News – Page 175
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AnalysisFCA investigates 165 Covid-19 scams
The data collection exercise further revealed that the types of scams that have been popular during the Covid-19 pandemic are typically communicated using emails, phone calls, text messages, letters and social media.
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AnalysisAmbiguity in BI policy wordings is ‘natural’ following ‘black swan’ Covid outbreak
The ambiguity in business interruption (BI) policy wordings related to Covid-19-based claims is “natural”, however this debate should be used as a catalyst for the insurance sector to proactively review contract small print in order to eliminate unclear phrasings that may prove problematic for insurers if applied to future “black ...
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AnalysisPolicies will need to adapt to changing risks brought about by Covid says analytics firm
Insurance policies will need to change in order to reflect the fluctuating risk environment created by the Covid-19 pandemic, while new products centred around remote working, for example, will become more common, according to data and analytics firm GlobalData.
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NewsICA launches BI test case in NSW Supreme Court
Outcome will be used to determine complaints arising from COVID-19 related business interruption claims
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NewsWillis Research Network partners with Metabiota to expand pandemic risk expertise
The partnership will leverage Metabiota’s epidemiological data analytics capabilities to improve understanding of pandemic risk, build better pandemic risk models, and support mitigation and risk transfer decision making for increased resilience.
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ViewpointsBriefing: How Zurich is adapting to the hardening market
Going into the half year results season, analysts had predicted a shrinking of the amount Zurich was able to release from reserves. When the results were announced, however, reserving had remained stable and all the talk was about how prices were rising faster than claims inflation.
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ViewpointsBrokers need to engage business owners to combat underinsurance in a hard market
Underinsurance is not a new issue within the insurance sector, however the gradual shift from a soft market into a hard one has ramped up the potential risks for business owners who find themselves without adequate cover.
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People & OpinionLloyd’s has announced Pavlos Spyropoulos as Country Manager, Singapore and CEO, Lloyd’s Asia
Pavlos has more than 12 years of experience at Lloyd’s and a deep understanding of the APAC (re)insurance markets, having worked in a number of senior roles at Lloyd’s following his completion of the Lloyd’s graduate scheme in 2008.
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ViewpointsProgress on Europe’s pandemic insurance schemes could be rapid despite hurdles
Creating public-private pandemic insurance schemes in Europe will be tough, according to risk specialists, suggesting several years of work. But there are some encouraging signs that development could be quicker.
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People & OpinionSabre reveals new chairman
Sabre has announced that Andy Pomfret, currently the company’s senior independent director, has been selected to succeed Patrick Snowball as chairman.
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NewsNational Health Insurance Company, Daman’s Hamad Al Mehyas elevated to CEO
The National Health Insurance Company, Daman’s board of directors has announced the confirmation of Hamad Al Mehyas as the company’s Chief Executive Officer
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NewsOrigami Risk and LineSlip Join Forces to Help Risk Managers Track, Manage and Renew Worldwide Insurance Programmes
Origami Risk LLC and LineSlip Solutions, Inc. today announced they have formed an exclusive relationship that will enable Origami’s clients to readily access the critical information they need to manage their insurance programmes worldwide and effectively negotiate their commercial insurance coverages and renewals, even as market conditions evolve.
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FeaturesChartered Insurance Institute and university launch MBA in Islamic Finance
The Chartered Insurance Institute and Islamic Insurance Association of London have worked with the University of Bolton to launch an MBA in Islamic Finance (Executive).
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News1 In 4 Gen Z Employees Have Sought Mental Health Help Since Beginning of Pandemic
New MetLife report finds virtual fatigue, financial stressors and stigmas around getting employer-offered help as top reasons employees – younger workers, especially – are struggling with mental health
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NewsZurich partners with By Miles on five-year usage-based insurance proposition
The insurer has entered a five-year agreement for a usage-based insurance model with By Miles after observing a shift in consumers driving patterns during the pandemic and as lockdown unwinds.
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NewsSompo Global Risk, Marsh & McLennan Launch Commercial Real Estate Market Product
Marsh & McLennan Agency LLC (MMA) and Sompo Global Risk Solutions (GRS) have launched a new customizable insurance product designed to help commercial real estate owners control costs, streamline policy administration and address potential gaps in coverage.
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NewsARIG: Cessation of activities
The Extraordinary General Meeting (EGM) of Arab Insurance Group (ARIG), held on 13 August 2020, approved the decision of the Board of Directors to cease the company’s reinsurance activities.
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NewsTesla is to expand its insurance business in to China
Tesla is gradually starting to expand its insurance business outside of California — starting with a new business unit in China. Last year, Tesla launched its own insurance program, starting with availability in California, where the automaker claims up to 30% cheaper premiums than the competition. It’s Tesla’s second entry ...
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NewsChina’s economic recovery makes it attractive but presents challenges to foreign insurers, says GlobalData
China has emerged as the first country globally to post positive economic growth during the COVID-19 pandemic. The country is also expected to witness continued expansion of life and non-life insurance making it an attractive market for foreign insurers.
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NewsInsurtech deals drop by 80% globally but Lloyd’s Lab still innovating
The total value of global startups and deals plummeted by 80% in 2020. However, Lloyd’s Lab demonstrates hope that there is still innovation in the sector, with the fifth insurtech cohort focusing on pandemic solutions for the insurance industry.
