People in the 27-nation European Union can alter some of what shows...
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Highly mutated COVID variant found in new countries but pandemic in ‘a different phase’
It appears that current tests and medications remain effective...
Global reinsurers pull back from natural catastrophe cover, says Fitch
Natural catastrophe business has become largely loss-making in...
SCOR acquires a majority stake in Brazilian AgroBrasil,strengthens expertise in agriculture
Laurent Rousseau, Deputy Chief Executive Officer of SCOR Global P&C, and CEO of the Specialty Insurance business, comments: “Through this acquisition, SCOR is further building its Specialty Insurance franchise and MGA platform. SCOR will also strengthen its expertise in agriculture insurance, a highly complex specialty: being at the forefront of technical risk-knowledge and fostering product innovation for the benefit of our clients around the world is an integral part of our DNA.”
Insurers rush to exclude Coronavirus epidemic from event-cancellation protection
“As things stand at the moment, you would struggle to get coronavirus cover for any event, until we know where we are with this virus,” said Rebecca Mitchell, contingency underwriter at ArgoGlobal.
Coronavirus leads companies with supply chain disruptions to invoke ‘Force Majeure’
-Force majeure refers to unexpected external circumstances that prevent a party to a contract from meeting their obligations.
-The underlying event must be unforeseeable and not the result of actions undertaken by the party invoking force majeure. Natural disasters, strikes, and terrorist attacks can all be force majeure events.
-Declaring force majeure may allow a party to a contract to avoid liability for nonperformance.
Etiqa Insurance Singapore protects customers with Financial Assistance Benefit amid COVID-19 Outbreak
Staying committed to their mission to make the world a better place, the Etiqa Insurance Singapore will provide hospitalisation benefits of S$100 daily (up to 10 days) for patients in stable condition and S$200 daily (up to 5 days) for those in the Intensive Care Unit (ICU), including a lump sum payment of S$50,000, in the event of death, as a result of the COVID-19 viral infection.
Facebook, Twitter, Other Internet Firms to Be Responsible for Content Under UK Plan
Governments globally are wrestling over how to better control content on social media platforms, often blamed for encouraging abuse, the spread of online pornography and for influencing or manipulating voters.
Bill Coen appointed chair of the IFRS Advisory Council
The new Advisory Council Chair will have three priorities. First, to provide leadership and set the agenda for the 2020 meetings; second, to assess for the Trustees of the Foundation any relevant changes that may be warranted in the role and composition of the Advisory Council; and third, to position the Council through any transition.
Coronavirus emergency ‘holds a very grave threat’ for world: WHO
“With 99% of cases in China, this remains very much an emergency for that country, but one that holds a very grave threat for the rest of the world,” he told more than 400 researchers and national authorities, including some taking part by video conference from mainland China and Taiwan.
WHO warns overseas coronavirus spread may be ‘tip of the iceberg
“There’ve been some concerning instances of onward 2019nCoV spread from people with no travel history to China. The detection of a small number of cases may indicate more widespread transmission in other countries; in short, we may only be seeing the tip of the iceberg,” tweeted Ghebreyesus, Director-General of the WHO.
Thai insurer offers first Coronavirus Insurance Policy
“The outbreak is raising awareness among Thais about the need for health insurance,” Unchalin said in a phone interview. “The revenue from the new policy is unlikely to be material, but our main goal to calm the public’s fears during this coronavirus crisis.”
Italian investor group Exor weighs sale of PartnerRe to France’s Covea
-Insurers are turning to acquisitions, also in reinsurance, to strengthen their businesses as they face tougher regulation and falling returns from financial market investments.
-Branching out to reinsurance would also allow Covea to diversify outside its main market France, where it makes almost 90% of its 17 billion euros ($19 billion) business.