Special Coverage: COVID-19

Croatia bans insurer dividends after coronavirus, earthquake

Posted: Mar 26, 2020

Croatia’s financial services regulator has told insurance companies to stop paying dividends as part of efforts to ensure there is enough liquidity in the country’s financial system during the coronavirus crisis and following an earthquake that hit Zagreb a few days ago.

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Most P/C Insurers Will Weather Ongoing COVID-19 Storm: Standard & Poor’s

Posted: Mar 26, 2020

Most P/C Insurers Will Weather Ongoing COVID-19 Storm: Standard & Poor’s Most P/C insurers will be able to weather any financial market volatility and higher claims relating to COVID-19, S&P Global Ratings predicts in a new report, though it warns some carriers with ...

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COVID-19: On Disrupted Loss Reserve Diagonals and Lengthening Tails

Posted: Mar 26, 2020

COVID-19: On Disrupted Loss Reserve Diagonals and Lengthening Tails It's axiomatic to assert that the coronavirus has changed everything both personally and professionally. Going forward, it'll be our aim at Assured Research to strike a balance. No one, of course, ...

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Thai Airways suspends regional and European flights

Posted: Mar 26, 2020

Thai Airways International PLC has suspended flights to a majority of destinations from March 25 until May 31 in the wake of the coronavirus outbreak.

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UAE suspends all flights from March 24

Posted: Mar 26, 2020

The U.K. Foreign and Commonwealth Office said that the United Arab Emirates has suspended all flights from March 24 in the wake of the coronavirus outbreak.

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COVID-19 Business Interruption Relief Legislation Drafted by Butler University Risk Manager

Posted: Mar 26, 2020

This draft of pandemic risk and insurance legislation is currently in the hands of members of Congress. It was written by Butler University risk management professor Zach Finn after he recently called for action in an open letter. Outline of Amended Terrorism, Pandemic Risk Insurance Act of 2020 (TP...

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Australia Firms Begin to Use Legal Clause to Terminate M&A Deals Amid Virus

Posted: Mar 26, 2020

Several Australian companies are reviewing or even terminating takeover deals by using a legal escape route because of the devastating impact of the coronavirus, a template that some lawyers expect to be replicated in other countries. Three listed companies this …

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Lloyd’s, in ‘Strong Position’ to Respond to COVID-19, Reports Return to Profit

Posted: Mar 26, 2020

While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also confirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s posted pre-tax profit of £2.5 billion (US$3 billion) …

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Lloyd’s Returned to Profit in 2019, Says in ‘Strong Position’ to Respond to COVID-19

Posted: Mar 26, 2020

While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also affirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s profit was its first in three years, a …

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Lloyd’s, in ‘Strong Position’ to Respond to COVID-19, Reports Return to 2019 Profit

Posted: Mar 26, 2020

While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also confirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s posted pre-tax profit of £2.5 billion (US$3 billion), …

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Lloyd’s Returns to Profit, Says in ‘Strong Position’ to Respond to COVID-19

Posted: Mar 26, 2020

While announcing a return to profit of £2.5 billion (US$3 billion) for 2019, Lloyd’s also affirmed that the market is in a strong position to respond to the impacts of COVID-19. Lloyd’s profit was its first in three years, a …

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Florida Regulator Outlines How Industry Can Help Insureds During COVID-19 Response

Posted: Mar 26, 2020

The Florida Office of Insurance Regulation has issued an additional memorandum related to the coronavirus outbreak to all the insurers and entities it regulates in an effort to provide general guidance on the treatment of policyholders, according to a statement …

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Cruise ship insurers: Staying afloat in COVID-19’s wake

Posted: Mar 26, 2020

The $45-billion cruise industry is at the forefront of the crisis, and recent lawsuits are just the tip of the iceberg.

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Insurers Brace For Coronavirus Hit to ‘Event Driven’ D&O Line

Posted: Mar 26, 2020

What may be the first U.S. securities lawsuits alleging misdeeds related to coronavirus were filed this month — one against a cruise line and another against a pharmaceutical company that claimed to have developed a vaccine for COVID-19. There are …

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How Policy Silence on Pandemics May Bedevil Insurers on Coronavirus Claims

Posted: Mar 26, 2020

Silence may be deadly for property/casualty insurers writing commercial insurance, an executive of an insurtech that specializes in analyzing insurance policy language suggested recently, explaining that without specific words addressing pandemic risks, insurers might face claims down the road. In …

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PG&E Fire Victims Warn Market Turmoil Endangers Their Settlement

Posted: Mar 26, 2020

Market turmoil from the coronavirus is spilling into the bankruptcy of California power giant PG&E Corp. Victims of wildfires blamed on PG&E’s equipment are concerned the sell-off on Wall Street could hobble stock payments that make up half of a …

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400 Cybersecurity Pros Volunteer to Fight Hacking Tied to Coronavirus

Posted: Mar 26, 2020

An international group of nearly 400 volunteers with expertise in cybersecurity formed on Wednesday to fight hacking related to the novel coronavirus. Called the COVID-19 CTI League, for cyber threat intelligence, the group spans more than 40 countries and includes …

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Online Payments: A Help During the Crisis by Duke Williams

Posted: Mar 25, 2020

Online payments are convenient, secure and easy. These days, they can also help keep you, your employees and your customers stay healthy and ensure your insurance business stays productive during the coronavirus pandemic.   Amid the virus health concerns, employees across the country are being e...

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Congress finalizes $2 trillion coronavirus relief bill including retirement plan aid

Posted: Mar 25, 2020

A massive $2 trillion measure to bolster U.S. efforts to combat the COVID-19 health and economic crisis is expected to pass Thursday after White House and Congressional leaders finalized a deal late Tuesday night. The proposal includes a provision that would permit limited early withdrawals and high...

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Coronavirus: State, Federal Officials Eye Business Interruption Intervention

Posted: Mar 25, 2020

These proposals may be well-intentioned, but they are misguided, misdirected and would place an entire financial services sector in turmoil.

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