Header graphic for print
Global Insurance Blog International Insurance and Reinsurance News, Trends, and Cases

Tag Archives: COVID-19

Posted in Market developments, Regulatory and legislative updates, UK

FCA publishes “Dear CEO” letter concerning Covid-19 and business interruption insurance for SMEs

Insurers and business interruption insurance policies have been coming under increasing scrutiny as a result of the economic disruption to business as a result of Covid-19. Yesterday, the FCA published a “Dear CEO” letter to insurers setting out its expectations in relation to the assessment, settlement and payment of claims to SMEs under business interruption

Posted in Belgium, Croatia, European Union, France, Germany, Hungary, Italy, Luxembourg, Market developments, Poland, Regulatory and legislative updates, Russia, Spain, The Netherlands, UK

Italian first measures in favor of insurance market operators against COVID-19 emergency

As a result of the health emergency caused by the widespread outbreak of the COVID-19 virus and disease, specific measures have been adopted in Italy starting from the beginning of March 2020 in order to contain the impact thereof at various levels and sectors of the economy. In particular, the Italian Government adopted Law Decree

Posted in European Union, Market developments, Regulatory and legislative updates, UK

EIOPA, PRA and FCA regulatory reporting and public disclosure requirements in response to COVID-19

EIOPA published recommendations, on 20 March 2020, addressed to the EU insurance sector on supervisory flexibility regarding the deadline of supervisory and public disclosure by insurers, in light of the COVID-19 pandemic. In consideration of these recommendations, on 23 March 2020, the PRA published a statement on COVID-19 regulatory reporting amendments for UK insurers. It

Posted in Asia, China and Hong Kong, European Union, France, Germany, Hungary, Indonesia, Italy, Japan, Latin America, Market developments, Poland, Regulatory and legislative updates, Russia, Sanctions, Singapore, Singapore, South Africa, Spain, The Netherlands, UK, USA, Vietnam

IAIS measures to provide operational relief to supervisors and insurers in light of COVID-19

The International Association of Insurance Supervisors (IAIS), on 27 March 2020, published a press release about the measures it is taking to address the impact of COVID-19 on the insurance sector. This includes using the framework it has developed for forward-looking risk to undertake a targeted assessment of the impact of COVID-19 on the global

Posted in Market developments, Regulatory and legislative updates, UK

COVID-19 webinar – Insurance coverage considerations

Thursday, 02 April 2020, 15:30 (BST) One of a series of live webinars to help clients to respond to the impact of the global coronavirus pandemic on their business. Businesses who suffer losses stemming from the COVID-19 pandemic will want to understand how their insurance arrangements will respond to this crisis. In 30 minutes, our insurance experts will cover how the

Posted in European Union, Market developments, Regulatory and legislative updates

EIOPA statement on actions to mitigate the impact of Coronavirus on the EU insurance sector

The European Insurance and Occupational Pensions Authority (EIOPA) issued on 17 March 2020 a statement addressed to the EU insurance sector acknowledging the significant consequences for financial services that the Coronavirus/COVID 19 situation may cause and informing about the actions that should be taken by insurers and that will be taken by EIOPA to help

Posted in Market developments, Regulatory and legislative updates, Spain

Hogan Lovells analyzes the Spanish Royal Decree 463/2020 of 14 March declaring the state of alarm for the management of the health crisis situation caused by COVID-19, in relation to the insurance sector

On Saturday 14 March, Spain’s Official State Gazette published Royal Decree 463/2020 declaring the state of alarm for the management of the health crisis situation caused by COVID-19 (RDEA). Under this Royal Decree, Spain has adopted a series of extraordinary measures of great relevance and impact with a threefold objective: i) to protect the health

Posted in Market developments, Regulatory and legislative updates, UK

Fever in the morning, Cover all through the night: Insurance and planning for the effect of Coronavirus on business

COVID-19 has already had a significant economic impact, which is likely to increase as Wuhan- and Italy-style lockdowns of large regions are implemented in other areas across the globe. While much has been said about large-scale flexible working, this will clearly not be possible for all businesses, and economic losses caused by disruptions including closure