After playing down the virus’s potential impact just a few months ago, insurers have since declared large financial hits and warned of far worse to come. France’s AXA last month estimated that event cancellation claims alone would be in the “mid-triple-digit-million euros” and it was too early to predict the amount for business interruption. Germany’s Allianz said it suffered a 700 million-euro ($794 million) hit from the pandemic in the first quarter.

Asia braces for insolvency storm amid COVID-19 fallout

Jun 10, 2020

In India and Singapore where credit sales fell, overdue invoices still surged by 69% and 29% respectively. India’s decline in credit use might even be the result of its dramatic rise in overdues.Andreas Tesch, Chief Market Officer of Atradius, said:

Lloyd’s new API enhances and simplifies electronic placement

Jun 10, 2020

Jennifer Rigby, Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s, said:“This is an exciting new development that will enhance and simplify the flow of electronic placement data across the market, as we continue to progress the development of the next generation version of PPL. At Lloyd’s we want to make digital solutions that deliver better outcomes for our customers in a way that benefits the entire market. We are committed to sharing these benefits as quickly as possible using an open source framework that engenders even greater collaboration and engagement across the Lloyd’s ecosystem.”

DIFC strengthens its position as region’s reinsurance Hub

Jun 10, 2020

During the last 16 years, DIFC has emerged as the leading reinsurance hub in MEASA region. It is now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities serving the market, including three of the top five global insurance companies. The Centre has attracted world-renowned global companies including Munich Re, Lloyd’s, Berkshire Hathaway Specialty, RGA, Korean Re, AIG, Zurich, Marsh, and AON.

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