Insurance Market Newsletter Update

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GENERAL REINSURANCE AG APPOINTS ULRICH PASDIKA TO EXECUTIVE BOARD

BusinessWire: Gen Re has announced that Ulrich Pasdika has been appointed to the Executive Board of General Reinsurance AG, effective 1 August 2020. General Reinsurance AG is Gen Re’s German legal entity and the main risk carrier for its international business. https://www.businesswire.com/news/home/20200506005072/en/General-Reinsurance-AG-Appoints-Ulrich-Pasdika-Executive

 

HOW TO SUCCESSFULLY NAVIGATE THE IMPLICATIONS OF THE EVOLVING INSURANCE AND RISK MANAGEMENT COVID-19 ENVIRONMENT

Zawya: The report reinforces Marsh's commitment to guiding and supporting the region's businesses through the adverse effects of the COVID-19 outbreak. https://www.zawya.com/mena/en/press-releases/story/How_to_successfully_navigate_the_implications_of_the_evolving_insurance_and_risk_management_Covid19_environment-ZAWYA20200517065750/

 

TRIAD INSURANCE FIRM DONATES MONEY TO 12 COMMUNITY GROUPS

Triad Business Journal: Pennsylvania-based Lincoln National Corp., the parent company of Lincoln Financial Group in Greensboro, announced a second gift of $1 million to aid 60 local organizations across its corporate footprint with assistance programs aimed at food and housing insecurities. https://www.bizjournals.com/triad/news/2020/05/19/triad-firm-portions-out-1-million-to-local-groups.html

 

RESTAURANTS ARE SUING INSURANCE COMPANIES OVER UNPAID CLAIMS – AND BOTH SIDES SAY THEIR SURVIVAL IS AT STAKE

Chron: This month, the proprietors of more than 10 restaurants, bars and bakeries in Washington, including the Michelin-starred Gravitas and Pineapple and Pearls, sued their shared insurance company, joining a growing list of restaurateurs who are seeking relief from an industry they thought would protect them from any unpredictable event, including a pandemic of historic proportions. https://www.chron.com/business/article/Restaurants-are-suing-insurance-companies-over-15280467.php

 

THE WORKPLACE AND COVID-19: WORKERS’ COMPENSATION TO THE RESCUE? 

Forbes: Employees who were not furloughed or laid off because of the COVID-19 pandemic and economic fallout continue to work. While some became “remote” workers overnight, others–like many in the food and beverage industry–still go to work. These “essential” employees confront the risk of contracting COVID-19 at work. https://www.forbes.com/sites/aaroncolby/2020/05/13/the-workplace-and-covid-19-workers-compensation-to-the-rescue/#351cfb606295

 

CITIZENS INSURANCE USES FUNDS WISELY TO BEST SERVE ITS POLICYHOLDERS

Miami Herald: Preparing for the 2020 hurricane season while Floridians battle COVID-19 requires that Citizens Property Insurance Corp. be running on all cylinders, especially in South Florida where more than half of our 455.000 policyholders live and work. Read more here: https://www.miamiherald.com/opinion/letters-to-the-editor/article242846271.html#storylink=cpy

 

GLOBAL INSURANCE MARKET IS WELL CAPITALIZED IN THE FACE OF COVID-19: REPORT

The New York Times: Global insurers are well capitalized to absorb the hit from rising claims and costs related to the COVID-19 pandemic, ratings agency AM Best said on Monday, citing a stress test it conducted to gauge the immediate impact of outbreak on insurers' financial strength. https://www.nytimes.com/reuters/2020/05/18/world/europe/18reuters-health-coronavirus-insurance.html

 

EVEREST INSURANCE TAPS PATEL FROM AIG EUROPE AS UK HEAD OF TRANSACTIONAL RISK

Insurance Journal: Everest Insurance announced the appointment of Sujal Patel as the UK Head of Transactional Risk for Everest Global Markets, which includes Everest Insurance Ireland, dac. and Lloyd’s Syndicate 2786. https://www.insurancejournal.com/news/international/2020/05/13/568339.htm

 

AM BEST AFFIRMS CREDIT RATINGS OF AL AHLEIA INSURANCE COMPANY S.A.K.P

AM Best: AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of Al Ahleia Insurance Company S.A.K.P. (Al Ahleia) (Kuwait). The outlook of these Credit Ratings (ratings) remains stable. https://www.businesswire.com/news/home/20200515005425/en/Affirms-Credit-Ratings-Al-Ahleia-Insurance-Company

 

IC EXTENDS REGULATORY RELIEF TO INSURANCE FIRMS

Business Mirror: The Insurance Commission (IC) raised the exposure limit of insurance companies for their respective financial assistance programs to 20 percent of the company’s net worth to help ease the financial burden of its personnel due to coronavirus disease 2019 (Covid-19) pandemic. https://businessmirror.com.ph/2020/05/19/ic-extends-regulatory-relief-to-insurance-firms/