Making global pay cuts was a “collective” decision that staff have “embraced” since a Monday announcement, according to Aon CEO Greg Case.
Willis Towers Watson CEO John Haley said the group could see double-digit revenue decline as a result of the coronavirus impact, as the risk giant yesterday pulled its profit guidance for the year.
Aon’s announcement that it would reduce 70% of its employees’ salaries led to some speculation that soon-to-be acquired Willis Towers Watson and rival Marsh might swiftly follow, but both brokers have since confirmed they will not follow Aon’s lead.
Marsh & McLennan CEO Dan Glaser today confirmed that the group has no current plans to cut pay packets or dividends, describing salary slashing as “survival mode stuff”.
Markel yesterday confirmed its event cancellation book includes Wimbledon and the Olympics, while it will also pay out on some UK business interruption claims.
Axa, China Taiping, RSA, Touchstone and Zurich have been named as potential group action targets by a hospitality business interruption action group.
Aon will cut the pay of 70% of its staff and slice executive pay packets as it seeks to preserve jobs during the coronavirus pandemic, but the broking giant’s decision to go ahead with a May dividend payment seems at odds with its message.
Admiral confirmed it will recommend a final dividend for the year to shareholders, as it suspended a special dividend.
Insurers are expecting to payout £900m towards UK business interruption claims, latest figures from the Association of British Insurers show.
A judge has ruled against Markel and ordered it to pay damages of £16m in a long-running dispute with lender UK Acorn Finance.
The Night Time Industries Association has sought legal counsel on its members' rights on refused business interruption policies.
Axa XL has revealed changes to its leadership team, with UK legal entities CEO Paul Greensmith departing and further ‘reorganisation’ expected.
Most businesses will not be insured for Covid-19 disruption and in many cases the wording is clear cut. But for others, the devil is in the detail and policy wordings suggest that insurers should cough up vital interim payments sooner rather than later.
NDML Insurance Specialists, an insurance broker that caters to nightclubs, has sought legal advice after around 60 of its clients had claims for coronavirus-related closures rejected by insurer QBE, Post has learned.
Exclusive: The majority of UK consumers are not aware that insurers cannot use gender as a factor in pricing for motor insurance or where the ban came from, research commissioned by Post has shown.
Hiscox rejects 'Public Authority' clause interpretation as coalition of BI claimants threaten class action
Hiscox faces a potential class-action lawsuit from policyholders that have had business interruption claims rejected.
Exclusive: Insurtech Parasol has pressed pause on plans to trade, which it said was due to its original capacity provider pulling out.
A flurry of insurers have pushed pause on dividend payouts following Bank of England and European Union warnings on being prudent in the face of the coronavirus crisis.
One Sure Insurance, which has purchased in-administration Staveley Head's intellectual property and renewal rights, will look to place the majority of its new buy’s customers with A-rated insurers.
Retroactive coronavirus pay outs would ‘seriously threaten the stability’ of global insurance industry
Global insurers have warned governments that if they impose retroactive pay outs for Covid-19 this will make it difficult if not impossible for insurers to respond to the crisis and other insured events.
Structural defects warranty insurance provider MD Insurance Services treated an employee with a disability "unfavourably", an employment tribunal has found.