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French Mutual Covéa Scraps $9 Billion Purchase of PartnerRe from Exor

by | May 13, 2020 | , ,

Under the original terms of the agreement with Covéa, Exor would have received an aggregate cash return of $3 billion from its purchase and disposal of PartnerRe, including dividends paid by the Bermuda-based group since 2016, Exor has said.
The MoU included a $175 mln penalty for Covéa to get out of the deal, according to a March report in the Italian daily newspaper Il Sole 24 Ore.

 Covid-19 Pandemic: UK’s Airmic calls for change in approach to insurers’ pandemic response

by | May 13, 2020 | , , , , , ,

Greater collaboration and communication between businesses, insurers and brokers to allow innovation and opportunity to emerge from the crisis.
Looking beyond the COVID-19 pandemic, Airmic supports the creation of national catastrophic pooling and reinsurance mechanisms, such as the existing UK pools for terrorism and flood. They must, however, be embedded in broader national and international risk strategies and should themselves be pooled to ensure the efficient use of capital, the association continued.

Coverage of Pandemic Risk through P/C Insurance could be designed like existing Federal Programs:US actuaries’ body

by | May 13, 2020 | , , , , , ,

“Pandemic risk is more similar to the catastrophic risks covered by programs like the Terrorism Risk Insurance Program and the National Flood Insurance Program than to risks normally insured by the commercial insurance market, and any new federal program seeking to facilitate pandemic risk coverage should reflect that difference,” said Academy Vice President, Casualty, Lisa Slotznick, the signer of the letter on behalf of the Academy’s Casualty Practice Council to the House committee.

UK Govt to support businesses through Trade Credit Insurance guarantee

by | May 13, 2020 | , , ,

The government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance, ensuring the majority of insurance coverage will be maintained across the market. This will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a customer defaults on payment.

UK’s Brit and Google jointly to launch 1st fully digital Lloyd’s Syndicate

by | May 13, 2020 | , , ,

John Neal, Lloyd’s of London CEO said: “Ki truly embraces all that is represented in “The Future at Lloyd’s” by bringing data, technology, innovation and artificial intelligence to the fore in the complex world of corporate and specialty underwriting. It is an exciting first for Lloyd’s and paves the way for others to follow.”

Reviving Economy:$40 billion credit line for small businesses,due date for all I-T returns for 2019-20 extended to Nov 30,2020

by | May 13, 2020 | ,

A liquidity relief is being given for all EPF establishments. Government support in the form of 12% employer and 12% employee contribution extended for another three months (June, July and August).Government has reduced statutory EPF contribution of private sector employers and employees from current mandated 12% to 10% for next 3 months. However, for government PSUs it will remain 12% but PSU employees can pay 10%. This was one of the measures announced by the finance minister Nirmala Sitharaman at a press conference today. This will reduce the total contribution to an employee’s EPF corpus.

Covid-19 Pandemic:U.S. businesses,patients sue China seeking damages from Coronavirus outbreak

by | May 12, 2020 | , , , ,

So far, at least nine lawsuits have been filed in the U.S. against China claiming authorities there did not do enough to corral the virus initially, tried to hide what was happening in the outbreak center of Wuhan and sought to conceal their actions and what they knew.

Eight of the lawsuits are potential class actions that would represent thousands of people and businesses. One was filed by the attorney general of Missouri, which is so far the only state to take legal action against China.

Covid-19 Pandemic:World’s top 100 most valuable insurers could lose $100bn in brand value

by | May 12, 2020 | , , , , , , ,

At the time of Covid-19 Pandemic, insurance firms damaged both financially and reputationally, as they face a surge in coronavirus-related claims and risk angering customers if they refuse to pay out.Chinese brands make up half of the top 10 insurance companies, while Allianz and Axa also rank among the most valuable firms.
“The Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20 per cent drop in brand value and undoubtedly, we are going to witness revenue slowdown for all brands across the sector,” said Brand Finance chief executive David Haigh.

International tourism could decline by 60-80 per cent in 2020: UN

by | May 12, 2020 | , , , ,

Arrivals in March dropped sharply by 57 per cent following the start of a lockdown in many countries, as well as the widespread introduction of travel restrictions and the closure of airports and national borders. This translates into a loss of 67 million international arrivals and about USD 80 billion in receipts (exports from tourism).