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P&C International Insurance News: October 2020

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Latest insurance news from around the world. (Photo: Shutterstock)

Editor’s note: Here is a summary of the latest US property insurance and casualty news

Great Britain the market regulator, the Financial Conduct Authority, announced plans to review the road insurers value home and car coverage in an effort to save consumers 3. 3.7 billion ($ 4.7 billion) over 10 years, Bloomberg reported. The proposed changes will ensure that renewal clients pay no more than new clients for the same coverage and will also make it easier for clients to stop automatic policy renewals.

A German court has placed that insurer Versicherungskammer Bayern has to pay 1.01 million euros ($ 1.18 million) to Augustinerkeller owners for claiming business losses caused by COVID-19 blockades, Reuters reported. Augustinerkeller is one of the largest beer gardens in Munich.

Aviva announced it would sell its control Singapore business for $ 2 billion and is also pursuing a potential sale of it French unit valued at about $ 3.5 billion, Bloomberg reported.

Canadian law firm Samfiru Tumarkin LLP launched a citizen class action lawsuit against TD Insurance on denial of travel insurance claims following travel cancellations related to COVID-19. The lawsuit alleges that TD denied the claims for reimbursement of travel expenses on the grounds that they were offered loans or coupons.

Lloyds of London released a new COVID-19 loss estimate that predicts it will pay around 5 billion ($ 6.5 billion) in pandemic-related claims.

Chinese general insurance industry is projected to grow by 3.8% in 2020 from the 5.7% increase recorded in 2019, according to GlobalData. Sangharsan Biswas, an insurance analyst at GlobalData, said in a statement: “Despite signs of recovery, the Chinese economy continues to face sluggish business activity as new cases of infection are being reported. Recent floods will further slow economic growth, resulting in lower premium growth for general insurers.

More than 60% of small and medium-sized employers in MB are a little worried, very worried or extremely worried about hiring COVID-19 staff, according to a survey by GlobalData.

African Risk Capacity Limited announced a partnership with InsurTech Pula to offer agricultural index insurance products protect African farmers from climatic hazards, including drought, excessive rainfall, pests and diseases, and other hazards.

german Munich Re insurer announced it has stopped selling pandemic business insurance coverage. The company is considering whether or not to include pandemic protection in future property and victim insurance policies, but will continue to provide coverage in life and health policies.

Zurich Insurance Group has sponsored a reforestation project in Brazil to assist in the return of barren agricultural lands to the native Atlantic Forest. The eight-year project involves planting 1 million local trees in co-operation with the non-profit organization Instituto Terra.

Spanish insurer Admiral Seguros is now the first in the country for him use artificial intelligence (AI) to create damage estimates and generate an instant payment offer for auto insurance claims through an application developed by Tractable.

Asia-Pacific motor insurance market is expected to grow from $ 227.1 billion in 2019 to $ 257.8 billion in 2023 with a compound growth of 3.2%, says GlobalData. The increase is supported by an increase in demand for new vehicle sales from the rapidly growing middle class population.

Bloomberg reported that British insurer Liverpool Victoria (LV =) is in exclusive talks with Bain Capital LP during a possible deal. Earlier this year, bids were submitted for a possible purchase of LV =. The insurer is estimated to be valued between milion 500 million ($ 647 million) to 1 1 billion, according to sources.

Air Canada is offering for free COVID-19 insurance coverage for customers in partnership with Manulife. Passengers booking an international airline flight between September 17 and October 30, 2020, will receive coverage for the trip completed by April 12, 2021. Coverage provides up to US $ 200,000 for medical treatment costs if the passenger tests positive for coronavirus.

Related: P&C International Insurance News: September 2020

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