Jean-Paul Conoscente, chief executive of French reinsurer Scor Global P&C SE, said that the COVID-19 pandemic is accelerating the hardening of the reinsurance market, Artemis reported. Trends that had begun last year are being fueled by potential pandemic-related claims. Mr. Conoscente expects collateral to be trapped as reinsurers and cedants try to grapple with the exposure of their policies to the COVID-19 crisis.
Risk & Insurance
The topic of COVID-19's effect on industries across the spectrum has been bandied about for months, and the insurance industry is no exception.
The Justice Department has so far charged 57 people with trying to steal a total of $175 million in taxpayer-backed coronavirus pandemic loans, officials said at a Thursday news conference, part of what the agency said was a months-long effort to root out profiteering as the federal government continues to spend giant sums of money to shore up the economy.
A National Football League player, Joshua J. Bellamy, 31, of St. Petersburg, Fla., has been arrested and charged with wire fraud, bank fraud and conspiracy to commit wire fraud and bank fraud for participating in a scheme to file fraudulent loan applications to the Paycheck Protection Program, the Justice Department said Thursday in a news release. The DOJ said the overall scheme involved seeking more than $24 million in forgivable loans from the PPP, a federal government program that aims to provide aid to small businesses hurt by the coronavirus crisis. Bellamy played for the New York Jets, though is currently on the team's reserve/physically-unable-to-perform list, not on the active roster.
HR Exchange Network
A good business owner knows that its strongest asset is its people. Having happy employees means harder workers and more productivity. Overworking employees can be detrimental to a company's success; therefore, many small businesses prefer to work with a professional employer organization, also known as a PEO.
A reader writes: Our CFO is really concerned about the rising cost of employee health care (we are currently self-insured). He asked that I investigate the possibility of moving to a PEO. What is this, and how can I advise whether this is a good move for our company? (We have approximately 250 employees.)
- High hazard type risks
- High experience mod. type risks
- No prior coverage okay
- Gaps in coverage okay
- Very attractive deductible programs available
- Highly rewarding commission program
If you would like to read a sample case study on the impact this program has made on a present agency partner please click on this link.