"Increasing inequality, dramatically shifting consumer behaviors and a lockdown that is having a significant toll on young people's prospects, mental health and wellbeing are highly interdependent issues which impact the global economy, geopolitics and our societies in equal measure," commented John Scott, Head of Sustainability Risk and Zurich Insurance in the WEF & Zurich Insurance Covid-19 Risk report
Following recent communications from EIOPA and the Autorite de Controle Prudentiel et de Resolution ("ACPR"), relating to the adoption of a prudent approach towards dividend distributions during the Covid-19 pandemic, AXA's Board of Directors, at its meeting on June 2nd, decided to reduce its dividend proposal from Euro 1.43 per share to Euro 0.73 per share.
GENERALI announced it donated EUR 100,000 to the Government of the Republic of Serbia to support the healthcare system in the fight against COVID-19 pandemic and to the Fire Eye laboratory for the purchase of lab supplies and equipment, hygiene and disinfection supplies, office supplies and furniture, for the workers' compensation and for the development of research and training potential.
Zurich Insurance Group (Zurich) welcomes the announcement of the UK's Financial Conduct Authority (FCA) to test policy wordings from across the UK insurance industry in the UK High Court, with the aim of bringing clarity to policyholders and insurers over coverage issues relating to business interruption stemming from the unprecedented outbreak of the COVID-19 virus.
The Board of Directors of the French group SCOR has announced on May 25 that it will propose to the Shareholders' Meeting of June 16, that no dividend be distributed for the 2019 fiscal year and that the entire income for that year be allocated to distributable earnings.
Today, 28 May 2020, Insurance Europe president, Andreas Brandstetter, takes part in a roundtable meeting hosted by European Commission Executive Vice President Valdis Dombrovskis to discuss measures taken by insurers and other members of the financial sector to alleviate the impact of COVID-19 on both consumers and businesses.
The Federation of European Risk Management (FERMA) called on the European Commission to create an EU resilience framework for catastrophic risks to address the severe shortage of business interruption insurance without physical damage (NDBI) that arises in several catastrophic events, such as pandemic and massive cyber-attacks.
Slovene re/insurane groups TRIGLAV and SAVA informed the public of the Insurance Supervision Agency's new call upon the insurance companies to suspend the payout of dividends from accumulated profit and not to undertake any irrevocable commitment to pay out dividends by 1 October 2020.
The coronavirus pandemic is leaving deep scars on the global economy. According to the credit insurer EULER HERMES, this will likely to lead to a deep recession in world trade and the global economy - and consequently to a wave of insolvencies worldwide.
ROSGOSSTRAKH Life company, which based on 2019 results ranked 7th among local life insurers, made its first payment under COVID-19 risk, as the insurer said on May 18th in a press release.
Italian insurer GENERALI announced that all its subsidiaries in ACEER Region (Austria, CEE & Russia Region) tooked part in different initiatives to help the clients and communities overcome the coronavirus crisis. Thus, GENERALI pubished an overview of actions being taken by its subsidiaries in the Austria, CEE & Russia Region. "It covers different initiatives which have been developed to assist our clients and communities".
AVIVA Italy confirms its commitment towards the Milanese city with a new donation of more than EUR 200,000 to the local district of the Italian Red Cross, together with a donation of EUR 200,000 to support the Mutual Aid Fund instituted by the Mayor of Milan.
Lloyd's, the world's leading (re)insurance market, today revealed that it will pay out in the range of $3bn to $4.3bn* to its global customers as a result of the far-reaching impacts of COVID-19. This is on a par with 9/11 in 2001 and the combined impact of hurricanes Harvey, Irma and Maria in 2017, all of which led to similar pay outs by the Lloyd's market**. These losses could rise further if the current lockdown continues into another quarter.
Italian insurance group GENERALI confirmed the solid capital positiion and the targets for 2021, despite the effects of the Covid-19 pandemic, which are still uncertain at the moment.
CROATIA's osiguranje shareholder - the Rovinj based consortium ADRIS Grupa - with businesses in tourism, real estate, tobacco and food industry announced that due the severity of economic circumstances in Croatia and the world, caused by the coronavirus epidemic, the company will focus on maintaining liquidity and cutting costs.
AVIVA France has pledged a package of specific support measures to help customers and communities through the Covid-19 crisis and lockdown period. These range from premium and rent deferrals, to the creation of a solidarity fund for people who can't.
Most Russians are more or less concerned about the pandemic situation, but most of them do not take any measures to reduce this fear, ROSGOSSTRAKH Life said in its press release, dedicated to the rating of concern among the country's regions.
According to the Central Bank of Azerbaijan, the declining economic activity during the pandemic negatively affects GWP collection of the insurance market, Trend reports.
The 64th edition of the Rendez-Vous de Septembre, due to be held in Monaco this 12 to 17 September 2020, was cancelled owing to uncertainties linked to the international health situation.
UK-based financial group AVIVA informed its Italian subsidiary - AVIVA Italy supports the Mutual Aid Fund, founded by Giuseppe SALA, Mayor of Milan. The aim of the fund is to help those who are facing the hardest difficulties caused by the economic and health emergency relating to Covid-19.