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Most small UK companies have no pandemic insurance – watchdog
The FCA said most insurance policies for small and medium sized companies (SMEs) only gave basic cover, with no obligation to pay out in relation to the COVID-19 pandemic.
“While this may be disappointing for the policyholder we see no reasonable grounds to intervene in such circumstances,” FCA interim chief executive Christopher Woolard said in a letter to heads of insurers.
“In contrast, there are policies where it is clear that the firm has an obligation to pay out on a policy. For these policies, it is important that claims are assessed and settled quickly.”
Trump cuts WHO funding over coronavirus, global toll mounts
Trump, who has reacted angrily to criticism of his administration’s response to the worst epidemic in a century, has become increasingly hostile towards the WHO.
The Geneva-based organisation had promoted China’s “disinformation” about the virus that likely led to a wider outbreak than otherwise would have occurred, Trump said.
The United States is the biggest overall donor to the WHO, contributing more than $400 million in 2019, roughly 15% of its budget.
Bermuda’s “resilient” re/insurance market continues to meet global clients’ needs amid COVID-19
“The re/insurance industry excels in time of disruption and catastrophes—managing risk during natural and man-made disasters is our strength,” said John M. Huff, President & CEO of Association of Bermuda Insurers & Reinsurers (ABIR), noting the Bermuda market is well capitalized and works closely with regulators and policy makers globally on the economic potential of any significant events. “The industry has a proven track record of responding successfully during critical moments in history and we will continue to do so as the world faces and recovers from the COVID-19 pandemic.”
CEO of Tokyo games can’t guarantee postponed Olympics will be held even in 2021
“Tokyo 2020 has taken out several insurance policies,” he said. “But whether the postponement of the games qualifies as an event that is covered is not clear yet.”
Stocks rise gains on China trade data, easing pandemic fears
In Europe, thousands of shops across Austria are set to re-open on Tuesday. Spain recorded its smallest proportional daily rise in the number of deaths and new infections since early March and let some businesses return to work on Monday.
Miller modernises yacht insurance with innovative quote and bind platform
“We have been working with clients and underwriters for some time to address the cost and time inefficiencies of yacht business. With 24/7 access from anywhere in the world and an innovative, simple and quick declaration, quote and bind process, Atlantic provides a solution to these issues” said Aaron Jago, who leads Miller’s yacht practice.
Countries facing pressure to loosen virus restrictions
Some European nations have started tentative moves to ease their shutdowns. Hard-hit Spain, which on Sunday reported its lowest daily growth in infections in three weeks, will allow workers in some nonessential industries to return to factories and construction sites Monday.
South Korea’s caseload has slowed from early March, when it was reporting around 500 new cases a day, but officials have warned of a broader quiet spread, pointing to transmissions at locations such as bars that may indicate eased attitudes toward social distancing.
ADB triples financial aid for members to $20 billion to fight virus
This pandemic threatens to severely set back economic, social, and development gains in Asia and the Pacific, reverse progress on poverty reduction, and throw economies into recession, said ADB President Masatsugu Asakawa.
French insurers in talks to jointly invest 1 bln euros to help small businesses during coronavirus
Insurers have been under pressure from the French government to come up with a plan to support the economy, as most companies were left without insurance coverage for disruptions to business caused by the lockdown.
Markel International appoints Bo Yu as claims lead for Asia
In this role, Bo will be the first point of contact for all claims arising through Markel’s offices in Singapore, Hong Kong, India and Labuan. He will work closely with the extensive claims team across the Markel group, ensuring the best expertise is always provided to clients throughout the claims process. Bo will also help Markel better engage with its partners across the region by offering specific claims training as and when required.