International News

GIC Re’s Lloyd’s Syndicate breaks even in the first full year of ops,total prm at £64.57mn in 2019

Non-Life, Reinsurance       Mar 26, 2020

London: ``GIC 1947’’, the first Syndicate at Lloyd’s of London set up by the Indian government owned reinsurer GIC Re, has a recorded net profit of £1.326 million during its first full year of operation in 2019. It is the first syndicate in the history...

Ageas is first UK insurer to use AI to create end-to-end car damage assessments and estimates

Non-Life, Technology       Mar 25, 2020

  London: For the first time, one of the UK’s insurers is employing artificial intelligence to create end-to-end assessments and estimates of vehicle damage.    Ageas is using an AI solution, developed by technology company Tractable, to support some of the complex tasks that a human assessor...

Willis Towers Watson develops new feature for tracking pandemic cases against P&C clients’ global assets

  Singapore: Willis Towers Watson, a leading global advisory, broking and solutions company, today launched a new, real-time, risk and analytics feature as part of its Global Peril Diagnostic modelling tool.   The new feature provides up-to-date information on confirmed global COVID-19 cases alongside clients’ property total...

As Coronavirus threatens gig workers, Uber presses for new worker classification

  As independent contractors, U.S. ride-hail drivers for Uber and Lyft benefited from soaring trip demand and flexible work hours.   But as the coronavirus brings large parts of the country to a halt, drivers and companies are facing the downside of an ambiguous contractor model. Many...

Coronavirus Rescue Bill includes $250 billion to expand unemployment insurance

      Mar 25, 2020

  Washington: U.S. senators will vote on Wednesday on a $2 trillion bipartisan package of legislation to alleviate the devastating economic impact of the coronavirus pandemic, hoping it will become law quickly so they can get out of Washington.   Here are major elements of the plan,...

Casino gambles on Coronavirus Business Interruption Lawsuit Against Lloyd’s, AIG, XL

  A Native American tribe on Tuesday sued a group of insurance companies, asking a court to declare that losses it is incurring from shutting down its casinos during the coronavirus pandemic are covered by insurance.   Among the defendants named in the lawsuit filed by the...

UK, U.S. Banks and regulators warn of wave of Coronavirus scams

UK banks are stepping up fraud prevention measures to protect customers from scammers eager to exploit the coronavirus pandemic with a whole range of new tricks, including fake sales of medical supplies and bogus government relief schemes.   With British households effectively on lockdown, some banks...

Olympics delay, not cancellation, provides reprieve for insurers

LONDON: Delaying the Olympics is likely to cost insurers much less than cancelling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say.   The Tokyo Olympics were postponed on Tuesday to 2021,...

China reports 47 new imported cases, Covid-19 epicentre Wuhan resumes bus services

  As the virus continues to wreak havoc across the world, China is close to declaring victory and is already easing travel restrictions. The border of Hubei province, epicentre of the virus, opened on Wednesday after a two-month shutdown.   Wuhan, the epicentre of the novel coronavirus...