As COVID-19 wreaks havoc worldwide, businesses focus on the short-term impacts of the pandemic, with their top concerns being whether they’ll be able to meet payroll and pay next month’s rent. Other medium- and longer-term impacts of the coronavirus pandemic are very much “tomorrow’s problem”.
The pressures exerted by the COVID-19 pandemic on workforce availability and maintaining supply chains are proving challenging to the power sector, according to a report by Willis Towers Watson.
COVID-19-related restrictions on supply chains and international travel have serious implications for the maritime industry, according to a new report by Allianz Global Corporate & Specialty (AGCS).
There are not many green shoots of hope for the insurance industry amid the coronavirus pandemic. Perhaps it’s some small consolation for the industry that at least one product appears to have received a boost from the pandemic – warranty & indemnity (W&I) insurance in M&A.
After witnessing several years of decreases, commercial insurance buyers are facing rate increases not seen in almost two decades. Industry experts expect price hikes to double for some premiums as insurers try to mitigate the impact the coronavirus on their revenue.
Insurance brokers play a vital role in addressing adequate coverage and several other factors constraining growth in the cyber insurance market, suggests a new report by CyberCube.
With COVID-19 pandemic sweeping virtually every nation across the globe, most organisations are adjusting to employees working from home. However, the majority of the employees use their own internet connections which increases their vulnerability to cyber attacks.
At the direction of the Chinese government, domestic insurers started selling business interruption insurance to cover Chinese enterprises against disruptions from the coronavirus outbreak. Fitch Ratings cautions that the move could pose risks to the underwriting stability of property and casualty insurers.
The Wimbledon tennis tournament had the foresight to buy around £1.5 million (US$1.9 million) per year in pandemic insurance following the SARS outbreak in 2003, said GlobalData in a recent bulletin.
The economic impact of COVID-19 has worsened sharply, posing a challenge to insurers’ financial resiliency. This could lead to targeted downgrades or outlook changes for Asia-Pacific insurers over the coming weeks, according to S&P.