By Amir Sadiq AXA has recorded EUR1.5bn ($1.78bn) in COVID-19 claims in the first half of this year, which is in line with its earlier forecasts. “The impact of COVID-19 on AXA’s earnings was in line with our previously published guidance. Commercial lines were the most impacted, notably at AXA […]
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SUNU Assurances posts N1.2bn underwriting profit
From Left: Non-Executive Director, SUNU Assurances Nigeria Plc, Olanrewaju Ogunbanjo; Executive Director, Adeleke Hassan; Managing Director, Samuel Ogbodu; Company Secretary, John Akujieze; and Chief Finance Officer, Akeem Adamson during the AGM in Lagos. Leave a comment and share Chuks Udo Okonta SUNU Assurances Nigeria Plc’s underwriting profit has increased by […]
S.African regulator working to clarify companies’ rights in pandemic insurance claims
South Africa’s financial watchdog is consulting with lawyers and the insurance industry on a potential test case to clarify whether insurers should pay rejected claims from firms hit by the impact of the coronavirus, it told Reuters on Thursday. Several lawsuits have been filed by individual firms, mostly in tourism […]
UK’s FCA demands insurers treat business closure claims fairly
Donal O’Donovan and Carolyn Cohn Insurers that do not treat customers fairly when calculating payouts for business interruption cover due to the coronavirus crisis will face action by the UK’s markets watchdog. The UK’s Financial Conduct Authority (FCA) has taken eight insurers to court over business interruption policy wordings, which […]
Lloyd’s underwriter’s $138.9m pre-tax loss amidst COVID-19 claims
Hiscox has reserved $232m net for claims arising from COVID-19 in the first half of 2020 and delivered a pre-tax loss of $138.9m for the period according to a recent announcement. The $232m allocated amount for COVID-19 claims includes $150m for claims from event cancellation and abandonment, media and entertainment […]
AIG General insurance reports estimated $458m COVID-19 losses
AIG CEO Brian Duperreault Leave a comment and share By Ranamita Chakraborty AIG’s general insurance business reported $458m of estimated COVID-19 losses for the quarter ended 30 June – although impacts from the pandemic will be manageable, according to the insurer. “We are effectively navigating the current complex environment due […]
Sanlam pays N25bn for FBNInsurance
Leave a comment and share Chuks Udo Okonta Nigeria’s FBN Holdings Plc said it sold FBNInsurance Limited to Sanlam for N25 billion ($66 million) and had invested the proceeds as equity into its lending business to boost the bank’s capital ratio. FBN Holdings Chief Executive Officer Urum Kalu Eke, who […]
Bank ties up with insurers to offer low cost COVID-19 cover
By Jimmy John Public sector Canara bank has tied up with three insurance companies to sell the recently launched short-term Corona Kavach insurance policy which covers COVID-19. India has seen a massive spike in the number of COVID-19 cases across the country with the numbers exceeding 1.75m on 3 August. […]
WhatsApp to launch insurance and micro-pension pilot schemes
Messaging app WhatsApp India is set to launch pilot schemes in insurance, micro-pension and lending in partnership with domestic service providers. Mr Abhijit Bose, head of WhatsApp India, said that the app has already run service delivery pilots with lenders such as ICICI Bank, HDFC Bank and Kotak Mahindra Bank, […]
Swiss Re expects to cover majority of COVID-19 losses
Swiss Re group CEO Christian Mumenthaler By Ranamita Chakraborty Even though Swiss Re reported a net loss of $1.1bn for the first half of 2020 after booking $2.5bn of coronavirus-related claims and reserves, its group CEO Christian Mumenthaler noted that the reinsurer expects the claims and reserves it booked in […]
