Dan Dick, global head of property analytics at Aon’s Reinsurance...
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Rising toll makes quake deadliest in Turkiye’s modern history
Confirmed deaths in Turkiye passed those recorded from the massive...
New Zealand declares national emergency as Cyclone Gabrielle wreaks havoc
While New Zealand was now through the worst of the storm, more rain...
COVID-19 claims so far likely to be manageable; reinsurers de-risking:Willis Re Report
Reinsurers have showed that the systemic shock of COVID-19 is manageable so far, but the future strength of the sector depends on the severity of the pandemic’s continuing impact on health and economies. The industry retains sufficient capital buffer for extreme events, but the extent to which reinsurers can withstand continued asset-side volatility and increased claims emergence remains to be seen.
Reinsurers have started to de-risk their balance sheets by holding cash, which will have a significant impact on investment returns. Willis Re currently estimates a 5% hit to the global reinsurance capital base, roughly US$30 billion pre-tax.
‘Virus will be with us for a long time’, WHO chief warns
“Most countries are still in the early stages of their epidemics and some that were affected early in the pandemic are starting to see a resurgence in cases,” Tedros told Geneva journalists in a virtual briefing.
“Make no mistake we have a long way to go. This virus will be with us for a long time,” he said, while noting that epidemics in Western Europe appear to be stabilising or declining.
Robots are playing many roles in the coronavirus crisis – and offering lessons for future disasters
Research laboratories and startups are creating new robots, including one designed to allow health care workers to remotely take blood samples and perform mouth swabs. These prototypes are unlikely to make a difference now. However, the robots under development could make a difference in future disasters if momentum for robotics research continues.
Insurers Hiscox and Beazley expect COVID-19 claims of up to $345 million
Hiscox said it expected to pay up to $175 million to settle claims if disruption from the COVID-19 pandemic that has put billions of people on lockdown lasts more than six months.That sum would decrease to up to $150 million if the disruption lasted six months or less.
U.S. unemployment waves keep hitting with millions more claims
The massive government stimulus package provides an extra $600 per week in unemployment benefits and expanded coverage to self-employed and other “gig” workers, presenting additional challenges for the states. Providing the additional aid has been wrought with technical issues and increased the number of applications flowing in.
Car insurers should repay premiums,British lawmakers say
Major U.S. motor insurers are offering credit to auto and motorcycle policy holders following a decline in driving, as most Americans stay at home under widespread orders to help contain the spread of the novel coronavirus.
U.S. coronavirus deaths top 47,000 after near-record increase on previous day
The United States has by far the world’s largest number of confirmed coronavirus cases at over 830,000. Cases rose 20,000 so far on Wednesday and were on track to continue the slow but steady decline seen throughout April.
Death toll due to COVID-19 touches 645; cases rise to 20,178,government plans countrywide survey
In addition to keeping a track of all citizens with the Arogya Setu app, the Indian government has now decided it will call up every mobile number in the country and conduct a survey regarding the pandemic. Details about the nature of the survey are not immediately clear
Caronavirus Pandemic:Over 154 crore students severely impacted by closure of educational institutions across the world
“Particularly for women and girls in countries where limited social protection measures are in place, economic hardships caused by the crisis will have spill-over effects as families consider the financial and opportunity costs of educating their daughters. While many girls will continue with their education once the school gates reopen, others will never return to school,” Stefania Giannini, UNESCO’s Assistant Director-General for Education said.
Hydroxychloroquine not effective against COVID-19: Study
“Hydroxychloroquine use with or without co-administration of azithromycin did not improve mortality or reduce the need for mechanical ventilation in hospitalised patients,” the scientists wrote in the study.
On the contrary, they said, hydroxychloroquine use alone was associated with an increased risk of death compared to standard care alone.