The potential long-term mental, physical and emotional impacts of COVID-19 cannot be overstated and will continue to shape the challenges that the insurance industry will face in the year ahead, according to a report by Sedgwick.
The CBIRC has issued the "Measures for the Supervision of Liability Insurance Business" to regulate this class of business and to restrict its scope of coverage. Issued on 25 December last year, the regulation came into effect on 1 January.
ChangAn Property & Liability Insurance, hit by losses that affected its solvency position,, has announced that its shareholders have approved a proposal to increase the company's registered capital by CNY150m ($23m).
IKEA has rolled out a home contents insurance offering called HEMSÄKER, underwritten by Etiqa General Insurance Berhad.
MSIG Insurance has introduced Freelancer CashPlus, an insurance plan that dispenses daily cash benefits to help gig workers safeguard against income loss during a prolonged illness or injury.
The pandemic is creating varying levels of market pressures for underwriters in the US professional liability insurance market with many expecting a sizable increase in claims.
China's National Healthcare Security Administration has said the country's medical insurance system cannot afford the 'high cost' of vaccinating the population.
Aviation insurance claims predictably have experienced a significant reduction this year as a result of the pandemic, but the world's airline fleets that have been mostly grounded face new risk exposures that can create fresh accumulation risks.
The Society of Insurance Broking UK (SIB) has asked insurance brokers to ensure that public liability insurance policies account for Legionnaires' disease.
Insurance brokers are cautiously optimistic that the professional indemnity (PI) market will start to soften mid-to-late 2021, providing much-needed relief to advisers and licensees paying a minimum of A$10,000 ($7,100) per head for annual premiums.