Regulators are set to take a more hard-line approach to unfair pricing practices by insurers whether pre-existing, or as a consequence of, Covid-19
There are many questions brokers will be asking as the High Court’s judgment is digested
Disasters are memorable, and not just to insurers
The case raises issues around event definition and the treatment of proportional and non-proportional reinsurance
The judgment is to be handed down on September 15.It would be a mistake to think the fallout will be restricted to the business interruption insurance market
Insurers are under pressure to create a financial buffer to compensate for the negative impact the pandemic has had on their investment portfolios
Aviation insurers may face a surge in disputed claims if airlines fail to maintain compliance with the rules
Several Asian markets are in the process of amending their re/insurance regulations to make their markets more resilient to pandemic and natural catastrophe losses
Experience of previous pandemics can provide valuable lessons as insurers brace themselves for a second wave of Covid-19
It will take time and resources to build an infectious disease risk model – re/insurers will have to be more innovative in their pandemic coverage and exposure management
More detailed data will better enable modellers to track the complex interaction of supply chains, government action, mitigation dynamics, pathogen transmission and the reaction of financial markets
Insurers face the potential for increased claims as home-working during the pandemic continues
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