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Inside FAC July-August 2020

  • Lockton Re has leveraged long-standing client and market relationships to get its burgeoning fac business moving, despite the challenges of global lockdown
  • Brit has appointed Andrew Umphress as vice president, terrorism, for its US specialty operation, Brit Global Specialty USA
  • The aviation market has had a turbulent few years, but despite coronavirus-related loss of premium income in 2020, continuing rate increases into 2021 could keep it on track to profitability
  • Axa XL has received approval to set up a reinsurance subsidiary in China, making it the first foreign-owned reinsurance subsidiary in China.
  • S&P Global Ratings has revised its ratings outlook on Allianz Global Corporate & Specialty (AGCS) from stable to negative, citing Covid-19-related profitability concerns.
  • Insurers involved in the Financial Conduct Authority (FCA)’s test case for BI disputes have contested the regulator’s assertion that the Covid-19 outbreak was the proximate cause of insureds’ losses.
  • There has been a spate of claims in the cannabis insurance market after riots and looting broke out in many US cities earlier this month, according to broking sources.
  • Pacific Gas and Electric Company (PG&E) has received approval from the California bankruptcy court for an $11bn settlement with insurers related to wildfire losses in 2017 and 2018.
  • Insured losses for 2020 could make it the largest year for claims in history, according to Guy Carpenter, with losses totalling $160bn in the broker’s worst-case scenario.
  • A $49mn marine liability policy held by supply ship operator Rodi Marine is expected to be one of the first in the market to receive a Covid-19-related claim.
  • The directors’ and officers’ (D&O) insurance market is bracing for a total loss of around $600mn for claims against American-Israeli drug manufacturer Teva Pharmaceuticals.
  • The loss from a March explosion at a South Korean petrochemical plant has expanded from about $200mn to around $600mn after business interruption (BI) claims pushed up the initial loss estimate.