Covid-19: Aon to cut pay of their global workforce & more…Keep up with what’s been happening this week in our latest insurance news round-up…
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.
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.
Simon Mabb, MD of NDML Insurance has asked the Chancellor in a letter to release some of Pool Re’s funds to help businesses in the hospitality sector who have been affected by the pandemic.
Data analysed by law firm, Herbert Smith Freehills, has shown that insurance claims are most likely to succeed in UK courts; as they warn that the industry will be been under scrutiny on how it responds with the COVID-19 pandemic.