The US insurance industry faces widespread bankruptcy if forced to cover COVID-19 business interruption claims, according to a newly released AM Best report.
Author: Eva Wiland
Business journalist with passion for food now permanently in Sydney after peripatetic existence ferreting out the truth around the world without fear or favour.
London remains dominant market
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.
$9m paid under COVID-19 super ERS
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.
Many Aust businesses under-prepared for COVID-19-type risk
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.
ICA cancels 2020 annual forum on covid-19 concerns
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, Willis to merge, forming biggest broker globally
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).
‘Have a think’ if PHI is worth it: Choice
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.
Several years to restore public confidence in finance industry: APRA
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…
Australian life industry performance in downward spiral
The Australian life insurance industry’s performance is in a downward spiral, regulator APRA’S latest data show. A $19bn increase in overall CY19 revenue on CY18, mainly driven by a favourable investment market, was offset by a $17.8bn rise in total expenses and $1.8bn increase in tax expense.
ASIC reports 52% jump in FSRC actions
ASIC has reported a 52% increase in enforcement investigations, triggered by the financial services royal commission (FSRC), involving CBA, NAB, Westpac, ANZ and AMP, or their officers or subsidiary companies.
AUB group upgrades guidance to 16-18% growth
AUB Group Ltd has upgraded its guidance to 16-18% FY20 growth from 8-9% after recording strong 1H20 results, including a 25.3% rise in adjusted net profit after tax (NPAT) on 1H19, to $21.3m. NPAT was adjusted for increased share capital on issue after the 1-for-7 equity capital raising in November 2018, offsetting costs of $1.6m…
‘No-one should be concerned’ about their life cover: FSC
The Financial Services Council (FSC) has been compelled to issue a statement about life policies in relation to the coronovirus outbreak, after WHO declared it was a “gloal public health emergency”.
