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). He said all policy initiatives had been suspended until September 30. “(O)ur aim has been to help steer the…
Tag: covid-19
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.
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.
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.
$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.
