Editor's Note: Here is a round-up of recent property & casualty insurance news from outside the U.S. Super Typhoon Goni, the world's strongest storm this year, slammed the
Philippines on Nov. 1, killing at least 16 and destroying thousands of structures. Bloomberg reported that between 19 million to 31 million people could be affected by the storm, and damages could total to nearly $7 billion. "Goni is the strongest landfalling tropical cyclone" in history, Jeff Masters, a meteorologist with Yale Climate Connections and co-founder of Weather Underground, told Bloomberg.
The U.K. will start
a month-long lockdown from Nov. 5 to Dec. 2 to curb the spread of the coronavirus, Prime Minister Boris Johnson recently announced. Residents will be allowed to leave their homes only for essential reasons, such as education, work, shopping and exercise, and all non-essential businesses will be closed. Restaurants and bars will remain open for take-out services.
Typhoon Molave hit
Vietnam on Oct. 28, killing at least 23 people and displacing 1.3 million residents, who were forced to flee as the storm damaged more than 91,000 homes.
Hurricane Eta made landfall in
Nicaragua on Nov. 3 with maximum sustained winds of 140 mph, the National Hurricane Center said. Catastrophic damage and deadly flooding for days across Central America are expected. Eta is the 28th storm of the 2020 Atlantic season, tying a 2005 record for the most named systems in a single year.
Protests against police brutality in
Nigeria are driving a wave of insurance claims for business damage related to looting and other acts of vandalism, Bloomberg reported. Ganiyu Musa, the chairman of the Nigeria Insurance Association, told Bloomberg that "the losses will certainly run into billions and billions of naira... Not sure we've had anything of this magnitude."
Swedish insurer Folksam Group said it
inadvertently shared the private data of around 1 million clients to Facebook, Google, Microsoft, LinkedIn and Adobe. The breach was discovered after an internal audit. Some of the data leaked included information revealing union membership and pregnancy insurance.
Canada extended its
cruise ban until March 1, 2021. The ban applies to cruise ships that carry more than 100 passengers staying overnight.
Zurich-based Swiss Re announced that it is adding another $500 million in reserves for future claims amidst high catastrophe losses. The reinsurer reported a
net loss of $691 million for the first nine months, Bloomberg reported.
The Insurance Bureau of Canada (IBC) announced a new
Business Insurance Action Team (BIAT) to help find insurance solutions for as many Ontario small businesses as possible. Starting this month, the initiative will initially focus on Ontario-based small businesses in the hospitality sector, including restaurants and bars that have been impacted by COVID-19.
The U.K.'s plans to allow
self-driving cars on roads as soon as 2021 could put lives at risk and threaten driving safety, said insurance group Thatcham Research. In a Reuters article, Matthew Avery, Thatcham's research director, said, "We don't believe that this technology adequately addresses what consumers will do and how they'll use it." The U.K. is in the middle of consultations that would allow technology, such as Automated Lane Keeping Systems (ALKS), on British motorways.
Itay's tax police recently raided Italian insurer Generali and offices of state railway Ferrovie dello Stato (FS) in an investigation of contracts awarded to the insurance company,
Reuters reported. The probe concerns allegations that Generali was awarded contracts in return for generous insurance policies granted to several top FS managers.
African insurer Old Mutual announced plans to expands its business to
China. "Our Chinese business is very small and has a lot of growth potential," CEO Iain Williamson told
Bloomberg in an interview. "The regulator has indicated they're keen for us to advance our business in the country." The
Malaysian general insurance industry is expected to
contract by 2.2% in 2020, says GlobalData, due to economic hardships related to the COVID-19 pandemic. GlobalData also noted that the Malaysian insurance business is projected to grow at a compound annual growth rate (CAGR) of 2.4% during 2019-2024.
Swiss Re and Daimler Insurance Services partnered to launch
Germany-based Movinx, an automotive and mobility insurance provider. The 50/50 joint venture aims to offer products that both fulfill changing customer needs and offer best-in-class service quality. The investment income of
Indian insurers is expected to decline by -2.7% in 2020 compared to the 6.2% growth in 2019, according to
GlobalData. A proposal to amend regulations around the investments in infrastructure investment trusts (InvITs) is expected to open an alternate source of investments for Indian insurers and pension funds.
Manipal Global Education Services and
RIMS agreed to provide risk management education opportunities in
India. The collaboration offers the RIMS-Certified Risk Management Professional (CRMP) certification courses and resources to practicing risk professionals, business leaders, and students who want to pursue risk management as a career. The
Hong Kong Federation of Insurers (HKFI) and
RIMS have agreed on a multi-year program to provide advanced risk management training for the
Hong Kong insurance and risk market. The two organizations will collaborate on developing education modules, and RIMS experts will teach the online courses.
Related: International P&C insurance news: October 2020