Contingency/entertainment
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Uncertainty about future mass gatherings has reduced the number of clients coming to the market. -
In an earlier-than-scheduled Q1 trading update Beazley says premiums rose 13 percent, while rates climbed 8 percent.
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Dynamics that would typically lead to rate rises are set to collide headlong with clients’ reduced ability to pay.
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Despite a smooth transition to remote working, Lloyd’s underwriters are focusing on existing clients during the pandemic, the broker warns.
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Philip Kett said Axa’s likely loss for the outright cancellation of the games would be EUR60mn.
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The cover will refund ticketholders and contribute to payment to the Lawn Tennis Association.
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Japanese Prime Minister Shinzo Abe concedes that the event may be delayed.
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With the news deteriorating day on day, (re)insurers face an unprecedented multi-focal challenge that will leave them fighting on all fronts.
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The figure includes losses associated with the cancellation of the Tokyo Olympics.
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The biggest hit would come from the IOC’s $800mn event cancellation contract.
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