Government-affiliated insurer, National Health Insurance Co (Daman), has stepped in to pay the February 2020 salaries of employees of scandal-hit NMC Health, touted as the UAE's largest private healthcare company.
It is often common for businesses to assume that infectious diseases such as COVID-19 are covered under environmental insurance policies and can be used to offset costs for disinfecting contaminated properties such as office buildings, cruise ships, restaurants, hotels and theatres - which had hosted suspected or confirmed coronavirus patients.
Maersk has the largest exposure out of all shipping companies to a slowdown in the Chinese economy with $27bn dollar exposure according to analysis conducted by Russell Group.
A survey of 60 insurance executives conducted by the actuarial firm Finity has found that 62% of the participants believed their organisations were 'a long way behind' the best practices and a further 21% said they were 'doing nothing effective in this area.'
Institute of Operational Risk, England and Wales chapter chairman Dr Jimi Hinchliffe and Institute of Risk Management director of corporate relations Carolyn Williams share candid insights on what COVID-19 really means for risk managers.
Worsening operating conditions and still-high asset risk increase the headwinds for Taiwan life insurers aiming to shore up capital buffers. But the adoption of more rigid capital policies and slower asset growth should partly offset downward pressure on capitalisation over the coming year, says Taiwan Ratings Corp.
Insurers in Japan remain financially stable to weather market volatility given their robust balance sheet fundamentals, despite the recent global equities rout, according to an AM Best commentary.
Back in December last year, Asia Insurance Review published a story about the risks posed by the vaccination gap - something we feel is relevant in light of current events.
With the world in the grip of a pandemic, many companies will see some level of disruption to their business. This could lead to loss of revenue due to lower demand for their products or services or even increased cost due to higher prices to import materials or equipment from alternative sources or regions.
Fitch Ratings has revised the rating outlook for the life insurance industry in Asia-Pacific (APAC), which includes China, Japan and South Korea, to negative from stable, following the coronavirus outbreak and the related impact on the credit quality of life insurers in the region.