Singapore insurers introduce new support measures
Two major insurance industry bodies in Singapore have introduced additional measures to support customers reeling from the health and economic crises caused by the COVID-19 pandemic.
Hackers exploit COVID-19 crisis
According to Check Point Software, there have been over 4,000 coronavirus-related domains registered globally since January 2020.
Lloyd’s faces claims from multiple insurance lines
Lloyd’s insurers face COVID-19 related claims from approximately 14 categories of insurance, said Chief Executive Officer John Neal during a media call to discuss the market’s 2019 results.
COVID-19 to test insurers’ resilience
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.
Olympics postponement cost less than cancellation
Delaying the Olympics is likely to cost insurers much less than canceling the Tokyo Games altogether, with a chance that some of those involved may not have policies specifically covering a postponement, industry sources say.
Hong Kong Insurance Authority welcomes new bills
Hong Kong’s Insurance Authority (IA) has welcomed two important bills that introduce various amendments to the city’s insurance markets.
COVID-19 exposes flaws in design of pandemic bonds
To offset the crushing costs of trying to stem a global epidemic, the World Bank and partners announced the creation of “pandemic bonds”, with the idea was to leverage private capital from Wall Street firms that would help stricken poor countries. But since the bonds were launched in 2014, investors have reaped more profits than countries battling epidemics.
Tips to analyse Coronavirus-related claims
Claims presented for the coronavirus will be complex in terms of loss measurement but early engagement with the insured to understand the potential impacts is crucial to managing the loss, said Crawford Forensic Accounting Services (CFAS) in a whitepaper on the insurance impacts of the novel coronavirus.
Lloyd’s of London closes underwriting room
After conducting a successful stress-test last week of its electronic trading system, Lloyd’s has made the decision to close its underwriting room in response to the coronavirus outbreak.
AIA launches app-based COVID-19 alert service
AIA Hong Kong has launched a COVID-19 alert service through its AIA Connect mobile app. This allows registered users (both customers and non-customers of the insurer) to receive alerts regarding COVID-19 cases in different districts throughout Hong Kong.