Category:

Disaster & Management

U.S. lawmaker wants insurers, govt. to share future pandemic business losses

The legislation, introduced by Rep. Carolyn Maloney, a Democrat from New York, would provide up to $750 billion in taxpayer funds to pay insurance claims for business loss revenue during future pandemics. Insurers would first have to pay out a total of $250 million in losses, according to the bill.

Insurers are turning their focus to future pandemics after facing lawsuits, political pressure and criticism from customers who say insurers’ business interruption policies denied their claims for pandemic-related losses.

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COVID-19 pandemic creating ‘lockdown generation’ as one in six youths stop work:UN

ILO has said that it does not have enough data to determine the overall youth unemployment rate since the coronavirus pandemic began. But, in a survey of people aged 29 and under, the organisation found that worldwide, more than 17 percent of youth had been forced to stop working due to the crisis. And those who have continued to work have had working hours cut, on an average, by 23 percent.

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Pandemic forces virtual safety checks for oil tankers

With an estimated 160 million barrels of surplus oil being kept onboard dozens of tankers because on-land storage is full, the situation is pressing.

If restrictions on access to ships stay in place towards the final quarter of the year, tankers may be unable to store oil or sail until repairs can be carried out. This could drive up freight rates for shipping and storage, as fewer vessels will be seaworthy.

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