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The top general insurance supervisor also warns the market against declaring an early victory on underwriting remediation. -
Liability account move is latest development in ongoing reinsurance buying overhaul.
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Covid’s “slow, prolonged and symmetric” nature contrasts with a cyber attack or supplier outage, operations expert Nick Strange notes.
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The Allianz unit says the experience of the Sars epidemic suggests general liability claims are likely to remain benign.
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The Treasury had raised concerns that insurers were paring the value of state support from claims payouts.
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Since Covid-19 began to spread in areas with high insurance penetration, the situation has been in constant evolution.
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Mini-MDLs will be established for some lawsuits brought against Arch, United Specialty and Society Insurance.
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The carrier said it did not intervene earlier so that it didn’t “clutter up the procedure”.
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The pandemic has shown that acting ahead of a major event and ensuring wordings clarity are key.
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The case was launched after thousands of businesses attempted to claim on their insurance for Covid-19 related BI.
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The case started in Sydney today, with the Insurance Council of Australia arguing that the intention of pandemic exclusions in commercial property policies is clear.
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Insurers argue that the judgment shows that downturns prior to the occurrence of the insured peril can be accounted for.
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