according to S&P.
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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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The lawsuit will be a test case for property insurers holding that business interruption policies do not cover pandemic shutdowns.