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U.S. coronavirus deaths top 47,000 after near-record increase on previous day
The United States has by far the world’s largest number of confirmed coronavirus cases at over 830,000. Cases rose 20,000 so far on Wednesday and were on track to continue the slow but steady decline seen throughout April.
COVID-19 claims so far likely to be manageable; reinsurers de-risking:Willis Re Report
Reinsurers have showed that the systemic shock of COVID-19 is manageable so far, but the future strength of the sector depends on the severity of the pandemic’s continuing impact on health and economies. The industry retains sufficient capital buffer for extreme events, but the extent to which reinsurers can withstand continued asset-side volatility and increased claims emergence remains to be seen.
Reinsurers have started to de-risk their balance sheets by holding cash, which will have a significant impact on investment returns. Willis Re currently estimates a 5% hit to the global reinsurance capital base, roughly US$30 billion pre-tax.
‘Virus will be with us for a long time’, WHO chief warns
“Most countries are still in the early stages of their epidemics and some that were affected early in the pandemic are starting to see a resurgence in cases,” Tedros told Geneva journalists in a virtual briefing.
“Make no mistake we have a long way to go. This virus will be with us for a long time,” he said, while noting that epidemics in Western Europe appear to be stabilising or declining.
Insurers Hiscox and Beazley expect COVID-19 claims of up to $345 million
Hiscox said it expected to pay up to $175 million to settle claims if disruption from the COVID-19 pandemic that has put billions of people on lockdown lasts more than six months.That sum would decrease to up to $150 million if the disruption lasted six months or less.
Global reinsurer capital rose by 7% to $625 billion in 2019,Net income of 23 large global reinsurers almost doubles to $18.2 billion
Mike Van Slooten, Head of Business Intelligence for Reinsurance Solutions, and author of the ARA report, said: “Reinsurers faced a challenging operating environment in 2019. On the underwriting side, carriers were confronted with higher retrocessional costs, adverse development of recent catastrophe losses, and deteriorating trends in US casualty business. At the same time, interest rates in the key US and UK markets went into reverse, as policymakers sought to address worsening prospects for global economic growth.”
Car insurers should repay premiums,British lawmakers say
Major U.S. motor insurers are offering credit to auto and motorcycle policy holders following a decline in driving, as most Americans stay at home under widespread orders to help contain the spread of the novel coronavirus.
US State files lawsuit against China on coronavirus handling
The lawsuit alleges that during the critical weeks of the initial outbreak, the Chinese authorities deceived the public, suppressed crucial information, arrested whistleblowers, denied human-to-human transmission in the face of mounting evidence, destroyed critical medical research, permitted millions of people to be exposed to the virus, and even hoarded personal protective equipment (PPE, causing a global pandemic that was unnecessary and preventable.
Covid-19 Pandemic:Trump says he will suspend all immigration into U.S. over coronavirus
“In light of the attack from the Invisible Enemy, as well as the need to protect the jobs of our GREAT American Citizens, I will be signing an Executive Order to temporarily suspend immigration into the United States,” Trump said in a tweet.
Virus upends outsourcing as firms ‘Reshore’, Embrace AI
But the bigger lasting change from the pandemic will likely involve the wider use of artificial intelligence to handle tasks currently performed by human beings, experts said.
“AI doesn’t go on strike, it can work 24/7 and throws up fewer complications,” said Michael Czinkota, who teaches international business at Washington’s Georgetown University.
AXA XL announces new leadership team,creates a single global insurance underwriting function
The underwriting function will be led by a global chief underwriting officer (CUO), who will be working to design the structure of the proposed new model. The CUO would be responsible for underwriting governance, pricing, P&L and the management of the global heads of business lines in order to define and drive product strategy.