South Asia is the most flood-prone region, with almost 40% of its...
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Microinsurance Network announces partnership with African Insurance Organisation
Together, MiN and AIO, with additional support from the...
Airlines in the Gulf adjust routes after Iran’s attack on Israel
Neighbouring countries have closed their airspace and airline crews...
Weather disasters becoming more frequent and costly, UN agency says
“Thanks to our early warning service improvement we have been able to have a decrease of the casualties at these kind of events, but the bad news is that the economic losses have been growing very rapidly and this growth is supposed to continue,” WMO Secretary-General Petteri Taalas told a press conference.
“We are going to see more climatic extreme because of climate change and this negative trend in climate will continue for the coming decades,” he said.
US govt asks Tesla how Autopilot responds to emergency vehicles
The agency wants to know how Teslas detect a crash scene, including flashing lights, road flares, reflectorized vests worn by responders and vehicles parked on the road.
More than 4 billion people still lack any social protection, ILO report
Social protection includes access to health care and income security, particularly in relation to old age, unemployment, sickness, disability, work injury, maternity or loss of a main income earner, as well as for families with children.
There are significant regional inequalities in social protection. Europe and Central Asia have the highest rates of coverage, with 84 per cent of people being covered by at least one benefit.
The Americas are also above the global average, with 64.3 per cent. Asia and the Pacific (44 per cent), the Arab States (40 per cent) and Africa (17.4 per cent) have marked coverage gaps.
Government spending on social protection also varies significantly. On average, countries spend 12.8 per cent of their gross domestic product (GDP) on social protection (excluding health), however high-income countries spend 16.4 per cent and low-income countries only 1.1 per cent of their GDP on social protection.
Total global reinsurance capacity rises 7% to $ 517 billion in 2020, Munich Re regains top ranking: AM Best
From Asia, there are three reinsurers which are part of top 15 global reinsurers. They are China Re, Korea Re and India’s state owned GIC Re(13), with a global premium of $6,481 billion in 2020.
Although the global reinsurance industry has been able to absorb the exceptional shock from the COVID-19 pandemic, perils that are becoming more complex and interrelated highlight the need for innovation to cover unmodeled risks as they emerge, and traditional risks as they evolve, according to the special report.
Ping An Insurance denies regulator halted sales of alternative investments
The nation’s largest insurer by market value is facing a setback after impairments related to troubled property developer China Fortune Land Development Co. wiped 20.8 billion yuan ($3.2 billion) from profit in the first half. The company on Friday had signaled the worst of the hit may be over and it may even claw back some of the losses this year if the debt situation of the developer improves.
Uber proposes industry-wide gig worker benefits model in Canada
Uber said it advocates for benefits funds everywhere, but added that labor laws, social safety nets and different cultures meant it would pursue a different approach in every country, with Monday’s proposal tailored to Canada.
Gig companies have long been criticized for the lack of benefits and protections they offer their independent contractor workers. Many labor unions, some lawmakers and the Biden administration have said gig workers should be reclassified as employees.
The companies have also faced several lawsuits in Canada and the United States alleging worker misclassification.
Chinese regulators seek more control over internet firms’ algorithms
Under the draft regulations, companies must disclose the basic principles, purpose and operation mechanism of its algorithm recommendation services, and must include convenient options for users to turn off the recommendation service.
Algorithms should also not be used in ways that may cause addictive behaviors in users, or induce them to spend excessively. It was not immediately clear how that would be enforced.
UN hails end of poisonous leaded gas use in cars worldwide
Petroleum containing tetraethyllead, a form of lead, was first sold almost 100 years ago to increase engine performance. It was widely used for decades until researchers discovered that it could cause heart disease, strokes and brain damage.
UNEP said studies showed leaded gas caused measurable intellectual impairment in children and millions of premature deaths.
“The cost of environmental degradation is real,” said UNEP’s executive director, Inger Andersen, citing what she described as a “very, very ballpark number” of USD2.45 trillion in damage to the global economy prevented by the ban.
Construction industry accelerating innovation, risk management: KPMG
Risk management is central to improving organisational resilience. Nearly 60 per cent of survey respondents say they want to gain a more holistic view of risks by increasing integration and visibility between enterprise risk management, portfolio risk management and project risk management. And two-thirds plan a moderate or high level of investment in risk management.
Suneel Vora, Partner for major projects advisory at KPMG in India, said the pandemic has taught important lessons to businesses implementing capital programmes and construction projects around resilience, integrated approach to risk, portfolio management, leveraging diversity and putting technology to work. KPMG’s Global Construction Survey 2021 reflects on the views of over 186 global industry leaders to provide specific answers to these aspects.
India to China: Where investors managing $3 trn are putting their money
Bloomberg News spoke with institutional investors with $3 trillion in combined assets under management to ask how they’re navigating economic turmoil caused by unpredictable recoveries and China’s shifting rules, which have frozen U.S. listings and almost erased the online education sector.
All recommended heightened caution and warned of a difficult recovery ahead.