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When $2 trillion falls short, the next 2020 may be uninsurable
At the core is the reality that the global non-life insurance industry’s US$2 trillion in capital won’t last in a “black swan” event, such as a cyberattack or another pandemic, that hobbles the global economy.
Insurance markets for events, travel and business interruption have all been roiled by the virus. For those looking to protect against the possibility of pandemics, most will find that firms are offering few safeguards going forward.
Allianz, Europe’s biggest insurer, said it will focus on tightening up contracts to exclude pandemics. Munich Re has stopped selling business-interruption policies that cover coronavirus losses.
Those vaccinated against Covid-19 may still need to wear masks
“A lot of people are thinking that once they get vaccinated, they’re not going to have to wear masks anymore,” said Michal Tal, an immunologist at Stanford University. “It’s really going to be critical for them to know if they have to keep wearing masks, because they could still be contagious.”
AstraZeneca’s Covid-19 vaccine 70.4% effective at preventing the infection
The Company is also making rapid progress in manufacturing with a capacity of up to 3 billion doses of the vaccine in 2021 on a rolling basis, pending regulatory approval. The vaccine can be stored, transported and handled at normal refrigerated conditions (2-8 degrees Celsius/ 36-46 degrees Fahrenheit) for at least six months and administered within existing healthcare settings.
Nifty, Sensex hit record highs on vaccine progress
Global equities traded higher on Wednesday, after Britain started mass-vaccinating its people using a fully-tested COVID-19 shot and as Johnson & Johnson said it could obtain late-stage trial results for a single-dose vaccine earlier than expected.
Reinsurers raise $ 22 billion capital in 2020,booked $20b of COVID-19 related losses:Willis Re
In the first nine months of 2020 the global (re)insurers which Willis Re track booked $20b of COVID-19 related losses. This remains considerably below the c.$68b mid-point of top-down loss estimates for the global non-life industry. More is coming with Q4 results with, for example, Munich Re announcing on 1 December that it will book an additional c.€1.1b, said the report.
A number of (re)insurers have included a significant Incurred But Not Reported (IBNR) component in their booked losses due to considerable uncertainty around ultimate COVID-19 losses. This uncertainty is due in part to pending legal rulings, particularly in relation to business interruption (BI) covers, which will decide if and how COVID-19 related claims should be covered.
U.S. cybersecurity firm FireEye discloses breach, theft of internal hacking tools
The FireEye breach was disclosed in a blog post authored by CEO Kevin Mandia. The post said “red team tools” were stolen as part of a highly sophisticated, likely “nation-state” hacking operation. It is not clear exactly when the hack initially took place.
Cyber risk is new threat to financial stability: IMF
“Given strong financial and technological inter-connections, a successful attack on a major financial institution — or on a core system or service used by many — could quickly spread through the entire financial system, causing widespread disruption and loss of confidence.” said Jennifer Elliott and Nigel Jenkinson of IMF’s Monetary and Capital Markets Department
Round-the-clock RTGS from December 14
“Round the clock availability of RTGS will provide extended flexibility to businesses for effecting payments and will enable introduction of additional settlement cycles in ancillary payment systems.
“This can also be leveraged to enhance operations of Indian financial markets and cross-border payments,” the RBI said.
UK warns people with serious allergies to avoid Pfizer vaccine after two adverse reactions
“Any person with a history of a significant allergic reaction to a vaccine, medicine or food (such as previous history of anaphylactoid reaction or those who have been advised to carry an adrenaline autoinjector) should not receive the Pfizer BioNtech vaccine,” it said.
Percentage of uninsured vehicles rises to 57% in 2018-19, Kerala corners the highest average in motor death claims
Maharashtra is the leading state in terms of total premiums collected from Motor business, followed by Tamil Nadu, Uttar Pradesh,Karnataka, Gujarat and Kerala.
The bulk of the uninsured vehicles are Two Wheelers with the un-insurance being as high as 66%.
For the financial year 2018-19, total death claims on account of motor insurance paid by the domestic general insurers was Rs. 9,01,207 and for Injury claims it was Rs. 2,51,094 which showed an increase over FY 2017-18.