By Anoop Khanna The International Association of Insurance Supervisors (IAIS) has cautioned against initiatives seeking to require insurers retroactively to cover COVID-19-related losses, such as business interruption, that are specifically excluded in existing insurance contracts. The association that represents insurance supervisors and regulators from over 200 jurisdictions has said, “In […]
Insurance
Global insurance to see no profits until 2021
By Ahmad Zaki Fitch Ratings expects that technical profits won’t be seen until the second half of 2021 as a result of the effects of the coronavirus pandemic, according to a report released last week. This is despite the fact that insurance rates have been steadily rising for the past […]
FBN General Insurance gives one-month discount to Comprehensive Motor Insurance customers
Opadokun Leave a comment and share Chuks Udo Okonta FBN General Insurance, a subsidiary of FBNInsurance Limited, has announced a one-time one-month discount to all her Comprehensive Motor Insurance policy holders. This discount was introduced to alleviate the pressures faced by clients with the imposed lockdown by the Federal Government […]
AIICO posts N50.1bn gross written premium in 2019
Fajemirokun Leave a comment and share Chuks Udo Okonta AIICO Insurance Plc., (NSE: AIICO) in its financial results announced yesterday said the Group’s gross written premiums for the year ended December 31, 2019 increased 33 per cent to N50.1billion from N37.7 billion in 2018. The firm in a statement made […]
COVID-19:SUNU Group donates PPE to Lagos State
Leave a comment and share Chuks Udo Okonta Sunu Assurance Plc and its sister company, Sunu Health Nigeria Limited has donated N15 million worth of Personal Protective Equipment (PPE) to Lagos State Government to help protect front line health workers against Coronavirus. The parent company Sunu Group, one of the […]
Munich Re reports high COVID-19 related losses in first quarter
By Amir Sadiq Munich Re reported man-made losses of EUR973m in the first quarter of this year (1Q20), with an estimated EUR800m stemming from the cancellation or postponement of major events on account of the coronavirus pandemic. However it still managed to turn in a profit of EUR221m in 1Q20. […]
UK insurer sees 25,000 COVID-19 claims from March to end April
By Amir Sadiq RSA Insurance Group (RSA) estimates that it has received about 25,000 COVID-19 related claims from March to end April, of which roughly 23,000 are travel claims. “The great majority of business interruption claims are not expected to be eligible under their coverage terms for COVID-19. However, there […]
Allianz canvasses caution as businesses open after coronavirus lockdown
*Allianz Global Corporate & Specialty recommends site security inspections and dedicated loss prevention measures to ensure a successful and safe reopening after shutdown. *Fires, machinery breakdowns and faulty workmanship/maintenance among the most expensive causes of insurance claims. *Condition of electrical equipment and installations is particularly prone to fire risks. *Implement […]
Royal Exchange General Insurance congratulates Thomas on his appointment as CFI/CEO NAICOM
Thomas Leave a comment and share Chuks Udo Okonta The Board, Management and Staff of Royal Exchange General Insurance Company (REGIC), has congratulated Sunday Thomas on his recent appointment and confirmation as the substantive Commissioner for Insurance (CFI)/Chief Executive Officer (CEO) National Insurance Commission (NAICOM) by the Commander-in-Chief of the […]
Hundreds of UK firms join forces to sue Hiscox over lockdown insurance
*Policyholders with £50m-plus cover push for payout over shutdown due to disease By Joanna Partridge Two groups representing about 500 businesses which have insurance policies with Hiscox have joined forces to pursue legal action against the insurer in a row over coronavirus payouts. The Night Time Industries Association (NTIA), which […]
