*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 […]
Spotlight
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 […]
Guinea Insurance congratulates new Commissioner for Insurance
Leave a comment and share Chuks Udo Okonta The Board of Directors, Management and Staff of Guinea Insurance have joined the entire insurance business community and all professionals of repute in celebrating the confirmation of Sunday Thomas as substantive Commissioner for Insurance/Chief Executive Officer (CEO), National Insurance Commission (NAICOM) by […]
Legislation aimed at nullifying BI exclusions an existential threat to P/C insurers
Leave a comment and share Industry capital backing U.S. insurers and reinsurers writing business interruption (BI) insurance could decline by as much as 50per cent on an after-tax basis if legislated policy changes force carriers to pay for two months of retroactive coverage on COVID-19-related BI claims, according to new […]
Australia’s largest general insurer hit by COVID-19 losses
By Ranamita Chakraborty Ongoing uncertainty from the impact of COVID-19-related challenges surrounding economic conditions and the direction of investment markets has cast doubt on IAG’s business and financial performance in the concluding months of FY2020 which ends on 30 June. The insurer’s underlying business performance has remained strong for the […]
AIG to donate $5m for pandemic relief
By Ahmad Zaki In AIG’s recently released Q12020 results announcement, CEO Brian Duperreault expressed optimism in the face of the challenges COVID-19 has brought to the industry, commending the compassion, courage and empathy of the frontline healthcare providers. He also revealed that AIG would be donating $5m to the AIG […]
NAICOM re-examines capital structure of micro insurance business
Thomas Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) is presently looking at the capital structure of micro insurance business and the areas it can be more functional in providing services to the public, the Commissioner for Insurance, Sunday Thomas, has said. He said this […]
COVID-19:NAICOM to release new recapitalisation guidelines
Thomas Leave a comment and share Chuks Udo Okonta The Commissioner for Insurance and Chief Executive Officer (CEO), National Insurance Commission (NAICOM), Sunday Thomas, has said the commission will release a new recapitalisation guideline for insurance and reinsurance companies after the COVID-19 pandemic. Thomas said this on Tuesday at an […]
COVID-19 consumer survey finds accelerated demand for insurance products
By Anoop Khanna A Swiss Re COVID-19 consumer survey in four countries across Asia Pacific has found that interest in life and health insurance has increased since the coronavirus outbreak. Financial anxiety has also increased and the priority now is to keep insurance products if a financial sacrifice is needed. […]
