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In major blow to TikTok, Indonesia bans e-commerce transactions on social media
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Legal fog over central bank digital currencies “unacceptable”, BIS warns
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COVID-19 presents insurers with an opportunity to rebuild consumer trust, says GlobalData
Beatriz Benito, Senior Insurance Analyst at GlobalData comments: “The lockdowns imposed in many countries around the world has left a large proportion of the population housebound. Therefore, a reduction in claims presents insurers with an opportunity to give something back to customers and rebuild consumer trust. Currently, several insurers in the US are refunding policyholders as the lockdown will lead to a significant reduction in miles driven.”
Covid-19:India wants AIIB funding for its $500-million healthcare project
India is implementing a $500-million project to purchase equipment and detection capacity and strengthen its national health systems.
Requests for funding from member countries, numbering 102, of AIIB have substantially exceeded the $ 5 billion originally allocated for emergency relief, said press release by AIIB on Friday.
The AIIB is doubling available funds under its COVID-19 Crisis Recovery Facility to provide USD5-10 billion due to high client demand. This follows AIIB’s announcement to make $5 billion available to help public and private sector clients manage through the COVID-19 pandemic.
Allianz CEO says virus hit insurers like ‘Meteorite’
Commercial credit insurers provide cover for businesses in case customers pay bills late or default. Baete said in February that Allianz’s biggest potential risk would be from any bankruptcies in Europe spurred by the virus’s spread, which would hit its credit insurance coverage in the region.
Germany sets up protective shield for credit insurers
In return, credit insurers must give 65% of their premium income in 2020 to the government. Credit insurance protects suppliers from defaults on payments if a domestic or foreign customer cannot or will not pay the invoice
Swiss Re can manage Covid-19 crisis,chairman
Swiss Re’s Chairman Walter B. Kielholz said“Despite the current circumstances, business is running without interruptions at Swiss Re as we continue to handle claims, renew contracts,share our knowledge and innovate. While at this point we assess the financial impact of the current crisis on Swiss Re as absolutely manageable, we run our business and allocate capital with the prudence that current volatility calls for.”
Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Insurance Industry
Greenberg said that a potential way to handle pandemic risks in the future would be to create a public-private partnership, where insurers could start covering that risk for a proper price and the government could take on the tail-risk exposure. That model would echo efforts by the government and insurance industry to deal with terrorism risks after the Sept. 11, 2001, attacks.He cautioned, however, that affordability would become a major question. Insurers will need to set prices to appropriately account for the heightened risk, but that could mean policyholders might shy away from coverage because of the higher cost.
Hiscox says UK lockdown not covered under business interruption policy
The insurer said its “realistic disaster scenario” estimates a net loss of $175 million due to a global pandemic, mainly from losses on event cancellation, entertainment and travel insurance.
Pandemic to bring Asia’s 2020 growth to halt for first time in 60 years: IMF
Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic, said Changyong Rhee, director of the IMF’s Asia and Pacific Department.
Climate change risk will have transformative effect on Energy sector, Willis Towers Watson
In Asia, the Downstream insurance market continues to harden, with losses in countries, including Thailand and Korea. The gap in pricing between Asian and London-based markets is reducing significantly, especially with a majority of the Asian markets making headquarter referrals before underwriting a risk. There are also elements of domestic hardening in countries like Korea, Taiwan and the Philippines amongst others. At the same time, the Downstream market in China remains competitive for domestic risk following the Covid-19 lockdown and pandemic situation, which has affected supply and demand in the oil & gas industry.
Trump unveils three-stage process for states to end coronavirus shutdown
Case numbers across the region, spanning 53 countries, are continuing to climb. In the past ten days, the number of cases reported in Europe has nearly doubled to close to one million, and over 84,000 people have lost their lives to the virus in the region, Kluge announced. Of the total global burden, 50% of cases are in this region.
“We remain in the eye of the storm… Now more than ever I call for solidarity between countries. It is time to step up and display both responsive and responsible leadership to steer us through this storm,” World Health Organization’s Regional Director for Europe, Dr Hans Kluge told a virtual press briefing, adding that the next few weeks will be critical for Europe.