By Vincent Liu Liang Insurers face an uphill task in trying to provide pandemic catastrophe cover due to several factors including difficulty in estimating the economic losses stemming from a pandemic like COVID-19, according to Swiss Re China president Chen Donghui who was speaking at an online seminar on the […]
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Pandemic Emergency Financing Facility allocates $195m to low-income countries to fight COVID-19
By Cynthia Ang The steering body of the Pandemic Emergency Financing Facility (PEF) has announced the allocation of $195.84m to 64 of the world’s poorest countries with reported cases of COVID-19. The PEF was designed to provide financing through either its cash or insurance windows, covering six viruses that are […]
IASB decisions on IFRS 17 to impact insurers, users of accounting data
Leave a comment and share The International Accounting Standards Board (IASB) has been considering amendments to the published IFRS 17 accounting standard for insurance contracts. An exposure draft was published by the IASB in June 2019 which acted to re-open the standard. The IASB has reached a series of important […]
IATF2020 postponed due to COVID-19
In light of the COVID-19 pandemic, the African Export-Import Bank (Afreximbank), the African Union (AU) and the Government of Rwanda have decided to postpone by one year the second Intra-African Trade Fair (IATF2020) initially set to take place from 1 to 7 September 2020 in Kigali, Rwanda. This decision was […]
Linkage Assurance sustains claims payment amidst COVID-19 lockdown
Braie Leave a comment and share Chuks Udo Okonta Linkage Assurance Plc said it has continued to meet claims obligation to individual and corporate clients despite the COVID-19 lockdown across the country. It noted that this has become possible following full implementation of its business continuity plan, which has enabled […]
CIIN lauds FG on COVID-19 efforts, recognition of insurance sector contributions
Efekoha Leave a comment and share Chuks Udo Okonta The President, Chartered Insurance Institute of Nigeria (CIIN) Eddie Efekoha, has lauded the Federal Government for its initiatives in the fight against coronavirus (COVID-19) pandemic. He also commended President Muhammadu Buhari on his recognition of the contributions made by the insurance […]
Sovereign Trust Insurance Plc pays N2.7bn claims in 2019
Soyinka Leave a comment and share Chuks Udo Okonta Sovereign Trust Insurance Plc just recently released the figures of claims obligated in 2019 in affirmation of its commitment in settling all genuine claims as and when due. The company, in the last year settled claims totaling N2,785,105,193.37 (two billion, seven […]
Insurance loss estimates for COVID-19 raised to $60bn
By Ahmad Zaki Analysts from investment bank UBS have added 50% to their estimate for the eventual insurance and reinsurance industry loss from the COVID-19 pandemic, now in the range of $30bn to $60bn. The bank initially estimated losses of around $22bn and $42bn, across both insurance and reinsurance. However, […]
PMB’s commendation excites insurance operators
Dr. Onigbogi Leave a comment and share Tope Adaramola A cross session of insurance operators have expressed their excitement about the broadcast of President Mohammadu Buhari on covid 19 in which he applauded the insurance industry for its role in helping to combat the pandemic in the country. In the […]
Buhari commends insurance sector over life cover for 5,000 frontline health workers
Buhari Leave a comment and share Chuks Udo Okonta President, Muhammadu Buhari has commended the Nigerian insurance sector for the provision of life insurance cover for 5,000 frontline health workers helping in the fight against COVID-19 pandemic. Buhari gave the commendable today in his address on the cumulative lockdown order […]
