Insurance industry

Triple-I: Insurers Are Engaged In the COVID-19 Crisis

Saturday, March 28, 2020 - 10:01pm

Business insurers are protecting financially the restaurants who now offer take-out and delivery services," said Sean Kevelighan, CEO, Triple-I.

Key Points: 
  • Business insurers are protecting financially the restaurants who now offer take-out and delivery services," said Sean Kevelighan, CEO, Triple-I.
  • "Beyond that, insurers are extending coverage and payment relief to customers who are struggling financially."
  • The Triple-I today released a Fact Sheet, Insurers Are Engaged In the COVID-19 Crisis .
  • The Fact Sheet also notes how insurers are contributing to COVID-19 related charities, such as food banks and medical supplies .

ESMA consults on guidance to address leverage risk in the AIF sector

Saturday, March 28, 2020 - 12:02am

27 March 2020

Key Points: 
  • 27 March 2020

    Fund Management

    The European Securities and Markets Authority (ESMA), the EU securities regulator, has today launched a public consultation on its draft guidance to address leverage risks in the Alternative Investment Fund (AIF) sector.

  • The consultation is part of the ESMA response to the recommendations of the European Systemic Risk Board (ESRB) in April 2018 to address liquidity and leverage risk in investment funds.
  • Steven Maijoor, Chair, said:

    In situations when financial markets are under severe stress, highly leveraged alternative investment funds can further amplify systemic risk.

  • Next steps

    ESMA is seeking stakeholders feedback on the proposed principles to set leverage limits under Article 25 of Directive 2011/61/EU.

Best’s Market Segment Report: AM Best Revises Outlook on Mexico’s Insurance Industry to Negative on COVID-19 Pandemic Impact

Friday, March 27, 2020 - 3:03pm

AM Best has revised its market segment outlook on Mexicos insurance industry and surety segment to negative from stable because of the effects of the COVID-19 pandemic amid a weakening economy and volatile international markets.

Key Points: 
  • AM Best has revised its market segment outlook on Mexicos insurance industry and surety segment to negative from stable because of the effects of the COVID-19 pandemic amid a weakening economy and volatile international markets.
  • In a new Bests Market Segment Report, Market Segment Outlook: Mexico Insurance, AM Best states that the stable outlook had been based on the solvency of the industry and its ability to meet weakening economic conditions.
  • With the COVID-19 pandemic, this negative trend could expand to the whole insurance market, including the typically resilient auto segment.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

InsuraGuest Technologies Spotlighted in Broadcast on Crucial Need for Coverage of Vacation-Rental Insurance Gaps

Friday, March 27, 2020 - 12:30pm

InsuraGuest Technologies Inc. (TSX.V: ISGI) was established to provide a vital part of that vacation ecosystem.

Key Points: 
  • InsuraGuest Technologies Inc. (TSX.V: ISGI) was established to provide a vital part of that vacation ecosystem.
  • Any player in the vacation industry faces the risk of liability in the event of guests injuring themselves.
  • Additional features and facilities, which are often crucial to attracting and pleasing guests, often bring additional liability risks.
  • InsuraGuest Technologies, Inc. (TSX.V: ISGI) is a world-leading SaaS (Software-as-a-Service) company that utilizes its proprietary insurtech (insurance + technology) flagship software, InsuraGuest, to deliver custom Hospitality Liability coverages through its wholly owned subsidiary, InsuraGuest Risk Purchasing Group, LLC.

Huize Holding Limited to Report Fourth Quarter and Full Year 2019 Financial Results on March 31, 2020

Friday, March 27, 2020 - 12:00pm

A live and archived webcast of the conference call will also be available at the Companys investor relations website at ir.huize.com.

Key Points: 
  • A live and archived webcast of the conference call will also be available at the Companys investor relations website at ir.huize.com.
  • Huize Holding Limited is a leading independent online insurance product and service platform in China.
  • Targeting the younger generation, Huize is dedicated to serving its insurance clients for their life-long insurance needs.
  • According to the Oliver Wyman Report, Huize was the largest independent online long-term life and health insurance product and service platform in China as measured by gross written premiums, or GWP facilitated in 2018.

Best’s Commentary: COVID-19 May Have Long-Term Implications on Trade Credit Insurance Market

Friday, March 27, 2020 - 7:00am

A new Bests Commentary, titled, Trade Credit Insurance: COVID-19 May Have Long-Term Implications, states that the short-tail nature of the trade credit product may partially offset the negative impacts, allowing for insurers to reprice and de-risk their portfolios, although incurred losses could be significant and involve costly litigation.

Key Points: 
  • A new Bests Commentary, titled, Trade Credit Insurance: COVID-19 May Have Long-Term Implications, states that the short-tail nature of the trade credit product may partially offset the negative impacts, allowing for insurers to reprice and de-risk their portfolios, although incurred losses could be significant and involve costly litigation.
  • AM Best expects trade credit insurance capacity to contract in the short term as insurers actively manage their risk exposures.
  • Trade credit insurers can manage their exposures by setting specific conditions and credit levels or by reducing or withdrawing capacity to affected industries or geographies.
  • Recent actions taken by governments and central banks will also help dampen the impact of the pandemic on trade credit insurers.

MagMutual Foundation donates $1,000,000 to MagMutual PolicyOwners on the front lines of the coronavirus outbreak

Friday, March 27, 2020 - 12:00am

In response, the MagMutual Foundation announced that it has set aside $1,000,000 to help any of the company's policyholders by reimbursing the cost of hotel stays and temporary housing during this period.

Key Points: 
  • In response, the MagMutual Foundation announced that it has set aside $1,000,000 to help any of the company's policyholders by reimbursing the cost of hotel stays and temporary housing during this period.
  • The details of how policyholders can receive this benefit are explained on MagMutual.com.
  • "Many physicians are making tremendous personal sacrifices in fighting this outbreak on the front lines," said Joe Wilson, MD, executive chairman of MagMutual.
  • Our focus on innovation enables us to provide exceptional service, extensive support and financial benefits that result in improved outcomes and stronger PolicyOwners.

World Insurance Associates Acquires TAB Insurance Agency, LLC of Frisco, TX

Thursday, March 26, 2020 - 8:29pm

World Insurance Associates LLC (WIA), a Top 100 Insurance Agency, announced today that it acquired TAB Insurance Agency LLC of Frisco, Texas on March 1, 2020.

Key Points: 
  • World Insurance Associates LLC (WIA), a Top 100 Insurance Agency, announced today that it acquired TAB Insurance Agency LLC of Frisco, Texas on March 1, 2020.
  • TAB Insurance Agency, LLC is a full service, independent insurance agency that offers both personal and commercial insurance in the state of Texas.
  • TAB Insurance Agency, LLC is WIAs second location in Texas, joining McMillan Insurance Group of Fort Worth.
  • We strive to set ourselves apart from other insurance agencies, said Terry Bollom, Owner and Agent of TAB Insurance Agency, LLC.

COVID-19 Financial Relief for Retail Investors: FAIR Canada calls for suspension of DSC mutual fund redemption fees and relief from investment or margin loans

Thursday, March 26, 2020 - 4:08pm

In just the past week, a million people have lost their livelihoods and filed for employment insurance benefits.

Key Points: 
  • In just the past week, a million people have lost their livelihoods and filed for employment insurance benefits.
  • The financial services industry must step up and support Canadian retail investors at this critical time.
  • In these unprecedentedly turbulent times, the DSC mutual fund or segregated fund (the equivalent insurance industry product) are particularly harmful to investors who must access their cash.
  • Its at this time that we call upon the financial industry to stand up and do whats fair for their customers.

CCG IQ Expands Underwriting Services Through Strategic Acquisitions

Thursday, March 26, 2020 - 12:59pm

CCG IQ anticipates that the strategic addition of these businesses will enhance its suite of services that provides insurance companies with timely and innovative solutions.

Key Points: 
  • CCG IQ anticipates that the strategic addition of these businesses will enhance its suite of services that provides insurance companies with timely and innovative solutions.
  • "Expanding our underwriting services under the CCG IQ umbrella has enabled us to become a full-service partner to insurance carriers across the life cycle of a policy," said CEO Damon Stafford of CCG IQ.
  • San Francisco-based RSI, a pioneer in underwriting inspections, became part of the CCG IQ group in March 2019.
  • Leveraging the crossroads of insurance expertise and technological innovation, CCG IQ and our suite of services empower insurance carriers to make faster, smarter, and better underwriting and claim settlement decisions.