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Eco/Invest/Demography

A world wanting payback pulls insurers into epicenter of crisis

After playing down the virus’s potential impact just a few months ago, insurers have since declared large financial hits and warned of far worse to come. France’s AXA last month estimated that event cancellation claims alone would be in the “mid-triple-digit-million euros” and it was too early to predict the amount for business interruption. Germany’s Allianz said it suffered a 700 million-euro ($794 million) hit from the pandemic in the first quarter.

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Global food emergency imminent; 49 mn may fall into extreme poverty: UN

“There is more than enough food in the world to feed our population of 7.8 billion people. But, today, more than 820 million people are hungry. And some 144 million children under the age of five are stunted — more than one in five children worldwide. Our food systems are failing, and the Covid-19 pandemic is making things worse,” the UN chief said in his video message for the launch of UN policy brief on the impact of Covid-19 on food security and nutrition on Tuesday, Xinhua news agency reported.

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French govt to probe its own COVID-19 response

“The government is accountable to parliament. If parliament thinks (the outbreak) has been handled badly, then it must challenge the government’s response,” Justice Minister Nicole Belloubet told RTL radio.Belloubet was speaking after Paris prosecutors opened a preliminary inquiry into government actions to determine whether any criminal offences may have been committed.

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DIFC strengthens its position as region’s reinsurance Hub

During the last 16 years, DIFC has emerged as the leading reinsurance hub in MEASA region. It is now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities serving the market, including three of the top five global insurance companies. The Centre has attracted world-renowned global companies including Munich Re, Lloyd’s, Berkshire Hathaway Specialty, RGA, Korean Re, AIG, Zurich, Marsh, and AON.

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