Willis Re has published a COVID-19 Impact Report that states many insurance companies will end up holding more risk than anticipated relative to their balance sheets, the report states. They are likely facing three options: retain current strategy, de-risk, or hedge. The solvency reduction may take some companies below their desired...
With mortgage delinquency rates expected to dramatically increase due to COVID-19 pandemic-related forbearance and job loss, AM Best has explored the spillover effect into the mortgage-related activities of the reinsurance industry. Reinsurers have been assuming incrementally more US mortgage risk from two main sources: government-sponsored enterprises such as Fannie Mae and Freddie Mac...
Research commissioned by the Association of British Insurers (ABI) has found that many people rarely inform their pension provider when they move house. It has been estimated that there are around 1.6 million pension pots worth GBP19.4 billion unclaimed – the equivalent of nearly GBP13,000 per pension pot. Insurers are...
In its latest report, the Chief Risk Officers Forum (CRO Forum) has analysed the carbon footprinting of insurance companies’ underwriting portfolios. As asset owners and asset managers support international efforts on carbon reduction in line with the 2015 Paris Climate Agreement’s target of limiting global warming to well below 2°C,...
Swiss Re’s latest sigma “Natural catastrophes in times of economic accumulation and climate change” states that it is expected global warming will lead to growing intensity and frequency of severe weather events, but also to more uncertainty in their assessment. Economic and insured losses resulting from such events will rise...
Guy Carpenter & Company, LLC has announced that it has entered into an exclusive multi-year agreement with Synthetik to further enhance its proprietary terrorism modeling product, Sunstone. An applied technology and engineering company, Synthetik specialises in explosive blast and weapons effects modelling, working with both government bodies and the private...
Economic distress and social discontent will rise over the next 18 months unless world leaders, businesses and policy-makers work together to manage the fallout of the pandemic, according to COVID-19 Risks Outlook: A Preliminary Mapping and Its Implications, a report published by the World Economic Forum in partnership with Marsh...
Lloyd’s has launched a new insurance policy to protect cryptocurrency held in online wallets against theft or other malicious hacks. The first of its kind liability policy, with flexible limits from as little as GBP1,000, was created by Lloyd’s syndicate Atrium in conjunction with Coincover to protect against losses arising...
The European Insurance and Occupational Pensions Authority (EIOPA), in close communication and cooperation with the other European Supervisory Authorities and the European Systemic Risk Board, has been monitoring the Coronavirus (COVID-19) situation very closely as the outbreak continues to cause disruption to households and businesses. Insurers are likely to face...
The FCA has set out expectations for general insurance firms and provided information for consumers about what they should see from their insurance provider during the coronavirus pandemic. The FCA has provided information about a number of topics including travel, motor and home, and private medical insurance, in addition to clarification...
