Keep up with what has been happening this week in our latest actuary news round-up…
Insurer, Allianz’s net profit in the second quarter of 2019 have declined by 29%. As they warn abut the 2020 outlooks of as more clients claim for business interruption and cancelled events; as well as less of a demand for car and travel insurance.
The Bank of England has stated that Britain’s economy will see a slower recovery and take longer to get back to the size it was before the pandemic. Earlier this year, it was thought that the economy might get back to its pre-crisis size during the second half of 2021.
The Financial Conduct Authority (FCA) has taken several insurers to court on their business interruption policy wordings as insurers state that they do not cover the pandemic; with the FCA warning insurers to calculate the claims fairly.
The coronavirus pandemic has hit sales at WH Smith’s travel shops and M&Co leading the clothing retailer to shut 47 stores as part of a pre-pack administration and WH Smith to cut 1,500 jobs.
After pension consultants Lane Clark & Peacock have published their report on whether older women were being underpaid state pension; over 160,000 people have checked and been refunded by DWP in the past two months. LCP are now encouraging more people to get their state pension checked.