Industry News

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US Insurers' First-Quarter Earnings Likely To Reflect COVID-19's Capital Market Impact

COVID-19's impact on capital markets will influence US insurers' first-quarter earnings, according to S&P Global Ratings, though its effect on morbidity and mortality likely won't have as much of an impact on insurers' underwriting performance. The rating agency's outlooks for all three US insurance sectors remain stable.
April 17, 2020 Read More
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Risk Modeler AIR Worldwide Launches COVID-19 Projection Tool

Catastrophe risk modeling firm AIR Worldwide has launched a complimentary COVID-19 Projection Tool. The interactive tool, based on AIR’s pandemic modeling data, provides COVID-19 case and death projections worldwide for the next 4 weeks with the data updated daily to project 1 day further into the future.
April 17, 2020 Read More
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Bermuda Insurers and Reinsurers Show Resilience to COVID-19

Bermuda insurers and reinsurers are demonstrating "operational resilience" as they meet clients' needs during the COVID-19 pandemic, according to the Association of Bermuda Insurers & Reinsurers. The industry has been quick to adopt remote working protocols and social distancing that support efforts to reduce the spread of the novel coronavirus.
April 16, 2020 Read More
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Fact Sheet Examines Business Interruption Insurance and Pandemics

The Insurance Information Institute (Triple-I) has released a fact sheet on "Understanding Business Interruption Insurance and Pandemics." "Business interruption policies generally require the losses to be caused by direct physical damage to the business's property," Sean Kevelighan, CEO of the Triple-I said in a statement.
April 16, 2020 Read More
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Webinar To Feature CICA Essay Contest Finalists' Presentations

The finalist teams in the Captive Insurance Companies Association's (CICA) Essay Contest will deliver their presentations in a webinar at noon (eastern) on April 21. The students on the final three teams in the contest, sponsored by Strategic Risk Solutions (SRS), will present plans to help fictional organizations in real-world emerging industries.
April 14, 2020 Read More
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Insurance Trade Groups Oppose Draft Bill Requiring Pandemic Coverage

A group of insurance industry trade organizations expressed opposition to a draft bill that would require insurers to offer pandemic business interruption coverages. Such a measure "would threaten the very existence of the business interruption insurance market," the groups said.
April 14, 2020 Read More
  Businessman Uses Tablet To Analyze COVID-19 Economic Fallout Data

COVID-19 Economic Fallout Prompts Negative Commercial P&C Outlook

The COVID-19 pandemic's impact on the broad economy will have a significant impact on commercial lines property-casualty (P&C) insurance, leading A.M. Best to move the sector's outlook to negative. A.M. Best expects continued investment market volatility in 2020 and a deep economic contraction in the second quarter.
April 13, 2020 Read More
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Vermont Captive Group To Make August Conference a Virtual Event

The Vermont Captive Insurance Association has decided to hold this year's annual conference in August as a virtual event due to the COVID-19 pandemic. The association said that, having studied various conference format alternatives, it's decided to make this August's conference fully virtual.
April 09, 2020 Read More
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FERMA Seeks Insurer Flexibility with Buyers Dealing with COVID-19

The Federation of European Risk Management Associations (FERMA) has called on brokers and insurers to demonstrate enhanced understanding of the insurance needs of European businesses to help them get through the COVID-19 pandemic and the subsequent recovery. FERMA supports creating national pools to cover future pandemic risks.
April 08, 2020 Read More
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Analysis Offers New Estimate of COVID-19 Business Interruption Losses

A new analysis of business interruption losses to small US businesses as a result of the COVID-19 pandemic estimates those losses at $431 billion per month. An earlier estimate of business interruption losses for businesses with 100 or fewer employees pegged the figure at $255 billion.
April 07, 2020 Read More
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International Insurance Supervisors Group Assessing COVID-19 Impact

The International Association of Insurance Supervisors is taking steps to assess the COVID-19 pandemic's impact on insurers and the organization. The organization noted that IAIS members are pursuing a range of regulatory and supervisory measures to provide operational relief to insurers as they deal with the pandemic.
April 06, 2020 Read More
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Coalition Urges Support of COVID-19 Business Recovery Fund

The Reinsurance Association of America along with a coalition including other insurance industry trade groups and business organizations sent a letter to federal government leaders urging them to support the COVID-19 Business and Employee Continuity and Recovery Fund, a solution to support businesses and employees hurt by the COVID-19 pandemic.
April 01, 2020 Read More
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April 01, 2020 Read More
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Captive Insurers Are Filling COVID-19 Business Interruption Gaps

Many healthcare facilities addressing the COVID-19 pandemic are suffering significant daily loss of revenue. Their property insurance policies frequently contain limitations on business interruption coverage. Property policies written for healthcare institutions frequently contain broad limitations on business interruption coverage caused by the cascading effect of dealing with the coronavirus.
March 31, 2020 Read More
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As Business Losses Mount, Pandemic Backstop Discussions Grow

Many businesses have been ordered shut to try to contain the outbreak, while shelter-in-place orders and social distancing are dramatically reducing business for those that are open. Coverage issues around business interruption losses related to COVID-19 have prompted discussions of creating a federal pandemic backstop.
March 30, 2020 Read More
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Bermuda Captive Conference Rescheduled to September Due to COVID-19

The Bermuda Captive Conference (BCC) has been rescheduled due to the COVID-19 pandemic. The Bermuda Captive Conference committee said it decided to reschedule the June event to new dates of September 9–11 due to the global impact of the COVID-19 outbreak.
March 30, 2020 Read More
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April "CICR" Looks at COVID-19 and Captives

Don't miss the April issue of "Captive Insurance Company Reports" ("CICR"), in which John Thomson, editor, expresses his concerns and comments on COVID-19 and the risk management implications, including a role for captives.
March 27, 2020 Read More
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Airmic Cancels Annual Conference Due to Coronavirus Pandemic

London-based Airmic has joined the ranks of industry organizations canceling their annual conferences due to the novel coronavirus pandemic. Airmic's conference had been scheduled for June in Edinburgh. Airmic said it came to the decision after working through the association's risk management process and considering different scenarios.
March 26, 2020 Read More
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Mexico City Captive Insurance Forum Rescheduled for September

A captive insurance educational forum in Mexico that was postponed because of the COVID-19 outbreak has been rescheduled. The forum, to which the state of Vermont and the Vermont Captive Insurance Association planned to send a delegation of captive experts, will now be held September 22.
March 26, 2020 Read More
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North Carolina Captive Group Reschedules Conference Due to COVID-19

The North Carolina Captive Insurance Association has rescheduled its 2020 Annual Conference to August 30 through September 2, 2020, due to the COVID-19 outbreak. The conference venue remains the Washington Duke Inn in Durham, North Carolina. The conference was originally scheduled for May 13–15.
March 24, 2020 Read More