Global Briefs

Global Briefs – August 2020

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Travel Alert: Countries that now require International Health Insurance for entry

(This coverage is completely separate from your standard health insurance)

During the current global pandemic, any existing international healthcare coverage in your own existing policy can even be voided by traveling to an outbreak-affected area – only reading the ‘mice print’ (fine print) in your policy will tell what’s covered and what voids a policy.

While many countries are requiring a negative COVID-19 test for entry, an insurance policy that would cover potential costs during the trip is a separate requirement. Here are 6 countries that you want to either avoid or be ready for some strict COVID-19 requirements: Aruba, Costa Rica, St. Maarten, Tahiti, Turks & Caicos and the United Arab Emirates. (Source: Condé Nast Traveler)

EuropeInsurance Europe’s views on artificial intelligence

Insurers are already using AI to improve customer service, increase efficiency, provide greater insight into customers’ needs and to prevent fraudulent transactions. Insurance customers are embracing this innovation in insurance, as it responds to their needs and makes their interactions with insurers more convenient. In the future, AI is expected to help insurers to predict risk with greater accuracy and to use enhanced foresight to rapidly deploy new products in response to emerging risks. Read this report HERE

Hong KongChubb introduces work from home cover

With the coronavirus pandemic leading to professionals working from home, the traditional office environment has increasingly become the home. Given such circumstances, Chubb has introduced a new ‘Work from Home’ insurance policy to enable employers to continue to care for the health, safety and well-being of their employees whilst they work remotely. Highlights of this policy include:

  • Payment for psychological counseling of employees diagnosed with stress disorders due to working from home.
  • Ergonomic injury benefits for postural or ergonomic stress or strains.
  • Accidental death or permanent disability payments due to an accident at home or serious burns received as a result of cooking while working from home.
  • Coverage for employees who are injured whilst carrying out their work away from their residence.

Hong Kong – Chief Executive Officer of the Insurance Authority re-elected as Chairman of the Asian Forum of Insurance Regulators

The 15th Annual Meeting of the Asian Forum of Insurance Regulators (AFIR) took place via videoconference on 14 July 2020 and was attended by 17 member jurisdictions1 as well as representatives of the International Association of Insurance Supervisors and the Organisation for Economic Co-operation and Development. At the proceedings, seven member jurisdictions shared experience in coping with the COVID-19 pandemic and their supervisory responses taken. In addition, Mr. Clement Cheung, Chief Executive Officer of the IA, was re-elected as Chairman for a second term of two years until 2022. “It is my great honour and privilege to be re-elected to serve for another term of office. Apart from posing a major challenge to insurers and the global investment market, the COVID-19 pandemic also demonstrated clearly the imperative to step up our efforts in strengthening mutual support and reinforcement.” Mr. Cheung said. Established since 2006, AFIR is a multilateral platform designed to facilitate information exchange, knowledge dissemination and capacity building among insurance regulators in the Asia and Pacific region.

LebanonBeirut explosion will be “a major loss” for Hannover Re

The Beirut explosion on August 4, 2020 will “pretty certain” be “a major loss” for Hannover Ruck SE, Sven Althoff, reinsurer's head of property and casualty, commented, cited by S&P Global Market Intelligence. Althoff added that it is “impossible for me to comment right now” the amplitude of the event on Hannover’s, but the reinsurer expects it to be labeled as a major loss, meaning that it will exceed EUR 10 million. “We have to assume there is a good level of penetration here, so from that point of view, I guess you will see this on our major loss list on the third quarter,” Althoff further commented. On August 4, 2020, in capital city of Lebanon, Beirut, a warehouse filled with flammable chemicals caught fire, causing a devastating explosion, which killed at least 137 people, injured about 5,000 and made as many as 300,000 people temporarily homeless, BBC reports.

Romania – Economies on the post-Covid recovery road – A Romanian view

While a bit long (1:12:00) this YouTube presentation provides an interesting view into Romanian and CEE economic perceptions of the road to recovery. The first minute is in Romanian but changes to English throughout – https://www.youtube.com/watch?v=ezg6yld3Bxo&t=538s.

United Kingdom – ABI Board Appointment

The ABI (Association of British Insurers) announced that Tavaziva Madzinga, CEO, Swiss Re, UK & Ireland (UKI) has joined its Board. Tavaziva Madzinga has been Swiss Re’s CEO for the UK and Ireland since January 2019. Recently he was Managing Director & Market Executive for Middle East and Africa (MEA) leading Swiss Re’s Reinsurance work in the region across both L&H and P&C lines of business. Tavaziva joined Swiss Re in October 2016 from Old Mutual where he was Regional CEO for South & East Africa. Previous roles during his 16-year career at Old Mutual include COO Old Mutual Africa, CEO for Old Mutual Kenya and CEO for Old Mutual Nigeria. He has lived and worked in Zurich, South Africa, Nigeria and Kenya. With a BBusSc in Actuarial Science from the University of Cape Town, Tava has also studied at INSEAD Business School in France, and Harvard University. He is a Fellow of the UK’s Institute of Actuaries and a Fellow of the Actuarial Society of South Africa.

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