Contingency/entertainment
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Liberty is one of the major leaders in the London contingency market, which was hit by large Covid-19 losses. -
Alan Norris’s colleague Ian Ritchie has joined Munich Re Syndicate after Talbot exited contingency following heavy pandemic losses.
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The loss from the cancelled Bonnaroo festival hits a market already bruised from huge Covid-19 losses last year.
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Insurers have now shelled out just over £968mn to BI policyholders in interim and final settlements.
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Limited coverage and potential high costs mean events organisers are still plagued by long-term uncertainty.
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Arch, Beazley, Dale, Hiscox and Munich Re are among several insurers said to be supporting the scheme, which will see the government serve as "reinsurer".
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Charlie Connell will join the broker’s sports and entertainment practice group in a newly created role.
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The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows an acceleration of acceptances during June.
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The fact the Games are going ahead means a worst-case $2.5bn loss has been averted, the ratings agency said.
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There has been an uptick of event cancellation business flowing from the US, which is attracting rate rises of around 50%.
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Event cancellation cover for Covid-19 is largely unavailable in the commercial market after a disastrous spell of losses.
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The lead market says it believes in the long-term viability of the sector, which has suffered heavy losses due to Covid-19.
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