Coronavirus: Top insurance firms could lose $100bn in brand value May 11, 2020 The world’s top 100 most valuable insurance brands could lose as much as $100bn (£81bn) in brand value as a result of the Covid-19 crisis, a new report has revealed. The insurance sector is set to be one of the most severely affected industries and faces a potential 20 per cent loss in brand value, [...]
Nonfarm payrolls: US unemployment soars as 21m Americans lose jobs May 8, 2020 More than 20m Americans lost their jobs in April, official “nonfarm payrolls” data has shown, as the world’s largest economy was battered by coronavirus and the lockdowns put in place to stop it spreading. The 20.5m job losses sent the unemployment rate soaring to 14.7 per cent, the US Bureau of Labor Statistics (BLS) said, [...]
FTSE 100 and US stocks rise despite more dire economic warnings May 7, 2020 US stocks have joined the FTSE 100 in positive territory as investors bet on a relatively speedy economic recovery from coronavirus despite yet more dire economic predictions. London’s blue-chip FTSE 100 index was up 1.4 per cent at 5,933 points in afternoon trading. This was despite the Bank of England warning of the worst slump [...]
An Interview with Massimo Buonomo May 7, 2020 Massimo Buonomo is a former United Nations (UN) Alliance of Civilization Global Expert in Blockchain, Fintech and Regtech. Massimo is currently exploring how blockchain solutions can be used to address the challenges addressed by Covid-19. BEQUANT Talks has undertaken an exclusive interview with Massimo to explore his views on the state of the market and [...]
AA profit rises a fifth after strong operational performance May 7, 2020 Driving association the AA saw its profit rise nearly a fifth over the financial year, and said it expected this year’s performance to be only marginally lower due to the coronavirus crisis. Shares in the motorists group rose nearly 14 per cent on the back of the announcement. The figures Profit for the year rose [...]
Could group action claims explode in post-coronavirus crisis litigation boom? May 7, 2020 Lawyers and litigation funders are increasingly looking at group action lawsuits in England and Wales as a way of holding major companies to account. After the last financial crisis litigation spiked as contractual counterparties fell out and consumers and shareholders pursued banks for wrongdoing. The litigation landscape in the English legal system has changed over [...]
Insurer RSA posts double-digit profit rise but expects £25m coronavirus hit May 7, 2020 FTSE 100 insurer RSA today said it expected its exposure from the coronavirus pandemic to total around £25m, with claims coming from travel, wedding and event cancellation insurance. The home, motor and commercial insurer had received around 25,000 claims on which it would pay out, of which around 23,000 were travel claims, it said in [...]
Business travel will still matter in a post-pandemic world May 6, 2020 The outcome of the Government’s review of lockdown this week may provide a glimpse of the steps necessary for economic recovery. Yet, the business community is fully aware that recovery will be a gradual process. There will be no magic panacea. Recovery requires long and careful planning and for many industries to work closely together. [...]
Insurer Direct Line set for £44m coronavirus hit to travel claims May 6, 2020 Insurer Direct Line is expecting to take a £44m hit to its travel business from the coronavirus crisis, the company said today, with claims set to fall by 70 per cent. The firm also said it expected to incur £70m in costs from measures to protect its customers, such as providing all NHS workers with [...]
Hiscox launches share placing and predicts business interruption insurance hit of £10m to £250m May 5, 2020 Lloyd’s insurer Hiscox launched an equity placing of 20 per cent of its share capital and said its business interruption insurance exposure could range from £10m to £250m today. Based on its share price at close the placing could raise approximately £400m. Hiscox is facing potential legal action from a group of policyholders who say [...]