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The agency highlighted potential aviation losses from the war ranging from $6bn to $15bn.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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Most of the losses occurred in Germany, followed by the Benelux states, the UK and France.
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Continuing a trend of several years, secondary perils caused most insured losses at $81bn, or 73% of the total.
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The unlimited sideways exposure in the all-risks market has the potential to make the Ukraine-Russia situation even graver for the aviation market.
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The study says a more La Niña-like environment has driven the trend.
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The Lloyd’s CEO's statement was echoed by CFO Burkhard Keese, who said the losses would be “manageable.”
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Axa has been granted permission to appeal certain aspects of the ruling of a case successfully brought against it by Wolseley owner Corbin & King over Covid-19 BI cover.
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Damage from windstorms that swept across the central and eastern United States from 21 to 23 March could cause hundreds of millions of dollars in economic and insured losses, according to the Aon Impact Forecasting weekly cat report.
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Of that roughly $400mn to $820mn can be attributed to commercial and industrial properties, according to Verisk.
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Property losses contributed 88% of the total industry loss total, while 12% were due to motor lines of business.
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The insurer predicts there will be some release from its provision, but it will happen over time and is subject to court proceedings.