The London market is still the world’s biggest re/insurance hub, according to London Matters 2020, London Marketing Group’s latest report, which tracks the London (re)insurance market’s growth and development.
At the onset of COVID-19, almost 40% of businesses had failed to regularly test their risk and crisis plans, an Australia-wide survey of almost 400 governance and risk professionals and senior executives found, leaving them exposed to major risks.
In all, super funds have made $9bn in payments since inception on April 20, of the super early release scheme (ERS), newly released APRA figures show. According to APRA data submissions from 177 funds, the total value of payments during the week to May 10 was $2.7bn and the average payment, $7,546.
ICA has cancelled its 2020 annual forum and annual dinner, scheduled for March 18, after many delegates’ voiced concerns about risks associated with attending big public events during the covid-19 crisis.
Aon this week revisited last year’s plans to buy out Willis Towers Watson Plc in what is the world’s biggest insurance merger. The number two and number three market leading global insurance brokers have agreed to join forces in an all-stock deal with an implied combined equity value of about $US80bn ($A121.6bn).
Consumer advocate Choice has released a five-step plan for private health insurance (PHI) members, urging them to “have a think” about whether they actually need either hospital insurance or extras.
It will take several years to restore public confidence in the financial industry and its willingness to put people ahead of profits after revelations by the financial services royal commission (FSRC), APRA Deputy chair John Londsdale says. In the first APRA Insight for 2020, Londsdale said, in response to “commentary on whether the (FSRC) fixed…