Pandemic to hit insurers harder than 2008 financial crash & more…Keep up with what has been happening this week in our latest insurance news round-up…

Tesla pays $1m to end insurance deal with Elon Musk

Tesla plans to end the insurance arrangement with its Chief executive, Elon Musk, after a final payment of $1m. The arrangement safeguards its board members against lawsuits, and after the final payment, Tesla will begin its search for conventional liability insurance.

Lemonade raised $319m in first public offering

Insurance company, Lemonade uses revolutionary bots and machine learning technologies to replace brokers. In their initial US public offering, they have raised $319m.

Pandemic to hit insurers harder than 2008 financial crash

In Allianz’s latest Global Insurance Report, it is predicted that the coronavirus crisis will shrink the global insurance premium income by 3.8% this year. Making it the three times larger than the 2008 financial decrease which was only 1%.

Zurich to publish ethnicity pay gap to tackle pay inequality

Insurer, Zurich, has published its ethnicity pay gap figures for 2020to tackle inequality in pay for its ethnic minority employees. The data for ethnic minority workers shows a 9.8% gap for the average hourly pay which is an improvement compared to the 11.8% gap in 2019.