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.
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.
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.
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.
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.
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.
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.
Hong Kong’s Insurance Authority (IA) has welcomed two important bills that introduce various amendments to the city’s insurance markets.
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.