week commencing 19/04/20:

At Luther Towers we’re all about the glass half full, so this week and for the foreseeable future, we will be making sure we highlight some of the good news coming out of Covid19. So, on that positive note:

Admiral praised for refunding premiums

Admiral won praise across the board this week, as it announced that it will pay back some money to insured drivers who are not using their cars due to lockdown. External-link. [Financial Times]

Chubb announces profit growth in Q1

Chubb announced its Q1 results this week, posting a strong performance, operating income rising 4.2% in the quarter. External-link. [Insurance Insider]

Reinsurers see profits soar

The group of 37 reinsurers known as the Aon Reinsurance Aggregate saw a combined increase in profit of 87% in 2019. External-link. [Asia Insurance Review]

US and UK insurers moot pandemic pools

Evan Greenberg has supported suggestions for the creation of a pandemic backstop for the US market External-link. [Insurance Day] while in the UK, Stephen Catlin has brought together a group of senior market leaders for the same purpose. The group will work closely with Pool Re in developing its model. External-link. [Insurance Insider]

US workers supported by health insurers

As 17m Americans become unemployed, health insurers have been working hard to maintain their access to health cover, with payment holidays for those laid off, as well as making it easier to regain coverage once back in employment. External-link. [Asia Insurance Review]

Reinsurers may not be liable for retrospective claims

An analysis from law firm BCLP has found that reinsurers would not automatically be liable to pay out were legislation in the US to be passed forcing US insurers to retrospectively accept currently invalid BI claims. External-link. [The Insurer]

Convex moves into contingency

Start-up Convex is capitalising on the market re-set to make its entry into contingency as established players attempt to regroup amid significant coronavirus losses. External-link. [Insurance Insider]

And less positively …

Coronavirus likely to be the biggest loss in insurance history

The mood among insurers has changed this week, with the realisation that combined losses from the pandemic are likely to dwarf the $40bn loss from the World Trade Center collapse. External-link. [Insurance Insider]

Cargo storage grows, alarming insurers

Marine insurers are becoming increasingly alarmed at the amount of cargo being stacked up in ports and other holding areas during the pandemic. External-link. [Insurance Day]

Law firms position for wave of BI litigation

Signals that a huge wave of legal cases will come to court were loud and clear last week in the US where law firms moved that the Judicial Panel on Multidistrict Litigation should consolidate federal BI suits. External-link. [Reuters]

MGA Eaton Gate receives short shrift from backers over COVID claims

MGA Eaton Gate found itself caught in the middle of a row over the denial of COVID-19 related BI claims by capital providers. External-link. [The Insurer]

Hiscox and Beazley set out first estimates of losses

Listed insurers Hiscox and Beazley both published their first estimates of COVID-19 losses this week. External-link. [Financial Times]

And finally …

Marock steps down

David Marock has announced that he will step down as CEO of Charles Taylor, after nine years in the role. He will continue to support the board on an interim basis while a successor is found. External-link. [Insurance Day]

AXA restructures

AXA has announced a complete restructure of its businesses, alongside a new leadership team, under newly appointed CEO Scott Gunter. External-link. [Reactions]

Slow living sparks creative thinking

Examples are beginning to emerge of how living with boredom and a slower pace of life can spark the brain into new ideas. We can but hope. External-link. [Financial Times]

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