The US insurance industry faces widespread bankruptcy if forced to cover COVID-19 business interruption claims, according to a newly released AM Best report.
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.
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 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.