(Reuters) – As fear of Ebola infections spreads to developed economies, U.S. and British insurance companies have begun writing Ebola exclusions into standard policies to cover hospitals, event organizers and other businesses vulnerable to local disruptions.
As a result, new policies and renewals will become costlier for companies opting to insure business travel to West Africa or to cover the risk of losses from quarantine shutdowns at home, industry officials told Reuters.
Oct 21 (Reuters) – Insurers worldwide are going to have to
pay up to a record $800 million to cover the damage done by
attacks on airplanes this year, driving prices up and drawing
rivals into the market.
The hefty bill dwarfs the $60-$90 million in income insurers
received last year to cover the incidents, which have included
the downing of Malaysia Airlines’ MH17 passenger jet in Ukraine,
and could mean some bow out of the market if the price increases
are not enough to stay profitable.
LONDON, Oct 17 (Reuters) – Financial services group Old
Mutual’s wealth arm said on Friday it would buy money
manager Quilter Cheviot from European private equity house
Bridgepoint, strengthening its focus on richer customers.
The 585 million pound ($941 million) purchase brings Old
Mutual Wealth’s assets under management to 92 billion pounds
($148 billion), a rise of more than 20 percent.
LONDON, Oct 11 (Reuters) – Leading companies offering
medical evacuation services are balking at flying Ebola patients
out of West Africa for treatment abroad as the cost and the
complexities of the deadly epidemic grow.
Several airlines have cut flights to the region and there
are reports of countries not allowing air ambulances to make
refueling stops, further complicating the so-called medevac
option many companies provide for staffers in risky regions.
LONDON (Reuters) – Leading companies offering medical evacuation services are drawing a line at flying Ebola patients out of West Africa for treatment abroad as the cost and the complexities of the deadly epidemic grow.
Several airlines have cut flights to the region and there are reports of countries not allowing air ambulances to make refueling stops, further complicating the so-called medevac option many companies provide for staffers in risky regions.
BERKHAMSTED, England, Sept 29 (Reuters) – Writer Graham
Greene’s novel set in a leper colony in the Belgian Congo would
make a great film, the producer of the 1999 film of Greene’s
“The End of the Affair” said.
Stephen Woolley told the annual Graham Greene festival this
weekend that he would like to produce “A Burnt-Out Case,” the
story of an architect named Querry who moves from Europe to the
colony to escape fame and women.
LONDON, Sept 24 (Reuters) – An insurance trade body said on
Wednesday it may appeal a British competition watchdog’s
decision not to tackle the high costs of replacement cars in
motor insurance policies, which it said created unnecessary
costs for customers.
Its comments came after the Competition and Markets
Authority (CMA) said it could not find a solution to the problem
that the amount which insurers have to pay for temporary
replacement cars is far greater than the cost.
LONDON, Sept 19 (Reuters) – Scotland-based Lloyds Banking
Group left the door open for a move to London amid
uncertainty over the future shape of the United Kingdom despite
Scottish voters’ rejection of full independence.
British Prime Minister David Cameron pledged to devolve more
power to Scotland and other regions after the referendum made it
clear that Scotland wants a greater say on spending and
taxation, which could complicate the tax affairs of companies
with offices across the United Kingdom.
LONDON, Sept 18 (Reuters) – Annuity and mortgages provider
Just Retirement Group Plc reported a 3 percent fall in
annual underlying operating profit to 97 million pounds ($158
million) on Thursday, hit by a drop in annuity sales following
UK reforms earlier this year.
The firm’s share price rallied 2.3 percent to a one-week
high, however, as analysts said the results came in above
LONDON, Sept 10 (Reuters) – Standard Life on
Wednesday reiterated it could transfer business to England if
necessary after next week’s Scottish independence vote, and said
the referendum result would have no impact on dividend payments
or its London listing.
The plans, first announced in February, could mean the
transfer of pensions, investments, and other savings held by UK
customers of the Scottish-headquartered insurer to new companies