International News

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

  London: Airmic, the UK association for risk and insurance professionals, has urged the insurance market to adopt a more responsible and business sensitive position on the COVID-19 pandemic or risk long-term damage to trust and reputation and loss of customers.   “With many corporates facing an...

UK Financial Services firms weigh options for Post-Coronavirus work arrangements

Many of the City of London’s bankers and traders will be working from their kitchens or bedrooms for at least a year under some scenarios being planned by finance companies in Britain.   Banks, insurance companies and asset managers have had to work remotely since the...

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

Non-Life, Reinsurance       May 12, 2020

French insurer Covéa has walked away from its planned $9 billion purchase of PartnerRe, the Bermuda-based reinsurer owned by Exor, the holding firm of Italy’s Agnelli family, saying it could no longer buy under the terms of their agreement.   The deal is the biggest involving...

Gilead ties up with Indian phrma cos for COVID-19 drug supply

   California: US based Gilead Sciences Inc said on Tuesday it has signed non-exclusive licensing pacts with five generic drugmakers based in India and Pakistan to expand the supply of its experimental COVID-19 treatment remdesivir.   The countries consist of nearly all low-income and lower-middle income ones,...

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

  While insurance rates have risen for nine consecutive quarters due to large catastrophe losses and accelerating claims inflation, Fitch Ratings expects that technical profits won’t be seen until the second half of 2021 as a result of the effects of the coronavirus pandemic.   Fitch believes...

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

  United Nations: International tourism could decline by 60-80 per cent in 2020 due to the COVID-19 pandemic, resulting in the revenue loss of USD 910 billion to USD 1.2 trillion and placing millions of livelihoods at risk, the World Tourism Organization (UNWTO) has said.   The...

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

  London: The world’s top 100 most valuable insurance brands, except Chinese giant Ping An, could lose faces a potential 20 per cent loss in brand value amounting  to as much as $100bn (£81bn) in brand value as a result of the Covid-19 crisis, according to...

Global commercial insurance pricing rises by 14% in first quarter

  NEW YORK: Global average commercial insurance prices increased 14% in the first quarter, driven in part by rises in property insurance rates, insurance broker Marsh said in a report released Monday.   The change marks the highest year-over-year increase since 2012, when Marsh launched its Global...

National governments must help provide insurance for future lockdowns: EU Regulator

  National governments must help provide insurance cover for future lockdowns, the industry’s European Union regulator said on Monday, as the private sector cannot afford to provide such broad coverage on its own.   Countries have introduced lockdowns to fight the coronavirus pandemic, forcing companies to close...