Insurers facing record loss if Tokyo Olympics cancelled

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The International Olympic Committee (IOC) executive board is due to meet this week to determine a course of action. Both the IOC and Japanese organizers have stated that a second postponement is out of the question after they delayed the 2020 Tokyo Games by 12 months. As things stand, a total cancellation seems more and more likely.

While the event cancellation insurance market has already taken a huge hit from the COVID-19 pandemic, Simon Henderson, an executive director at Gallagher, told Reuters that cancellation of the Olympics “would be by far the largest [loss].” He said: “The Olympics is a

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WTW’s Radar Live Collaboration secures first system integrator

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Sollers Consulting has joined Willis Towers Watson’s global Radar Live Collaboration programme as its first system integrator to improve support for insurers operating in highly competitive markets.

Willis Towers Watson’s Radar Live Collaboration programme facilitates faster Radar Live integrations by developing close relationships with various insurance software houses and system integrators. It allows rates, rules, and adjustments to be easily developed and deployed directly to a rating system and executed in real-time.

Sollers Consulting said the Radar Live Collaboration programme membership could help clients benefit from a leading rating and decision engine capability.

“Having already worked closely with Willis Towers

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Malaysian employers urge insurers to provide COVID-19 cover

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The Malaysian Employers Federation (MEF) has called on insurance providers to extend coverage for COVID-19 to their existing policyholders.

According to the MEF, this is part of insurers’ “national duty” in the fight against the COVID-19 pandemic, state news service Bernama reported.

MEF president Datuk Syed Hussain Syed Husman said that the rising number of COVID-19 cases in Malaysia means insurers should work harder in their role to support the government and their policyholders.

“Employers cannot absorb additional costs passed on to them without insurance coverage,” he said.

“With increasing cases and limited space in government hospitals, the private sector

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Howden Group shares year-end results

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“Combined, our broking and underwriting businesses delivered organic growth of 6% in the financial year to September 30, 2020,” he said, “and I am delighted that, including A-Plan Group and acquisitions completed after the financial year end, we will be a business of 8,500 employees delivering approaching £1 billion in revenue pro-forma. Critically, more than 1,300 employees will be shareholders in the business we are building.”

Howden highlighted the many developments that 2020 brought for the business, from the bringing together of its broking businesses under the Howden brand to the announcement of its acquisition of A-Plan Group to the

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