By Jimmy John Tata AIA, a private life insurer in India, has announced additional benefits to its individual policyholders and its agents for COVID-19. All individual policyholders of the company will get additional benefit equal to the base sum assured or INR 500,000 ($6,500) whichever is lower for valid death […]
Spotlight
Ireland finance minister calls for motor insurance refunds due to lockdown
By Ahmad Zaki In another chapter of the ongoing clash between insurers, governments and consumers, Ireland’s minister for finance Paschal Donohoe has advised insurers to offer refunds to motorists as traffic has all but halted during the coronavirus crisis at a time when profits are high. At a virtual meeting […]
UK:Non-life insurers face dim prospects amidst pandemic-induced economic slowdown
By Ranamita Chakraborty The outlook for the UK non-life insurance market at negative according to AM Best, due to factors such as an expectation of lower premium volumes due to the economic slowdown driven by the coronavirus pandemic as well as persistent pressure on underwriting performance from strong competition and […]
India:IRDAI directs settlement of COVID-19 insurance claims within two hours
By Anoop Khanna India Insurance Regulatory and Development Authority of India (IRDAI) has issued fresh guidelines and also new timelines for all general and standalone health insurance companies for settlement of all COVID-19-related health insurance claims A circular issued by IRDAI member (non-life) TL Alamelu on 18 April 2020 said, […]
NCRIB ES, Fatai Adegbenro dad passes on today
Late Adisa Adegbenro Leave a comment and share Chuks Udo Okonta The Executive Secretary, Nigerian Council of Registered Insurance Brokers (NCRIB), Fatai Adegbenro has lost his father, Chief Alhaji Ganiyu Adisa Adegbenro. Late Chief Alhaji Ganiyu Adisa Adegbenro died early this morning (Saturday, April 18, 2020) in Lagos. He was […]
California Department of Insurance tells insurers to refund premiums
By Paul McNamara The California insurance regulator has told insurers to refund premiums to drivers and businesses affected by the COVID-19 emergency. The order reflects the reduced risk of loss due to ‘shelter in place’ restrictions, according to the insurance commissioner Ricardo Lara. The order covers premiums paid for at […]
COVID-19:Insurers deliberate over compensation and benefits for employees
By Ranamita Chakraborty As the COVID-19 pandemic reshapes the work world, insurers seem to be taking a measured approach towards changing employee compensation and benefits according to interviews and a survey conducted by Willis Towers Watson (WTW) recently. To find out how insurers have been managing issues such as hiring […]
Why CHI extended rights issue offer to May 1 – Efekoha
Efekoha Leave a comment and share Chuks Udo Okonta The Group Managing Director/Chief Executive Officer of Consolidated Hallmark Insurance Plc, Eddie Efekoha, has said the outbreak of coronavirus (COVID-19) was the major cause of the extension of the firm’s rights offer period to May 1, 2020 from the April 1, […]
We’re not forced to donate N10m to Covid-19 – Insurers
Smart Leave a comment and share Chuks Udo Okonta Underwriters from the 57 insurance companies in the country have debunked allegations that they are being compelled to contribute N10 million each towards the fight against Coronavirus (COVID) pandemic. The companies under the umbrella body of the Nigeria Insurers Association (NIA) […]
African Alliance supports NIA fight against coronavirus
Managing Director and Chief Executive Officer, Funmi Omo Leave a comment and share Chuks Udo Okonta Nigeria’s foremost life insurance specialist, African Alliance Insurance plc keeps true to its purpose of protecting the future of every Nigerian by making financial contributions to the Nigerian Insurers Association (NIA) Covid-19 support fund. […]
