lockdowns News

Aviation Reinsurance Rates Rise by Up to 250% – Report

LONDON — Aviation reinsurance rates rose by up to 250% at the key Jan. 1 renewal date, broker Willis Re said in a report on Monday, with the market still reeling from the impact of Boeing 737 MAX crashes two …

Lloyd’s of London Sees Global Pandemic Insurance Losses Above Previous Estimate

Global insurance losses from the COVID-19 pandemic will be higher this year than the $107 billion Lloyd’s of London had previously estimated, its Chairman Bruce Carnegie-Brown said on Wednesday. Carnegie-Brown told the Reuters Events Future of Insurance USA conference that …

Insurers Drop Appeal Against UK COVID-19 Payout Ruling on Three Policies

LONDON — Six insurers have decided not to appeal against a London High Court ruling that they were wrong to reject claims from holders of three business interruption insurance policies who have been pushed to the brink of collapse by …

Mitchell Warns Insurers to Mind Surging Drug Use During Pandemic

Even though the number of opioid prescriptions in the United States had dropped by more than a third, the number of drug overdoes has surged this year, recent studies show. Mitchell, the San Diego-based claims administrator and pharmacy benefit manager, …

Suppliers Reluctant to Ship Goods Without Credit Insurance

Gold Medal International is sitting on millions of dollars worth of socks at its North Carolina warehouse that it can’t ship to stores. The reason? The 66-year-old family-owned sock maker can’t get enough credit insurance to cover potential losses if …

From Africa to America, Businesses and Insurers Face Survival Showdowns

PILANESBERG NATIONAL PARK, South Africa — W ynand du Toit’s safari camp in South Africa’s Pilanesberg National Park lies abandoned, its tents ripped open by baboons and its survival in the balance after his insurer rejected his COVID-19 claim. In …

Insurers Favor Warehouse Investments Over Offices as Pandemic Hastens Real Estate Shifts

Global insurers want to increase investments in commercial warehouses as their stakes in office space become riskier because of employees working remotely during the novel coronavirus pandemic, Goldman Sachs Asset Management (GSAM) executives said. The pandemic is hastening a shift …

Pandemic-Proofing: Insurance May Never Be the Same Again

Insurers are creating products for a world where virus outbreaks could become the new normal after many businesses were left out in the cold during the COVID-19 crisis. While new pandemic-proof policies might not be cheap, they offer businesses from …

Bank of England Worried About Business Interruption Insurance Claims

LONDON — The biggest uncertainty now facing insurers is whether they will have to pay for a raft of business interruption claims, the Bank of England said, as a court prepares to rule on whether existing policies cover big losses …

Car Crashes Deadlier as Drivers Speed During Lockdowns

Coronavirus lockdowns led to huge reductions in traffic and fewer car crashes this spring, but as drivers sped up on quieter roads, the collisions became deadlier in several cities, a Reuters analysis shows. In New York City, the ratio of …