Having initially brushed off the potential impact from coronavirus-linked claims, global insurers have woken up to the prospect of a double whammy – a sharp rise in payouts at a time of big investment losses.

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

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

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).

Covid-19 Pandemic:Insurers to see erase profits until 2021 second half, says Fitch

May 12, 2020

“The coronavirus pandemic will burden 2020/1H21 results, but will ultimately accelerate the hardening of the commercial insurance market,” said Robert Mazzuoli, Fitch analyst, in a statement in the report.

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