May 15, 2020
The Financial Conduct Authority (FCA) announced a set of measures to help insurance customers who may be suffering financial difficulties as a result of coronavirus pandemic. The measures include premium reductions, discounts, waiving fees and premium payment deferrals. FCA explained …
May 14, 2020
Zurich Insurance estimates that the overall property and casualty (P&C) claims from the COVID-19 pandemic will be in the region of $750 million for 2020. To put that into context, Zurich’s CFO George Quinn said the expected COVID-19 claim level …
May 14, 2020
Lloyd’s of London revealed it will pay claims in the range of $3 billion to $4.3 billion as a result of the COVID-19 pandemic. This payout is on a par with the Sept. 11 terrorist attacks, which cost the Lloyd’s …
May 14, 2020
Having reviewed 70% of all of the North American insurers it rates for the effects of the coronavirus and economic downturn, Fitch Ratings has affirmed the ratings of 72% of the carriers with stable outlooks. Only 4% have been downgraded. …
May 13, 2020
The UK Treasury announced it is creating a government-backed temporary reinsurance scheme so businesses can continue to access trade credit insurance during the COVID-19 crisis. The scheme will be delivered through a reinsurance agreement with trade credit insurers currently operating …
May 12, 2020
Airmic, the UK association for risk and insurance professionals, has urged the insurance market to adopt a more responsible and business sensitive position on the COVID-19 pandemic or risk long-term damage to trust and reputation and loss of customers. “With …
May 12, 2020
Global average commercial insurance prices increased 14% in the first quarter of 2020 – but the rate hikes were not due to the COVID-19 pandemic, according to insurance broker Marsh in its quarterly Global Insurance Market Index. Although the COVID-19 …
May 11, 2020
While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of 2021 as a result of the effects of …
May 11, 2020
National governments must help provide insurance cover for future lockdowns, the industry’s European Union regulator said on Monday, as the private sector cannot afford to provide such broad coverage on its own. Countries have introduced lockdowns to fight the coronavirus …
May 8, 2020
Overall funding for insurtech investments decreased by 54% during the first quarter as a result of the COVID-19 crisis, compared to a record high in Q1 last year, according to a report from Willis Towers Watson. Nevertheless, insurtech companies still …