Insurance Edge takes a look at some of the insurance related stories aorund the globe, as it’s a slow Sunday here in lockdown central.
INDIA
The Business Standard is reporting that AXA is in talks with the Indian government to work out a basic, affordable insurance plan for the millions of self-employed and temporary workers in the country. India, like many developing economies, lacks the comprehensive benefits system of many western european nations, so some kind of safety net scheme could well prevent civil unrest if future Corona lockdowns, or other natural disasters effectively close down sections of the Indian economy.
CHINA
Life insurer China Life issued a statement saying that its premium income rose steeply by 13% in the first quarter of 2020, which is no surprise given the current pandemic. Last year China Life saw its profits quadruple, says Xinhua agency.
GREECE
Howden Broking has acquired MATRIX Insurance and Reinsurance Brokers (MATRIX), the number one (re)insurance broker in large Corporate and Industrial Risks in Greece and Cyprus.
According to the press statement on Howden’s website, this announcement follows a strategic partnership between the two brokers last year, in which Howden supported MATRIX to complete the acquisition of Piraeus Insurance and Reinsurance Brokers S.A., the broking arm of Greece’s largest bank, Piraeus Bank.
Dimitris Tsesmetzoglou will continue as CEO of the business, which will rebrand to Howden Matrix later in the year. The business will become part of Howden’s Mediterranean region, led by CEO Danny Sever, who is appointed to the MATRIX board alongside Isabelle Cadignan, Commercial Director, Howden Broking Group and Daniel Whiteside, Head of Marine, RKH Specialty.
UK
Law 360 website is reporting that a wood treatment company is suing Bluefin Insurance. Wood Treatment Ltd., filed a breach of contract claim against Bluefin Insurance Services Ltd. and a related unit on April 16. An explosion at the Bosley mill in 2015 killed four workers and led to criminal charges against the company and two of its directors in November 2019.
The case is Wood Treatment Ltd. v. Bluefin Insurance Services Ltd. and another, case number BL-2020-LDS-000019, in the High Court of Justice of England and Wales.
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