SIRC  26

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International

Germany sets up protective shield for credit insurers

In return, credit insurers must give 65% of their premium income in 2020 to the government. Credit insurance protects suppliers from defaults on payments if a domestic or foreign customer cannot or will not pay the invoice

Swiss Re can manage Covid-19 crisis,chairman

Swiss Re’s Chairman Walter B. Kielholz said“Despite the current circumstances, business is running without interruptions at Swiss Re as we continue to handle claims, renew contracts,share our knowledge and innovate. While at this point we assess the financial impact of the current crisis on Swiss Re as absolutely manageable, we run our business and allocate capital with the prudence that current volatility calls for.”

Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Insurance Industry

Greenberg said that a potential way to handle pandemic risks in the future would be to create a public-private partnership, where insurers could start covering that risk for a proper price and the government could take on the tail-risk exposure. That model would echo efforts by the government and insurance industry to deal with terrorism risks after the Sept. 11, 2001, attacks.He cautioned, however, that affordability would become a major question. Insurers will need to set prices to appropriately account for the heightened risk, but that could mean policyholders might shy away from coverage because of the higher cost.

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