Citi in a research note observed that IAG’s exposure to the floods...
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Worst impacts of sea level rise will hit earlier than thought: Study
In total, after two metres of sea level rise, the researchers...
Climate Is forcing the most risk-aware industry to reinvent Itself
Christian Mumenthaler,, group chief executive officer, Swiss Re The...
Swiss Re can manage Covid-19 crisis,chairman
Swiss Re’s Chairman Walter B. Kielholz said“Despite the current circumstances, business is running without interruptions at Swiss Re as we continue to handle claims, renew contracts,share our knowledge and innovate. While at this point we assess the financial impact of the current crisis on Swiss Re as absolutely manageable, we run our business and allocate capital with the prudence that current volatility calls for.”
Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Insurance Industry
Greenberg said that a potential way to handle pandemic risks in the future would be to create a public-private partnership, where insurers could start covering that risk for a proper price and the government could take on the tail-risk exposure. That model would echo efforts by the government and insurance industry to deal with terrorism risks after the Sept. 11, 2001, attacks.He cautioned, however, that affordability would become a major question. Insurers will need to set prices to appropriately account for the heightened risk, but that could mean policyholders might shy away from coverage because of the higher cost.
Health and motor insurance renewal date further extended till May 15
“With a view to mitigate hardship to policyholders whose health&motor (3rd party) insurance policies are due for renewal during lockdown, Govt. has issued a notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies,” said Finance Minister N Sitharaman .
Hiscox says UK lockdown not covered under business interruption policy
The insurer said its “realistic disaster scenario” estimates a net loss of $175 million due to a global pandemic, mainly from losses on event cancellation, entertainment and travel insurance.
China says WHO has said no evidence coronavirus was made in a lab
U.S. President Donald Trump said on Wednesday his government is trying to determine whether the coronavirus emanated from a lab in Wuhan, China, and Secretary of State Mike Pompeo said Beijing “needs to come clean” on what they know.
Pandemic to bring Asia’s 2020 growth to halt for first time in 60 years: IMF
Policymakers must offer targeted support to households and firms hardest-hit by travel bans, social distancing policies and other measures aimed at containing the pandemic, said Changyong Rhee, director of the IMF’s Asia and Pacific Department.
Death toll due to COVID-19 touches 414; cases climb to 12,380
Twenty-two deaths were reported since Wednesday evening, the ministry said in its updated data.Nine fatalities were reported from Maharashtra, five from Andhra Pradesh, three from Gujarat, two each from Delhi and Tamil Nadu and one from Karnataka, it added.Of the total 414 deaths, Maharashtra tops the tally with 187 fatalities, followed by Madhya Pradesh at 53, Gujarat at 33, Delhi at 32 and Telengana at 18,Tamil Nadu and Andhra Pradesh have reported 14 fatalities each.
PM Modi reviews impact of COVID-19 on economy; 2nd stimulus in consideration
The pandemic and consequent lockdown have hit various sectors, including MSME, hospitality, civil aviation, agriculture and allied sector.
The government constituted an empowered group – headed by Economic Affairs Secretary Atanu Chakraborty – which is entrusted with the task of suggesting measures that can bring back economy back on track quickly post the lockdown.
With drones and tests, India battles to keep virus out of Mumbai’s slums
Mumbai’s Dharavi, often considered Asia’s biggest slum with an estimated 1 million residents, has reported 71 cases and experts fear the number could climb quickly.
Authorities stress that part of Mumbai’s high rates stem from more aggressive testing. The city has conducted 2,374 tests per million, versus 448 per million in capital New Delhi, according to a Mumbai government report reviewed by Reuters on Thursday.
Around 82% of coronavirus patients in Mumbai are stable, with just 2% requiring critical care, the data shows.
“If this percentage remains of stable cases, then we are through,” said Praveen Pardeshi, commissiner,Brihanmumbai Municipal Corporation
Confirmed cases in the city have ticked up above 1,900, including 113 deaths, making up around 15% of India’s more than 12,000 known cases.
Covid-19: Govt to transfer financial assistance only through DBT mechanism
“India has JAM (Jan Dhan, Aadhaar, Mobile) based DBT mechanism for diff. schemes. Successfully deposited Rs. 28,256 Cr. to 31.77 Cr. beneficiaries bank a/cs under Covid relief. DBT is fulcrum for targeted delivery of such measures. Pls don’t believe any outlandish rumours!,” the Department of Financial Services said in a tweet.
Finance Minister Nirmala Sitharaman had last month announced that as many of 20.5 crore women Jan Dhan account holders will get Rs 500 per month for the next three months.