The running total of global covid-19 related losses, reserves and estimates reported by insurers and reinsurers to Zurich-based financial services advisory PeriStrat LLC, were $US20.75bn ($A29bn) as of July 28, according to Reinsurance News.
Month: July 2020
FCA-insurer stoush over BI payout erupts in UK High Court
A stoush between UK’s Financial Conduct Authority (FCA) and insurers over cover for business interruption (BI) during the covid-19 pandemic has erupted before Lord Justice Julian Flaux and Justice Christopher Butcher hearing a test case in the British High Court to find clarity on the issue.
SIRA refers icare to ICAC over financials
The State Insurance Regulatory Authority (SIRA) has referred conduct at icare, NSW workers’ compensation insurance scheme, to ICAC after warnings about its deteriorating financial position, Sydney Morning Herald (SMH) revealed this morning.
Cover for covid-19 related financial losses to be tested in UK’s High Court
UK’s Financial Conduct Authority (FCA) has initiated a test case to bring certainty on issues related to insurance cover for covid-19 related financial losses. It is seeking declarations from the UK High Court on the operation of several non-damage business interruption (BI) extensions.
Catastrophe losses close to record high
The economic loss from natural catastrophes in the first half of 2020 reached $US68bn ($A95bn), a newly released Munich Re report shows – slightly lower than the 30-year average of $ US74bn after adjustment for inflation.
PHI members with hospital cover dwindle to 44%
Private health insurers keep losing members with hospital cover, particularly younger members, while older members are increasing the latest APRA figures for the year ended December 2019 show.
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