RSA
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RSA has reported £259mn ($361mn) in Covid-19 losses for 2020, as well as a reduction in premium for the year of £166mn due to the pandemic.
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Fenchurch Law partner suggests "aggressive" initial claims adjustments will be unwound and the reinsurance context will need specific consideration. -
RSA’s Scandinavia finance chief will replace Mark Allan, who is moving to run new syndicate Ki.
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Reinsurance recoveries and a drop in overall claims will offset the BI loss hike.
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The insurer said it has substantial reinsurance cover available although none have been drawn on yet.
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The late July High Court hearing will also involve Arch, Argenta and QBE.
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The insurer reserved an estimated £17mn for certain BI claims in Q1.
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More than 260 small businesses are reportedly taking action against the carrier.
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The group aims to improve the industry’s resilience to future pandemics.
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Ciara and Dennis could be the most significant European windstorm losses since 2018.
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The London-based insurer renewed its programme which includes 9 percent collateralised reinsurance at the start of 2018.
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The three-year aggregate cover is a renewal of the insurer’s 2015 programme and will provide it with protection until the end of 2020, it said.
