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Global insurance premium may rise by 3.3% to $6.9 trillion in 2021 : Swiss Re
Said Jerome Haegeli, Group Chief Economist at Swiss Re Institute,”We expect the insurance industry to earn a record $ 7 trillion in premium by end of next year. The economic upswing expected in 2021 and 2022 is on track to materialise, and this is a key factor for insurance premium growth across the globe. The main market to watch is China, where both economic and premium growth continue at a strong pace. Consumer awareness is clearly an important growth driver and this has been driven by the pandemic. Whether it is private medical insurance or supply chain interruption for businesses, people have become much more aware of what insurance is, and how it can help them to emerge resilient from such a crisis
Vaccinated and confused? Answers about masks, Delta variant and breakthrough infections
Although the COVID vaccines are highly effective, no vaccine offers 100% protection. While breakthrough infections happen, they are rare, and in most cases, breakthrough infections cause only mild illness.
Genetic flashpoints: Why Covid-19 hits some people harder than others
“Such studies are a little akin to panning for gold. We know our genetic makeup contributes to why some people are more susceptible to viral infections. By sifting through the DNA of enough people, researchers hope to discover a eureka moment explaining why, said Mark Daly, a study co-author who is the director of the Institute for Molecular Medicine Finland at the University of Helsinki and a geneticist at Harvard University..
Demographic Drag:China may not be able to overtake US economy
Over the long haul, three factors determine an economy’s growth rate. The first is the size of the workforce. The second is the capital stock—everything from factories to transport infrastructure to communication networks. Finally there’s productivity, or how effectively those first two can be combined.
In each of these areas, China faces an uncertain future.
Rural Thrust: Indian Insurance Penetration
Private insurers, mostly confining their operations to urban India, aim at making hefty profits while as public sector insurers, currently struggling for their survival, both defeating the actual purpose of delivery of insurance services to the public. Lack of trained manpower at rural level with unaggressive marketing strategy
9 trends to watch as aviation readies for post Covid-19 takeoff
Says Cristina Schoen, Global Head of Aviation Claims at AGCS,”Covid-19 has not been a direct driver of aviation claims over the past year .
As a result of the significant reduction in commercial airline travel during the pandemic we saw fewer attritional claims than we would during a typical year. However, the insurance sector was not immune to larger losses during the course of the pandemic, with different regions seeing tragic accidents, emergency landings and hull losses to name a few. As air travel begins to return to pre-pandemic levels we expect claims volume to rise accordingly”
Corporate payment delay trend stabilized, but risks and uncertainty remain:Coface Asia Corporate Payment Survey 2021
On economic improvement in 2021,Australian firms were the most optimistic, with 80% of respondents anticipating higher growth, followed by India (76%), China (73%), Malaysia (73%) and Taiwan (71%). In contrast, Japan was the only country where less than two-thirds of respondents (61%) expect an improvement in economic growth during 2021.
By sectors, automotive is the most confident regarding year-ahead sales, with 66% of respondents expecting an improvement. This was followed by energy (64%), metals (64%), paper (63%) and pharmaceutical (61%). The highest proportion of companies anticipating an improvement in cash flows over the next 12 months were found in automotive, agri-food, and pharmaceutical at 55% each, followed by metals (53%), paper (52%), and chemicals (51%).
Cyber laws, rules, and guidance must be workable, risk-based, clear, transparent, and consistently applied across companies and jurisdictions:US Insurers
Insurance is an important economic recovery resource for victims of ransomware attacks. Prohibitions on the reimbursement of legal ransom payments presents potential unintended consequence such as eliminating a meaningful risk management resource.
Insurance policy and underwriting activities should not be misconstrued as cybersecurity risk assessments, which provide the insured with confidence that their security measures are sufficient to avoid or eliminate ransomware attacks.
Insurance is an important economic recovery resource for victims of ransomware attacks. Prohibitions on the reimbursement of legal ransom payments presents potential unintended consequence such as eliminating a meaningful risk management resource.
Like a customer’s decision on how to manage cyber risk, insurers must also be able to determine their risk appetite through careful underwriting and appropriate coverage offerings.
The symptoms of the Delta variant appear to differ from traditional COVID symptoms. Here’s what to look out for
While fever and cough have always been common COVID symptoms, and headache and sore throat have traditionally presented for some people, a runny nose was rarely reported in earlier data. Meanwhile, loss of smell, which was originally quite common, now ranks ninth.
Number of global migrant workers rises to 169 million since 2017: ILO report
More than two-thirds of international migrant workers are concentrated in high-income countries. Of the 169 million international migrant workers, 63.8 million (37.7 per cent) are in Europe and Central Asia. Another 43.3 million (25.6 per cent) are in the Americas. Hence, collectively, Europe and Central Asia and the Americas host 63.3 per cent of all migrant workers.
The Arab States, and Asia and the Pacific each host about 24 million migrant workers, which, in total, corresponding to 28.5 per cent of all migrant workers. In Africa, there are 13.7 million migrant workers, representing 8.1 per cent of the total.