Insurance Posts

Hannover Re expects major loss from Beirut explosion

It is “pretty certain” the August 4 explosion in Lebanon’s capital Beirut will be “a major loss” for Hannover Rück SE, S&P Global reports, quoting the reinsurer’s property and casualty head Sven Althoff.

Covid-19 forces ‘complete’ overhaul of APRA’s 2019-23 corp plan

APRA has had to completely overhaul its 2019-23 corporate plan, including super system improvements, since the onset of the covid-19 pandemic, chief Wayne Byres, told the House of Representatives Standing Committee on Economics yesterday (August 5).

Former FA gets prison sentence for operating Ponzi scheme

A former financial adviser (FA), cited for operating a “Ponzi scheme”, was on July 31 sentenced in the NSW District Court to six years’ in prison for misappropriating $1.86m of client funds.

AMP Aust boss quits

AMP Ltd has accepted the resignation of AMP Australia CEO Alex Wade and confirms Wade will step down immediately.

AMP’s earnings dive as class actions loom

AMP Ltd last Friday (July 31) provided an update on its 1H20 interim operating earnings, showing bruising effects from covid-19, including market volatility and a credit loss provision in AMP Bank.

Global covid-19-related insurance losses $29bn and growing

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.