Singapore life insurance market down 13% due to COVID-19 pandemic

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Singapore’s life insurance industry saw a 13% year-on-year drop in weighted new business premiums to SG$1.66 billion for the first half of 2020.

According to a statement by the Life Insurance Association, Singapore (LIA Singapore), the decline in new business premiums was mostly due to the effects of the COVID-19 pandemic, which has resulted in demand- and supply-side shocks to the Singaporean economy.

The first half of 2020 encompassed both ‘Circuit-Breaker’ and ‘Phase 1’ periods in which strict social distancing measures were enforced. As a result, annual premium business recorded a 25% drop from the same period last year. This

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Hong Kong insurance industry to stagnate due to COVID-19 impact

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COVID-19 and the resulting economic downturn will hamper the Hong Kong insurance industry’s growth prospects, according to a study by GlobalData.

Total insurance premiums in Hong Kong grew by 6.3% in 2019, but COVID-19 will likely see that growth slow down massively, with the study projecting a growth rate of 1.46% for 2020. The life insurance segment, which makes up over 90% of the Hong Kong market, is expected to grow by 1.51% in 2020 against the pre-COVID forecast of 6.7%. Meanwhile, non-life insurance is estimated to grow by 1% in 2020 versus the pre-COVID forecast of 4.4%.

“The insurance

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SCOR suffers Q2 loss due to pandemic

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Results season continues, and it’s the turn of major reinsurer SCOR to release its latest numbers. In the second quarter of 2020, the Paris-headquartered group was dealt a blow by the coronavirus crisis.

In a release, SCOR announced a €136 million net loss for Q2 – a nosedive from the €155 million net income enjoyed by the company in the same quarter last year. For the first half, SCOR’s net income fell from 2019’s €286 million to €26 million this time around.

 

“The total estimated cost of the COVID-19 pandemic booked in Q2 2020 reaches €248 million on the P&C

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Shake Shack says it lost $3.2 million in sales due to protests and curfews

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Shake Shack, one of the many storefront businesses boarded in downtown Brooklyn over the fears of looting.

Erik McGregor | Getty Images

Shake Shack said Tuesday that it lost about $3.2 million in sales in June due to nationwide protests against racism and police violence and the resulting curfews.

The company’s stock, which has a market value of $2.2 billion, opened down more than 2%. Shares are down about 10% since the start of the year.  

In late May, demonstrators took to the streets of U.S. cities to protest the deaths of George Floyd, and other unarmed Black Americans. Violent

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