Keep up with what’s been happening this week in our latest actuary news round-up…
US global insurance speciality group, Tokio Marine HCC has signed an agreement to acquire GCube, a leading renewable energy risks specialist. The agreement is still expected to officially close in the second quarter of 2020.
Defined Benefit (DB) Pension Schemes increase deficit due to pandemic
5,422 DB pension schemes in the UK’s Pension Protection Fund’s (PPF) 7800 index has increased their deficit by £10bn compared to last month. This is due to the uncertainty of the Covid-19 pandemic.
Insurer, Aviva, has pledged a donation of £5m to NHS Charities Together. The donation will help support the NHS in welfare and wellbeing of the employees, volunteers and patients; mental health support for NHS workers and assistance for patients leaving the hospital.
Willis Towers Watson, a risk management, insurance brokerage and advisory company, has stated in their annual Energy Market Review that Environmental Social Goverance (ESG) and climate change will transform the energy risk sector.
According to the Economist Intelligence Unit (EIU) the global economy could face another downturn in their economy on top of the expected looming recession that is said to be worse than the great depression.