Keep up with what’s been happening this week in our latest insurance news round-up…
US global insurance speciality group, Tokio Marine HCC has signed an agreement to acquire GCube, a leading renewable energy risks specialist. The agreement is still expected to officially close in the second quarter of 2020.
UK car insurers to lose millions in premiums
Analysis from the Society of Motor Manufacturers and Traders show that car insurers in the UK are set to lose nearly £100m in new premiums as vehicle registrations drop by 44% due to the coronavirus pandemic.
Insurer, Aviva, has pledged a donation of £5m to NHS Charities Together. The donation will help support the NHS in welfare and wellbeing of the employees, volunteers and patients; mental health support for NHS workers and assistance for patients leaving the hospital.
According to the Economist Intelligence Unit (EIU) the global economy could face another downturn in their economy on top of the expected looming recession that is said to be worse than the great depression.
The Financial Conduct Authority (FCA) has ordered insurance companies to pay out claims to firms. Otherwise, they would have to provide a valid explanation to the authority as to why they won’t pay particular claim. This is done in the hopes to relieve pressure on firms during the pandemic.