By Ranamita Chakraborty As a result of losses and high levels of uncertainty regarding the further economic and financial impact of the COVID-19 pandemic, Munich Re has announced that it will not meet its profit guidance of EUR2.8bn ($3.1bn) for the whole of 2020. The major global reinsurer will not […]
Insurance
Claims are likely to be around $70bn and manageable
By Anoop Khanna Investment bank Berenberg analysts have said that as per their analysis global claims for the insurance and reinsurance industry due to the COVID-19 pandemic are expected to be in a range of $50bn to $70bn and will be manageable. According to a report on www.artemis.bm , Berenberg […]
COVID-19: Brokers donate 1,000 face masks to LASTMA
Lagos State Commissioner for Transportation, Dr. Frederic Oladeinde (middle), flanked by the Special Adviser to Governor Babajide Sanwo-Olu on Transportation, Hon. Oluwatoyin Fayinka (2ndleft), Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Barrister Rotimi Edu, mni (left) and LASTMA Director of Welfare Matters, Mrs. Aderonke Ojeniyi at the donation […]
CII shows how pandemic impacted finance professionals
By Ranamita Chakraborty A discount scheme by the Chartered Insurance Institute (CII), a UK-based global professional insurance body, has revealed the real financial impact that COVID-19 has had on members of the insurance and personal finance profession. Under the scheme which was announced on 1 May, CII is offering a […]
Sovereign Trust Insurance posts N10.8bn gross premium written in 2019
Soyinka Leave a comment and share Chuks Udo Okonta Sovereign Trust Insurance Plc said its Gross Premium Written in 2019 stood at N10.8billion compared to the N10.5billion written in 2018, representing a minimal 3.4 per cent increase. A statement by the firm’s Brand, Media and Communications Manager, Bankole Banjo, said […]
China to include COVID-19 testing in medical insurance
China will include nucleic acid testing and antibody testing for COVID-19 and related consumables in provincial medical insurance catalogues, according to the National Healthcare Security Administration. The move is designed to reduce testing cost to facilitate regular epidemic control and resumption of work, production, school and business operation, according to […]
Customer retention is becoming the focus in insurers’ distribution strategy
With rising competition, customer retention is gaining weight in the design of insurers’ distribution strategies, shifting from customer acquisition which was the focus in previous years , says the stockbroking firm YES Securities (India) [YSL], a wholly owned subsidiary of YES Bank. The traditional channels of agency, bancassurance and brokers […]
Insurer launches cover for live virtual events
By Anoop Khanna Specialist insurer Beazley has launched a contingency policy designed to cover event organisers if a transmission failure disrupts or cancels a live virtual event. Beazley said, “Streaming live events is not new but the policy responds to an increase in online events under social distancing during the […]
Insurers’ debt instruments appeal to investors during COVID-19
By Paul McNamara Even though the coronavirus pandemic has brought about higher credit spreads during 2020, the flight to quality has meant that insurers across the globe have retained good market access at favourable rates. Insurers should be able to redeem or refinance the $140bn or 20% of total outstanding […]
Mutual Benefits Assurance nets N3.61bn profit, pays N21bn claims in 2019
Asenuga Leave a comment and share Chuks Udo Okonta Mutual Benefits Assurance Plc has announced its result for the year ended 2019 with profit after income tax of N3.61billion, achieving a 214 per cent increase from N1.15 billion recorded in 2018. Its Head, Corporate Communication, Ellen Offo, noted that according […]
