Keep up with what’s been happening this week in our latest insurance news round-up…
Big Four accountancy firm, Deloitte are planning to cut pension contributions for UK staff in a bid to maximise cost savings during the current coronavirus pandemic.
The Bank of England has analysed what would happen to the economy if the lockdown gradually phases out between June and September. It was shown that the economy could shrink up to 14% this year based on the lockdown being relaxed; possibly leading to the deepest recession on record.
Insurer, Aon, announced that they will temporarily cut their executive officers’ pay by 50%; and also cut 20% off 70% of its global workforces’ salaries.
Reinsurance company, Munich Re, has released its financial results for the first quarter of 2020; which reveals losses of up over £690m from the coronavirus pandemic. The losses are due to event cancellation insurance because of global lockdowns and closed borders.
International speciality provider of surety, risk solutions, corporate insurance and reinsurance products, Trisura Group, has grown its net income to $8.4m in the first quarter of 2020 from $2.5m in Q1 2019.