How Covid19 pandemic will cost US $200 billion to the Insurance Industry? | Market Update

  • May 18, 2020 NZST
  • Team Kalkine

Just days after announcing imminent redundancies and store closures, retailer Smiths City has been sold to Polar Capital, owned by Colin Neal, founder of the refrigerated logistics company Big Chill. The sale includes all of Smiths City Finance and most of the Smiths City's stores. About seven of the company’s 29 stores were not included in the sale and will close.

The pandemic will cost the insurance industry over US$200 billion (NZ$336 billion), according to Lloyds of London, who estimated that its own payouts are now on a par with the Sept. 11, 2001 attacks or the combined impact of hurricanes Harvey, Maria and Irma in 2017.

Hospitality chain the Good Group - owners of upmarket waterfront restaurants such as Botswana Butchery and White & Wongs - has made half of its more than 300 staff redundant amid the Covid-19 crisis. Its distraught former workers say they feel let down by the decision, and that getting rid of them part-way through the 12-week wage subsidy period was "cold".

#insuranceshare #insuranceclaim #newzealand #kalkine

 


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