Swiss Re confirms to support COVID-19 relief efforts
Reinsurance giant Swiss Re Group has committed CHF5m (US$5.2 million) to support global COVID-19 relief efforts, particularly in developing countries.
App helps customers choose right insurance product
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.
Wimbledon shows why pandemic insurance is vtital
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.
Blockchain & cryptoasset progress being held back
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.
China to ease requirements for foreign insurers
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.
UK insurers axe dividends amid COVID-19 concerns
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.
Chubb piles 10 million USD into COVID-19 relief efforts
Playing its part in the fight against the global pandemic, Chubb has announced that it is committing US$10 million to COVID-19 relief efforts around the world. The funding will be made by the Chubb Charitable Foundation.
Insurers warn on forced coronavirus payouts
In Britain, lawmakers have pushed insurers to show flexibility in paying out on losses suffered due to the coronavirus that were not covered by policies. World insurers told that would make them risked destabilising the insurance industry.
High number of grounded planes due to outbreak
The COVID-19 pandemic has caused more than US$160 billion in insured value of aircraft to be grounded, leading to huge risks for insurers, according to a report by global brokerage Gallagher.
Munich Re reveals COVID-19 hit
The impact of the coronavirus on the insurance industry keeps on coming. Governments across the globe have been banning these public gatherings in the fight to slow the spread of COVID-19. The latest victim has been Munich Re, which withdrew its profit guidance for the year as a result of significant insurance claims triggered by the cancellation of large events.