• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Monday, October 2, 2023
  • Login
Business Post
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home Insurance

Varying Pandemic Estimates May Knock At $110bn Claims Door

Nwanne Ikemefune by Nwanne Ikemefune
February 1, 2021
in Insurance
0 0
0
Adeolu Adewumi-Zer Now In Charge At Allianz Nigeria
0
SHARES
46
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

Allianz Global Corporate & Specialty just released report said the deluge of claims related to the Covid-19 pandemic with varying estimates joggling for global attention can be as much as $110bn in 2020.

AGCS release rallying Lloyd’s estimates said it has reserved about Euro488m (US$571m) for estimated Covid-19 related claims, especially for the cancellation of live events and the disruption of movie or film productions in the entertainment industry.

In its assemble of loss events across the world, streaming Johannesburg/London/Munich/New York/Paris/Sao Paulo/ Singapore, AGCS said the pandemic now leads as one of the largest loss events in history for companies and insurers alike.

“However, it’s not only the magnitude of losses which is unprecedented; claims trends and risk exposures are likely to evolve in mid-and long-term as a result of the pandemic,” the report stated.

According to a new report “Covid-19 Changing Claims Patterns” from Allianz Global Corporate & Specialty, the reduction in economic activity during lockdown phases, traditional property and liability claims have been subdued, most notably in the aviation and cargo sector, but also in many other industries with fewer accidents at work, on the roads and in public places.

“The coronavirus outbreak has reduced risk in some areas while, at the same time, changing and heightening it in others. The wider changes in society and industry brought and accelerated by the pandemic are likely to have a long-term impact on claims patterns and loss trends in the corporate insurance sector,” says AGCS Chief Claims Officer Thomas Sepp.

He goes further, “The growing reliance on technology, shift to remote working, reduction in air travel, expansion of green energy and infrastructure and a rethinking of global supply claims will all shape future loss trends for companies and their insurers.”

AGCS Global Head of Claims, Philipp Cremer, also spills more on surged and subdued claims, “We have seen claims in some lines of business, such as entertainment insurance, surge during Covid-19, while traditional property and liability claims have been subdued during lockdown periods .” Besides, he said “There is still the potentials for claims to occur as factories and businesses restart after periods of hibernation, and given the longer development patterns for third-party claims in long-tail lines.”

The report also observed that claims notifications from motor accidents, slips and falls or workplace injuries slowed as more people stayed at home, and with the temporary closure of many shops, airports and businesses during lockdowns across the world.

AGCS also noticed a positive impact on US claims settlement from the suspension of courts and trials. Some claimants and plaintiffs have been open to negotiating settlements out of court rather than opting to wait a long time until their case is admitted – a trend also highlighted in another recent AGCS publication on liability loss trends. In general, claims activity is likely to pick up again following resumption of economic activity.

Previous Post

Allianz Claims Survey Shows Changing Claims Patterns

Next Post

5G: With Great Power…

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Leadway Assurance Leads With ISO/IEC Re-certification
Insurance

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece
Insurance

AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

October 1, 2023
Dangling Claims Severity And Inflation Pose Global Insurer Cost Challenges- AGCS
Insurance

Regulator Bidding, Insurance Companies USSD Make Motor Claim A Quick Fix

September 26, 2023
Next Post
5G Mast

5G: With Great Power...

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
ILAN Picture

Loss Adjusters Receive Charge To Match Speed Of New Developments

September 23, 2023
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

June 7, 2023
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
PenCom Approves Mrs Okwuosa New Access Pension Fund Custodian MD

PenCom Board Back-To-Work Pass, Gets Tick Over

February 1, 2021
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Seeks NSE’s Nod To Conduct  Rights Issue

AIICO Seeks NSE’s Nod To Conduct Rights Issue

0
WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

0
WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

October 2, 2023
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

October 1, 2023
AIICO Head office

AIICO Holds Three Dimensional Training: Insurtech, IFRS 17 & MI For NAIPE Corps

September 27, 2023
Dangling Claims Severity And Inflation Pose Global Insurer Cost Challenges- AGCS

Regulator Bidding, Insurance Companies USSD Make Motor Claim A Quick Fix

September 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 26, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
ADVERTISEMENT

Recent News

WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

October 2, 2023
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

AIICO Knocks Down Insurance Barriers With Its Spiraling Digital Masterpiece

October 1, 2023
AIICO Head office

AIICO Holds Three Dimensional Training: Insurtech, IFRS 17 & MI For NAIPE Corps

September 27, 2023
Dangling Claims Severity And Inflation Pose Global Insurer Cost Challenges- AGCS

Regulator Bidding, Insurance Companies USSD Make Motor Claim A Quick Fix

September 26, 2023
NAICOM Regulation Stirs Clear Of Wild Spin Focuses On Mid-Point With Policyholders And Operators

NAICOM Unlocks Insurance Operations With Open Cast Risk Based System

September 26, 2023
Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

Emir Of Kano Leads Insurance Penetration Urges Nigerians To Embrace

September 19, 2023
Heirs Insurance Group Wins Outstanding Insurance Group of The Year

Heirs Insurance Group Wins Outstanding Insurance Group of The Year

September 19, 2023
Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

Nasarawa Governor Makes Insurance Penetration Easy With Testimony That Insurance Works

September 18, 2023
Image Spin: Insurance, Pension & Stakeholders Bare Minds At NAIPE 8th Confab

Finance Expert Urges Govt To Position Pension & Insurance Sectors For Economic Development With Conducive Policies

September 18, 2023
Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

Benchmark Award: AIICO Receives The Baton Of Insurance Company of the Decade

September 18, 2023
First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

First Less Than An Hour Motor Claim Pay By Sanlam Nigeria Dazzles Customer

September 18, 2023
Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

Recyclers Association New Leadership Sets To Birth The Ideal Of Plastic Free Community

September 14, 2023
2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

2023 Heirs Life Essay Championship, Kentimfon Ndanyongmong, Emerges The Champ

September 14, 2023
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel

Recent News

WHO Announces Approval Of New Malaria Vaccine

WHO Announces Approval Of New Malaria Vaccine

October 2, 2023
Leadway Assurance Leads With ISO/IEC Re-certification

Leadway Assurance Distributes B2B Travel Insurance In Nigeria In Partnership With Tune Protect EMEIA

October 1, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In