Hong Kong – Insurance Authority warns against fraudulent website

The Insurance Authority (IA) today (19 May 2020) alerted the public to a fraudulent website with the domain name of “http://www.baofengins-hk.com”. The fraudulent website purports to be the official website of an authorized insurer of Hong Kong, Paofoong Insurance...

The Insurance Industry Post Covid-19

The Insurance Industry Post Covid-19 By George Worsley The coronavirus pandemic is having a disastrous effect on the economies of many nations. The shutdown of consumer businesses and the lockdown of movement in the United Kingdom has impacted the lifestyle of almost...

Open Hearts and Minds: a message to all of us

Open Hearts and Minds: a message to all of us [https://vimeo.com/405830743] Entrepreneur Fabrice de Waal started a project with the vision of sending a message of togetherness into the world. The result? The video “Open Hearts and Minds,” which according to de Waal...

Global Commercial Insurance Pricing Increased 14% in Q1

COVID-19 EXPECTED TO IMPACT PRICING IN 2020 Global average commercial insurance prices increased 14% in the first quarter of 2020, according to the Global Insurance Market Index, released today by Marsh, the world’s leading insurance broker and risk adviser. The...

The Future of Work: Is Remote Employment the New Normal?

The Future of Work: Is Remote Employment the New Normal? By Julia Hodges  As government leaders weigh when and how to reopen their economies, a question looms over business owners who have been forced to implement remote work: what does employment look like in a...

Former Aon co-president getting $8 million in separation deal

Aon is paying the apparent loser in a CEO-succession competition $8 million in cash as he transitions out of the commercial insurance brokerage. Michael O’Connor, who stepped down from his role as co-president in February, will act as a “special...

Scenario Analysis of the COVID-19 Pandemic

Willis Towers Watson: Analysis of key classes in the US and UK (including London Markets) P&C Insurance Industries By Richard Clarkson, Christopher Bozman and Will Shuter The COVID-19 pandemic presents a rapidly developing situation for insurers. In this report we...

Move from UK to Ireland cost Aon €6.3m

Aon incurred costs of $7m (€6.3m) associated with its Brexit-related decision to move the jurisdiction of incorporation of its parent company from Britain to Ireland. The New York-listed company completed the move in recent weeks, having announced the change in...

Stay-at-home mandate and more…

Stay-at-home mandate and more… By Alex Hodges, Editor IRL To be perfectly honest, the stay-at-home mandate hasn’t been terrible for me. Although I would love to get out of the house more, I have nowhere to go. So, I stay home, walk the dog, read, and in the evening,...

IRL May 2020 Highlights

May 2020 IRL Highlights Notice: During the pandemic we are offering the April & May issues free of charge at https://irletter.com/newsletter/  A Conversation with My Father Put your thinking cap on for this report from our man in Peru Idan Cabello who had a very...

Marsh & McLennan looks to avoid ‘blunt instrument’ of pay cuts

Marsh & McLennan Cos. Inc. is looking to other options rather than pay cuts to keep on top of expenses during the COVID-19 pandemic, but its bonus pool may shrink, the firm’s top executive said April 30, 2020. Speaking on the company’s first-quarter earnings call...

Monte Carlo Rendez-Vous 2020 cancelled

This year’s Monte Carlo Rendez-Vous has been cancelled. The organizers released a statement on Friday (April 24) confirming the announcement. The reason being cited is the ongoing impact of the Covid-19 pandemic which has seen a host of global events including the...