News in Brief: Broker launches Ebola cover

by IBO 03 Nov 2014

News in Brief: Broker launches Ebola cover

Broker launches Ebola cover
US insurance broker Aon has launched Ebola liability cover for hospitals and other health care institutions, Reuters reports.

Aon’s Ebola cover is for situations ‘where existing liability programs may not apply’ and provides up to $25 million of liability coverage.

“There are several areas where there has not been certainty about coverage for Ebola,” Gigi Norris, managing director of Aon Risk Solutions’ Western Region Health Care Practice, said.

“This is something our health care clients are extremely worried about.”

The cover, developed with British insurance company Hiscox, will protect hospitals from cases related to their responses to Ebola brought be employees, patients, or even potential patients who have been refused admission, Norris said.

While it has been designed for US hospitals, it could be adapted for the international market, she said.
 
Canterbury claims payout hits $13 billion
The settling of Canterbury earthquake private insurance claims payouts has hit the $13 billion mark, advancing at $10 million a day in 2014.

The Insurance Council of New Zealand (ICNZ) said that at the end of September 2014 insurance companies had settled $8 billion in commercial claims and $5 billion in residential claims.

“The $13 billion paid out to date is a significant contribution to the Canterbury economy and also a tangible demonstration that insurers have their foot firmly on the pedal, ensuring the pace of settlements hasn’t dropped off in 2014, even when many complexities still remain,” CEO Tim Grafton said.

“In 2014 alone, insurers have paid out $2.7 billion to settle residential and commercial claims, the equivalent of $10 million a day,” says Grafton.

Ex-AIG CEO writes book on business turnaround
Robert Benmosche is working on a memoir detailing the five years he led AIG back from the brink called Good for the Money, My Fight to Pay Back America.

The ailing ex-CEO, who brought forward his departure from AIG to last month due to his worsening cancer diagnosis, has teamed up with co-authors Valerie Hendy, who works at AIG in internal communications, and her husband Peter Marks, a Washington Post writer.

Benmosche, 70, left retirement to join AIG in 2009 and, according to AIG spokesman Jon Diat, “brought a once-proud company back from the dead, holding his own against Washington naysayers, Wall Street vultures and a populist public plus his own cancer diagnosis.”
 
Third quarter sees big profit for global brokers
Arthur J Gallagher, Willis and Marsh & McLennan have all reported positive third quarter results.

Marsh & McLennan reported third quarter revenue of $3.14 billion, a 7.1% increase over the same period last year; AJG said its revenue rose 53.9% over the same period a year ago to $1.29 billion, driven largely by its ongoing acquisitions and healthy rating environment, while Willis reported $812 million in total revenue, which was a 2.1% increase on last year’s figures.

Meanwhile, insurer Chubb has seen net income of $594 million, a 9.8% increase on last year for its third quarter results.