Pandemic
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FCA tells insurers to pay valid BI claims swiftly as Hiscox responds to class action threat
Leading UK business insurer Hiscox yesterday issued a statement about its supposed potential exposure to business interruption (BI) claims triggered…
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Covid-19 economic contraction will rival Great Depression, warns IMF
Global GDP will fall 3% in 2020 as the economy takes a direct hit from Covid-19 and subsequent ‘Great Lockdown’,…
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AIR launches open-source Covid-19 projection model
An interactive Covid-19 projection model has been launched by AIR Worldwide, mapping case and death forecasts globally for the next…
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Global funding to fight coronavirus exceeds all but HIV and tuberculosis
Research from R&D tax credit specialists, RIFT Research and Development, has found that funding to fight the Covid-19 virus already…
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Race to feed South Africa must turn from marathon to sprint
The emerging lockdown risks of civil unrest and an increase in crime related to food scarcity have turned into reality,…
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ADB bolsters pandemic assistance fund to $20bn as regional growth set to plummet
The Asian Development Bank (ADB) has tripled the size of its response to the coronavirus pandemic to $20bn and approved…
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S&P sees minimal virus hit on Q1 US P&C earnings but BI policies on watch
Credit ratings agency Standard & Poor’s (S&P) says the Covid-19 virus will have a lesser impact on the first-quarter underwriting…
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APCIA says ‘let the market work’ as California commissioner demands premium refunds
The latest political assault on the insurance sector to seek funds to help pay for the impact of the coronavirus…
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Fairfax Financial books $1.5m Covid-19 investment losses in Q1
Canada’s Fairfax Financial Holdings said stock market turmoil caused by the Covid-19 pandemic has cost it $1.5bn in investment losses…
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Chubb to host three-day virtual conference
Chubb is hosting a three-day virtual risk and insurance management conference next month for clients, brokers and agents. With nearly…
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Cyberattackers using AI to target high-value attacks on corporates
Cybercriminals will move away from high-volume, low-value attacks on consumers during the next few years to more selected, high-value, attacks…
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Wimbledon set to receive £114m pandemic insurance payout
Insurers are set to pay out more than £100m for the cancellation of this year’s Wimbledon Championships – one of…
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QBE to raise A$1.3bn to cover virus-linked uncertainty and prepare for opportunities
QBE plans to raise A$1.3bn to protect itself against expected reductions in revenues in various countries in which it operates,…
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Swiss Re says Covid-19 will produce one of the deepest but shortest recessions
The Swiss Re Institute predicts Covid-19 will produce one of the deepest but shortest recessions on record. It expects GDP…
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World Bank pandemic bonds will be triggered if virus cases escalate in developing world
The World Bank’s pandemic bonds, which could provide $132.5m of funds to countries within the International Development Association (IDA) and…
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South Carolina latest state to propose retroactive inclusion of pandemic risk into BI policies
The General Assembly of the State of South Carolina is the latest US state legislature to be presented with a…
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House Democrats propose mandatory supply chain and pandemic risk disclosures
US House of Representatives Democrats have proposed an updated relief package to deal with the economic and financial impact of…
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Trump appears to back SMEs claiming for damages for virus-related losses
US President Donald Trump weighed into the increasingly tense struggle between politicians and the insurance sector over the validity of…
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Risk managers back pandemic pools as US Congress offered Pandemic Risk Insurance Act 2020
Political support is growing in Washington for the creation of a state-backed pandemic insurance scheme to help cope with the…
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UK insurers act fast on dividend cancellations, rest of Europe adopts more cautious stance
Leading UK insurers have reacted to a recent letter from the Prudential Regulation Authority (PRA) advising them to think long…