Chubb sued by human rights non-profit relating to COVID-19 business interruption cover

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Property and casualty insurance giant Chubb has been sued by a prominent Los Angeles non-profit for denying business interruption coverage amid the COVID-19 pandemic. The Simon Wiesenthal Centre, which advocates for human rights and fights anti-Semitism, is the latest in a long string of businesses to battle the insurance industry over pandemic coverage.

According to a report in The New York Times, the California-based non-profit, which also has offices in New York, Chicago, Miami, Toronto, Paris, Buenos Aires and Jerusalem, argues it is entitled to business interruption coverage under its August 2019 Chubb policy. The centre claims that Los

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What happened to the storoseck market on Friday: Big tech outperforms

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The New York Stock Exchange (NYSE) is seen in the financial district of lower Manhattan during the outbreak of the coronavirus disease (COVID-19) in New York City, U.S., April 26, 2020.

Jeenah Moon | Reuters

Dow Jones Industrial Average rose 26 points

The Dow Jones Industrial Average rose 26.07 points, or 0.11%, to  23,749.76, while the S&P 500 rose 0.42 to 2,842.74. The Nasdaq Composite posted a 1.23% gain to 105.77. Investors weighed the reopening of the economy along with brewing tensions between China and the U.S. 

Big tech companies lift the broad market

Gains in popular technology companies provided

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Oil prices rise, capping week of historic turmoil over coronavirus

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TOKYO (Reuters) – Oil prices climbed on Friday, adding to gains from earlier sessions after producers such as Kuwait said they would move to cut output and the United States approved another package to cope with the turmoil caused by the coronavirus outbreak.

FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone Base/File Photo

Brent crude LCOc1 was up 24 cents, or 1.1%, at $21.57 by 0622 GMT, after rising more than $1 earlier and jumping 5% on Thursday. U.S. oil CLc1 was up

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Malaysia’s insurers turn in “robust” performance during pandemic

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Malaysia’s general insurance industry was able to weather the COVID-19 pandemic in 2020, outperforming the country’s overall economy, according to a report by Malaysian Re.

The report, which was produced in cooperation with Switzerland-based Faber Consulting, revealed that while Malaysia’s GDP is expected to have dropped by 4.5% in 2020, general insurance premiums remained almost stable.

The decrease in GDP is a swing of roughly nine percentage points from the initial forecast of 4.4% growth for 2020. Despite the government giving economic stimulus packages of around MYR300 billion (SG$99 billion), the country is expected to have missed out on close

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