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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.
India is world’s most digitally dexterous country: Gartner survey
he Gartner 2019 Digital Workplace Survey found that India is the most digitally dexterous country in the world – followed by the UK
Climate change risk will have transformative effect on Energy sector, Willis Towers Watson
In Asia, the Downstream insurance market continues to harden, with losses in countries, including Thailand and Korea. The gap in pricing between Asian and London-based markets is reducing significantly, especially with a majority of the Asian markets making headquarter referrals before underwriting a risk. There are also elements of domestic hardening in countries like Korea, Taiwan and the Philippines amongst others. At the same time, the Downstream market in China remains competitive for domestic risk following the Covid-19 lockdown and pandemic situation, which has affected supply and demand in the oil & gas industry.
Trump cuts WHO funding over coronavirus, global toll mounts
Trump, who has reacted angrily to criticism of his administration’s response to the worst epidemic in a century, has become increasingly hostile towards the WHO.
The Geneva-based organisation had promoted China’s “disinformation” about the virus that likely led to a wider outbreak than otherwise would have occurred, Trump said.
The United States is the biggest overall donor to the WHO, contributing more than $400 million in 2019, roughly 15% of its budget.
Indian banks issue gag orders to employees over branch overcrowding – documents, sources
“So far we’re neither getting help to manage the crowds, nor are we being allowed to voice complaints… about the critical lapses and failures of social distancing at banks,” said another bank employee who also requested anonymity.
COVID-19 response ‘could bankrupt the insurance industry’: insurance defense lawyer
The problem for policyholders is that they’re required to show physical loss or damages to make a claim for business interruption. Typically, he said, insurers will pay out business interruption insurance if, for instance, a company has to shut down because of a fire or a natural disaster. Civil authority provisions cover shutdowns mandated by state or local governments in response to nearby disasters, such as a business that’s ordered to close its doors because of a chemical release at a manufacturing plant down the street, Badger said.
COVID-19 shutdowns, he said, don’t fit either of those scenarios. Policyholders whose businesses were closed because COVID-19 molecules were found on their premises may argue that the virus constituted physical damage. That will be a question for courts to decide, Badger said. But widespread shutdowns of uninfected businesses, in order to slow the spread of the virus, cannot trigger business interruption or civil authority coverage.
Bermuda’s “resilient” re/insurance market continues to meet global clients’ needs amid COVID-19
“The re/insurance industry excels in time of disruption and catastrophes—managing risk during natural and man-made disasters is our strength,” said John M. Huff, President & CEO of Association of Bermuda Insurers & Reinsurers (ABIR), noting the Bermuda market is well capitalized and works closely with regulators and policy makers globally on the economic potential of any significant events. “The industry has a proven track record of responding successfully during critical moments in history and we will continue to do so as the world faces and recovers from the COVID-19 pandemic.”
Most small UK companies have no pandemic insurance – watchdog
The FCA said most insurance policies for small and medium sized companies (SMEs) only gave basic cover, with no obligation to pay out in relation to the COVID-19 pandemic.
“While this may be disappointing for the policyholder we see no reasonable grounds to intervene in such circumstances,” FCA interim chief executive Christopher Woolard said in a letter to heads of insurers.
“In contrast, there are policies where it is clear that the firm has an obligation to pay out on a policy. For these policies, it is important that claims are assessed and settled quickly.”