In the UK, the Chartered Insurance Institute(CII) responding to the Financial Conduct Authority's(FCA) "Dear CEO" business interruption insurance letter to insurers said its research amongst SME's indicates claims are usually dealt with speedily. However, Mactavish called for a review process to confirm this was happening. Hiscox explained its position over BI insurance and COVID-19. Fitch reviewed the US P&C market relating to the impact of COVID-19, S&P Global looks at expectations for US insurers' first quarter results across the board, and GlobalData highlighted US consumers losing jobs and health insurance due to the pandemic.
The spotlight was also on the life and pensions markets-DBRS Morningstar released a commentary on the "Impact of the Coronavirus Crisis on Life Insurers’ Financial Strength Ratings". UK insurers must engage with investment clients about the full impact of COVID-19 says GlobalData, who also predicted that South Korean life insurance business will decline this year. Swiss Re is opening access to its proprietary Life Guide underwriting manual to all life and health insurers for 90 days. S&P reported that overall, insurers' decision to suspend dividends will not hurt credit quality.
Verisk launched its COVID-19 Projection Tool. Arch Capital estimated the impact of the virus on first quarter financials at pre-tax losses of $125m to $145m. Swiss Re shareholders approved a 5% dividend increase and share buyback at is AGM on Friday-the Board delayed the buyback in a post-AGM meeting. Aviva held back on changes to remuneration of Executive Directors and its Leadership Team until dividend payments restarted.
In other company news, Prudential Financial entered into a definitive agreement to sell its Korean unit to KB Financial Group. Sompo International is to consolidate its London presence into a one company market platform, and Charles Taylor Marine Technical Services was launched integrating the company's marine surveyors. There were senior appointments at Asta, Beazley, City Insurance, Swiss Re Corporate Solutions, Willis Towers Watson, and EIOPA.
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