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The carrier underwrites the policy on behalf of Gallagher and has around 2,000 customers.
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BI and credit and surety claims are forecast to be the main drivers.
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The Night Time Industries Association becomes the third business group to fight the carrier over denied claims.
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In an earlier-than-expected trading update, Beazley estimates net $170mn exposure to the pandemic, excluding liability lines.
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In an earlier-than-scheduled Q1 trading update Beazley says premiums rose 13 percent, while rates climbed 8 percent.
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The storms will be the fifth such event to create insured losses of more than $1bn in the US so far this year, the broker says.
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Stress testing put 2020 North Atlantic hurricane exposure at $6.4bn and credit default losses at $2.4bn.
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Property reinsurers seem to be preparing to draw the battle lines on Covid-19 claims around T&Cs.
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Ricardo Lara says certain carriers had tried to dissuade policyholders from filing claims.
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Early assessments of the impact of Covid-19 on the insurance sector focused on the asset-side shock and the implications for demand resulting from the severe depression.
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Shares in peers Lancashire and Beazley also registered losses during trading.
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Former Axa UK and Ireland chief Amanda Blanc will lead the work.
