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Further rate hardening expected,cyber insurance market to surpass $ 7bn in 2020:Munich Re

Recent experiences following the lockdown of public life and the business world in many countries have been a wake-up call regarding the staggering potential for systemic risks to result in losses that subsequently trigger many different repercussions. Yet it is by definition impossible to insure risks that lead to losses everywhere at the same time, thus violating the fundamental criterion of insurability, said Munich Re. 

Interest rates have dropped to record lows once again in 2020. Against the backdrop of the coronavirus crisis, it is increasingly likely that the current interest-rate environment will continue to affect low-risk investments for the foreseeable future. These circumstances mean that sustained profits, in long-tail business and elsewhere, will only be possible if prices match the assumed risks, explained Munich Re..

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AstraZeneca COVID-19 vaccine trial volunteer has died, Brazil health authority says

The regulator said testing of the vaccine would continue after the volunteer’s death. It provided no further details, citing medical confidentiality of those involved in trials.

The Federal University of Sao Paulo, which is helping coordinate phase 3 clinical trials in Brazil, separately said that the volunteer was Brazilian but did not say where the person lived.

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IMF cuts Asia’s growth forecast, warns of pandemic-driven risks

India’s economy is likely to shrink 10.3% this year in stark contrast to China, which is set to expand 1.9%, the IMF said.

Asia’s economy is likely to grow 6.9% in 2021 thanks to the boost from expected stronger recoveries in China, the United States and the euro area, it said.

But the IMF said there were “considerable” risks such as the chance of a second wave of infections, escalating U.S. tensions and a potential return to tighter financial conditions.

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India records 46,790 new COVID-19 cases

There are 7,48,538, active cases of coronavirus infection in the country which comprises 9.85 per cent of the total caseload, the data stated.

A total 67,33,328 people have recuperated from the disease so far pushing the national recovery rate to 88.63 per cent while the case fatality rate due COVID-19 stands at 1.52 per cent.

Experts have warned that infections could rise in India as the holiday season nears, with celebrations for the Hindu festivals of Durga Puja and Diwali due this month and in mid-November, respectively.

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Global coronavirus cases surpass the 40 million milestone

Since the pandemic started, over 1.1 million people have died due to COVID-19, with the global fatality rate hovering around 2.8% of the total cases.

An official at the World Health Organization has said the global death toll from COVID-19 could double to 2 million before a successful vaccine is widely used and could be even higher without concerted action to curb the pandemic.
The United States, India, and Brazil remain the worst affected countries in the world. COVID-19 cases in North, Central, and South America represent about 47.27% or nearly half of global cases.

Around 247 cases are seen per 10,000 people in the United States. For India and Brazil, those numbers stand at 55 cases and 248 cases per 10,000 people respectivel

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