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.
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.
QBE foreshadows $US750m 1H20 loss
QBE expects to report a 1H20 net statutory loss after tax of about $US750m ($A1.05bn), reflecting the impact of COVID-19, catastrophe experience and prior accident year claims development combined with a net investment loss of about $US125m because of extreme investment market volatility.
AM Best: US industry facing widespead bankruptsy if forced to cover COVID-19 claims
The US insurance industry faces widespread bankruptcy if forced to cover COVID-19 business interruption claims, according to a newly released AM Best report.
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.
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