SIRC  26

Indian

International

COVID-19 Pandemic:China’s claim payments amount to $17.4 million as of April 10

At the direction of the Chinese government, domestic insurers started selling business interruption insurance to cover Chinese enterprises against disruptions from the coronavirus outbreak,
The policies are aimed at supporting the resumption of production and work within the Chinese economy after a lockdown to contain the spread of the coronavirus, said Fitch 

COVID-19 presents insurers with an opportunity to rebuild consumer trust, says GlobalData

Beatriz Benito, Senior Insurance Analyst at GlobalData comments: “The lockdowns imposed in many countries around the world has left a large proportion of the population housebound. Therefore, a reduction in claims presents insurers with an opportunity to give something back to customers and rebuild consumer trust. Currently, several insurers in the US are refunding policyholders as the lockdown will lead to a significant reduction in miles driven.”

Covid-19:India wants AIIB funding for its $500-million healthcare project

India is implementing a $500-million project to purchase equipment and detection capacity and strengthen its national health systems.
Requests for funding from member countries, numbering 102, of AIIB have substantially exceeded the $ 5 billion originally allocated for emergency relief, said press release by AIIB on Friday. 
The AIIB is doubling available funds under its COVID-19 Crisis Recovery Facility to provide USD5-10 billion due to high client demand. This follows AIIB’s announcement to make $5 billion available to help public and private sector clients manage through the COVID-19 pandemic.

Allianz CEO says virus hit insurers like ‘Meteorite’

Commercial credit insurers provide cover for businesses in case customers pay bills late or default. Baete said in February that Allianz’s biggest potential risk would be from any bankruptcies in Europe spurred by the virus’s spread, which would hit its credit insurance coverage in the region.

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