Keep up with what has been happening this week in our latest actuary news round-up…
Some insurance companies have been deducting grant payments after the Government set up the Small Business Grant Fund to support businesses through the lockdown. Because of this those behind the #justpayit campaign have now called for the Treasury to take action against insurers that are deducting government grants from pay-outs.
RSA Insurance is in talks with Canadian insurer Intact and Danish insurer Tryg in a £7bn takeover deal which can lead to the break-up of one of the FTSE 100’s oldest companies. RSA received an offer after their shares increased by 46% after reports of a possible deal.
London’s FTSE 100 fell by 0.8% as retailer, industrial and pharmaceutical stocks declined on Friday. This is after Britain reported a surge in new case and deaths on Thursday and after the EU Internal Market Commissioner said there was a 50/50 chance of Britain and the EU securing a deal causing uncertainty in Brexit talks.
To address an anticipated skills gap in upcoming years, Zurich has invested £1 million in a workforce retraining programme which aims to upskill around 3,000 UK employees for data literacy and tech-driven competencies in the next five years.
Commercial insurance market, Lloyd’s of London is currently reviewing how insurance contracts are designed and sold in a bid to make them simpler in responses to how the coronavirus pandemic has affected the industry.