The Insurance Council of Australia (ICA) is looking to overturn a New South Wales Court of Appeal test case decision that found two policy wordings citing the now repealed Quarantine Act 1908 could not be used to exclude cover for disruptions caused by the COVID-19 outbreak.
A RIMS-Prudent Brokers survey released at the RIMS Risk Forum India event last week has revealed that the COVID-19 pandemic has caused huge business interruption (BI) losses in India and hence the urgent need to develop non-damage business interruption (NDBI) solutions for the market.
Small and medium-sized enterprises (SMEs) will get more support to equip themselves with the skillsets to further grow their business under Prudential Singapore's SME Skills Accelerator (SSA) programme. It is a collaboration between SkillsFuture Singapore (SSG) and Prudential, under the SkillsFuture Queen Bee partnership.
Insurance companies in Egypt have proposed setting up a pool to cover the risk of epidemics and to fund scientific research on them. Insurers would set aside part of their annual profits for the pool.
More than three-fourths of US businesses are underinsured by 40% or more and 44% of small and medium enterprises (SMEs) in the US have never been insured according to a study. In the event of a catastrophe, such enterprises and organisations either go out of business completely or suffer huge financial losses.
South Africa's largest non-life insurance company Santam says that it has decided to appeal against the judgment of the Western Cape High Court that found the insurer liable to pay clients' claims related to the coronavirus lockdown.
Australian P&C insurers' potential payouts for BI claims following a test case ruling by the New South Wales (NSW) Court of Appeal will be manageable, said S&P Global Ratings (S&P).
The New South Wales Court of Appeal (the court) has ruled against insurers in a test case that was initiated by the Insurance Council of Australia (ICA) and Australian Financial Complaints Authority.
The Mattress Factory, an art museum in Pittsburgh, USA, is set to sue Cincinnati Insurance (Cincinnati) to cover more than $600,000 of financial losses since March.
The Western Cape High Court has ruled in favour of Ma-Afrika Hotels and Stellenbosch Kitchen in the high-profile COVID-19 business interruption (BI) claims battle against South Africa's largest non-life insurer Santam.