Global Economy
FERMA Forms Task Force to Address Business Interruption Cover Challenges for Catastrophic Risks
The Federation of European Risk Management Associations (FERMA) announced the launch of a task force to create proposals to address the issue of business interruption coverage for catastrophic risks. ...
Global Regulators Voice Caution Over Forced Pandemic Payouts
Forcing retroactive payouts to cover business disruption losses resulting from the coronavirus pandemic could ultimately put financial stability at risk, global insurance regulators said. Disputes ...
NCCI: Modest COVID-19 Infection Rates Will Still Be Costly
If only 10 percent of health care workers contract COVID-19 and all of their claims are deemed compensable, workers' compensation loss costs for that sector could double or even triple in some ...
Law Firms Gather UK Plaintiffs to Sue Allianz Over Business Interruption Claims
Two law firms said on Tuesday they were gathering companies in Britain for a potential group lawsuit against German insurer Allianz for rejecting business interruption claims during the coronavirus ...
Executives On the Move at Everest Re Group, BHSI and Zurich
Everest Re Group promoted a veteran executive to a newly created position within its Reinsurance division. Berkshire Hathaway Specialty Insurance added a risk control consultant to its property team ...
AIG President Zaffino on Surviving COVID-19: Ongoing Adaptation Is Key
If there's one thing that AIG's top leaders have tried to get across, it is this: COVID-19 is like nothing else the industry has faced, it will impact nearly every part of what insurers do in the ...
AXIS Gets an A.M. Best Ratings Downgrade; Q1 Losses Hit $185M
AXIS Capital Holdings Ltd. must deal with a ratings downgrade issued by A.M. Best over concerns about its financial performance. On May 5, A.M. Best downgraded the financial strength rating to "A" ...
German Judge Challenges VW’s Defense in Diesel Damages Landmark Case
A German federal court judge cast doubt on Volkswagen's reasoning after the carmaker urged the court to dismiss a claim for damages brought by an owner of a diesel powered VW Sharan family van. ...