International P&C insurance coverage news: September 2020 – PropertyCasualty360

7September 2020

International property & casualty insurance news from India, and more. (Photo: Bigstock) International residential or commercial property & casualty insurance coverage news from India, the U.K., Portugal, and more.(Image:

Bigstock)Editor’s Note: Here is a round-up of recent residential or commercial property & casualty insurance coverage news from outside the U.S. India’s motor insurance coverage business is expected to diminish by 27.2%in 2020, according to research study from GlobalData.

The projection is a steep decrease from the 10.1%development experienced in 2019. AXA SA is thinking about a sale of its Greek operations to Italian insurance company Assicurazioni Generali DAY SPA, Bloomberg reported. People familiar with the prospective offer estimate AXA’s Greek business, which offers life and general insurance coverage products, to be valued at around 150 million euros ($177 million). The French insurance company likewise is supposedly thinking about a sale of its Singapore unit, stated Bloomberg. In 2019, AXA “s Singapore business produced 615 million euros ($ 723 million)

in earnings. The Australian automobile insurance coverage market is expected to decrease by 4.4 %in 2020 due to COVID-19, reports GlobalData. Worldwide financial strength is anticipated

to weaken by nearly 20%due to the coronavirus, states Swiss Re Institute’s annual Macroeconomic Durability Index. Theindex shows that many countries ‘financial and financial headroom has depleted throughout the pandemic, with the U.K., Japan, and the U.S. possibly seeing the most effect. The U.K.’s”Eat in restaurants to Assist “program may cost the federal government more than 500 million pounds($660 million), Bloomberg reported. The effort to assist get customers back into dining establishments spends for 50% of the cost of meals eaten in dining establishments, approximately a maximum of 10 pounds, every Monday, Tuesday, and Wednesday. During the program’s first 3 weeks of application in August, more than 64 million claims were submitted, states Bloomberg. Portugal introduced a new travel insurance coverage program providing COVID-19-related protection. The Portugal Travel Insurance program, which is backed

by Portuguese travel insurance company RNA Assistance Insurance, will supposedly cover surgical, pharmaceutical and healthcare facility costs related to COVID-19 throughout the country. AXA Hong Kong is extending an additional”Cleansing and Sanitising Benefit”to house insurance coverage policyholders up until October 31, 2020, the insurance company stated in a news release. The protection will compensate house cleaning and sterilizing costs approximately HKD1,500(approx.$193 )if a specific living at an insured address tests favorable for the virus. Lebanon’s Caretaker Economy Minister

Raoul Nehme stated 2,500 insurance coverage declares in connection with the Beirut port surge have actually been submitted since August 17. The claims amount to$425 million thus far. Spanish travel insurance coverage provider InterMundial is now providing COVID-19 PCR antibody tests as an add-on to its policies. According to GlobalData, some insurance companies have actually begun providing PCR antibody test benefits, which enable the insurance companies to provide Fit to Fly certificates if a policyholder tests unfavorable. Tesla supposedly formed an insurance coverage brokerage with an authorized capital of 50 million yuan( $7.2 million)in Shanghai’s Pilot Free Trade Zone, according to China’s National Enterprise Credit Info Publicity System. The electric carmaker’s Gigafactory 3 factory likewise is located in the area. Extra information about the China endeavor are unidentified. Japan’s general insurance coverage industry is expected to contract by 0.9 %this year

, down from the 1.7% development witnessed in 2019, states GlobalData. Related: International P&C insurance coverage news: August 2020 Source:

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