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Australian insurers are now pursuing a second test case for further clarity on BI policy wording.
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Executives including AIG CEO Peter Zaffino, Aon CEO Greg Case and Munich Re CEO Joachim Wenning have joined the task force, chaired by Lloyd’s. -
The flooding that took place in mid-March across Australia’s east coast states was labelled the worst in 60 years.
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Lawyers argue the hotel’s claim is similar to that of four pubs against FBD, in which the courts found against the insurer.
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While more storms than usual are expected for this season, Guy Carpenter said fewer are expected to strike land.
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The business was founded in 2013 by Hong Kong tycoon Richard Li and has expanded across Asia.
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The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.
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The revelation came with the release of the institute's 2021 Resilience Index.
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The newly acquired carrier has confirmed a payout of £80mn for UK Covid-19 claims so far.
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The exit from the class follows a similar decision by Beazley earlier this year.
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HDI is looking to streamline its Talanx operations in Germany and bring together 7,650 staff under one new company.
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Staff movement has been high in the sector, as new capacity returns to the market after years of correction.
