Natural catastrophe events continued to drive large losses and...
Category:
Disaster & Management
Latest
Aon’s rebuilding for resilience project addresses Hurricane Ian devastation
Dan Dick, global head of property analytics at Aon’s Reinsurance...
Rising toll makes quake deadliest in Turkiye’s modern history
Confirmed deaths in Turkiye passed those recorded from the massive...
Airlines to suffer USD11.2 billion revenue loss, 2.9 million jobs at risk: IATA
Conrad Clifford, IATA’s Regional Vice President for Asia-Pacific.identified India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Sri Lanka and Thailand as priority countries that need to take action. In India, passenger demand in 2020 is estimated to fall by 47 per cent to 89.7 million.
Covid-19 Pandemic:U.S. death toll tops 51,000, Britain nears grim milestone of 20,000
The death toll from COVID-19 in hospitals across the United Kingdom increased on Friday by 684 in 24 hours to 19,506.Passing the 20,000 mark will be an uncomfortable moment for the government, whose Chief Scientific Adviser Patrick Vallance said on March 17 that keeping the toll under that number would be “a good outcome in terms of where we would hope to get.”
Covid-19 Pandemic:Insurers feel the heat as chefs, Trump join calls for payouts,insured losses to touch $30-60 bn
Insurers’ protests may be futile. Eight U.S. states have introduced legislation which would require insurers to pay claims, mainly to small businesses, despite exclusions. Many of the bills would let insurers seek reimbursement from the states.
COVID-19 death toll rises to 775, cases climb to 24,506, Govt allows all local shops to open
Meanwhile,in a reprieve to public at large, the government on Friday night allowed opening of neighbourhood and standalone shops, including those located in residential complexes within municipal areas, but at a 50 per cent strength and after taking necessary precautions.
Indian airlines may suffer $11.2 bn revenue loss, 2.9 mn jobs at risk: IATA
“Overall, we estimate that the present 90 per cent collapse in air traffic puts around 6.7 million jobs at risk and could lead to a negative GDP impact of 452 billion dollars across Europe. This equates to an additional 1.1 million jobs and 74 billion dollars in GDP over the March estimates of 5.6 million jobs and 378 billion dollars,” said the latest IATA analysis.
Australia will make it a crime to use coronavirus tracing data for non-health purposes
The federal government has said existing “social distancing” measures will remain until at least mid-May, and that its willingness to relax them will depend on whether people download the smartphone “app” to identify who a person with the illness has had contact with.
The tracing app, which is yet to be released, has raised concerns from legal and privacy advocates who have said the location data it collects may be used by unrelated bodies like law enforcement agencies.
Shuttered businesses appoint lawyers to take on UK insurer Hiscox
The Hiscox Action Group said on Thursday it represented more than 200 policyholders with “dozens more joining daily”, that discussions with a litigation funder were advanced and that it had appointed Mishcon de Reya as legal adviser.
The dispute hinges on whether the government lockdown and the coronavirus are enough to trigger Hiscox’s business interruption insurance, designed for insured premises that cannot be used because of restrictions imposed by a public authority and in the event of a notifiable disease or infection.
In a statement last week, the insurer said: “General business interruption policies across the industry, including Hiscox’s, were not designed to cover the extraordinary circumstances caused by this pandemic.”
Covid-19 cases in India reaches 23,502,death toll rises to 718
“The growth of COVID-19 cases has been more or less linear, not exponential; this indicates that the strategies we adopted have succeeded in containing the infection to a particular level. Post imposition of lockdown, while the number of new positive cases has increased by 16 times, testing increased by 24 times,” Mishra said in his presentation.
Covid-19 Pandemic:IRDAI asks insurers not to pay any dividends for FY 2019-20
“In view of the emerging market conditions, and to conserve capital with the insurance companies in the interests of the policyholders and of the economy at large,insurers are urged to take a conscious call to refrain from dividend pay-outs from profits pertaining to the financial year ending 31st March 2020, till further instructions. This position shall be reassessed by the IRDAI based on financial results of insurers for the quarter ending 30th September, 2020,” said IRDAI on Friday.
.
Developing economies could see sharper recession in 2020, World Bank warns
“Even if three months of mitigation measures prove effective in halting the pandemic, investors and households could remain skittish or local or global supply chains may not be restored,” wrote Ceyla Pazarbasioglu, vice president for equitable growth, and Ayhan Kose, director of the development prospects group.