Over a quarter of respondents in four Asia-Pacific markets have expressed worries about their financial situation during and after the COVID-19 pandemic, while many have identified insurance as a ‘must have’, according to a survey by Swiss Re.
Willis Towers Watson has released a new cyber insurance product in Asia, designed specifically for shipowners, as the maritime industry in the region moves to keep up with incoming regulatory changes.
AXIS Capital Holdings Ltd. announced an estimated net claims provision of $300 million, pre-tax, for the first quarter related to catastrophe and other weather-related events. This amount includes estimated pre-tax claims of $235 million for the COVID-19 pandemic.
Ping An Insurance Group is the first company in mainland China has become a signatory to the Principles for Sustainable Insurance (PSI), a global sustainability framework of United Nations Environment Programme Finance Initiative.
Accompanying the release of global insurer Beazley Plc’s trading statement for the three months ended March 31, 2020, a statement from CEO, Andrew Horton, highlighted the unprecedented nature of the events seen in the first quarter and noted that the impact of this pandemic is still being assessed.
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.
As part of its efforts to support people dealing with social distancing, lockdowns, and isolation during the spread of COVID-19, AXA has expanded its telehealth and online service offerings.
In response to the COVID-19 outbreak, Swiss Re is opening access to its proprietary Life Guide underwriting manual – what it deems the industry’s number one global underwriting manual – to all life and health insurers for 90 days from April 27 to July 31.
Arch Capital Group Ltd. said its estimated pre-tax losses for claims incurred due to the COVID-19 pandemic could reach $145 million.
Reinsurance giant Swiss Re Group has committed CHF5m (US$5.2 million) to support global COVID-19 relief efforts, particularly in developing countries.
For the long-term protection of self and family from any financial strain due to health emergencies and untimely death, especially in pandemic times, people look at procuring an appropriate insurance cover. To work out the appropriate insurance cover, is however, easier said than done.
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 lack of a robust insurance market is hampering the adoption of cryptoassets and blockchain infrastructures, according to Evertas, the world’s first cryptoasset insurance company.
According to a report by Reuters, China is reportedly aiming to make it easier for foreign life insurers to acquire controlling stakes and make major investments in domestic firms. The move is part of Beijing’s plans to open up the financial sector to international investment.
British insurers canceled more than 1 billion pounds ($1.2 billion) of dividends on Wednesday, in moves welcomed by the Bank of England which had cautioned the sector about the risk of heavy costs from the spread of the coronavirus.
