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Singapore Airlines offers compensation for flight hit by turbulence
“Passengers medically assessed as having sustained serious...
Russian Oil tanker does secret cargo switch near Singapore to dodge US sanctions
Russia has shipped about 3.4 million barrels a day of crude so far...
EU regulator to test insurers for prolonged COVID economic hit
The European Insurance and Occupational Pensions Authority (EIOPA) said it will test 44 insurers and reinsurers for their resilience to the economic consequences of the pandemic and a “lower for longer” interest rate landscape.
Insurers are exposed to the economic environment through the returns they can earn from investing insurance premiums, as well as from the level of demand for their products.
“We are still in the middle of the crisis,” EIOPA Executive Director Fausto Parente told a media conference.
“The insurance sector is for sure not immune.”
Global renewable energy grew at fastest pace in two decades in 2020 – IEA
New renewable energy capacity in 2020 rose by 45% to 280 gigawatts (GW) last year, the largest year-on-year increase since 1999, even though there were supply chain disruptions and construction delays due to the impact of COVID-19.
China accounted for 50% of renewable energy capacity growth last year and will account for 45% this year and 58% in 2022, the report said.
AXA XL appoints Anish Jadav as CUO, Retail P&C, UK & Lloyd’s market
In his new role, Jadav will be responsible for developing and executing AXA XL’s Retail P&C underwriting strategy and optimising product offering and profitability.
Moody’s upgrades outlook for global aviation industry to ‘positive’
“While the continuing pandemic means there is a risk of further disruption to air travel in various countries at various times, we expect an increase in vaccinations to lower border restrictions and increase demand for air travel over the next 12 to 18 months,” Moody’s said in a note today.
Indian Covid variant B.1.617 detected in 44 countries, says WHO
However, Ministry of Health and Family Welfare clarified on Wednesday that WHO has not associated the term “Indian Variant” with B.1.617, now classified as “Variant of Concern”.
Miller launches new exclusive Professional Indemnity product for freelance solicitors
Ed Pickard, Head of UK Professions, commented: “This new product will enable Miller to support freelance solicitors in accessing the coverage they need to operate. Our team of solicitors’ PI insurance specialists are excited to be able to offer this to our expanding portfolio of clients, and would encourage solicitors to get in touch to learn how Miller can find them the competitively priced cover they need to protect against claims and meet the requirements of the regulator.”
Underwriters puzzle over how to make pandemics insurable again
U.S. company SpottedRisk has devised a model built on years of data on the political and economic environment of film locations in 150 countries, as well as a year’s COVID-19 shutdown data, to come up with a pricing mechanism to cover the risk of production stopping due to the pandemic.
Britain, the European Union and the United States are all looking at arrangements in which cover from commercial insurers would be backed by government reinsurance schemes. Such schemes could be less costly than business bailouts but the process of developing them is slow, as governments grapple with the problems at hand.
Europe dares to reopen as 200 millionth vaccine dose delivered
With 200 million vaccine doses delivered, the European Union is on track to achieve its goal of inoculating 70% of its adult population by summer, Commission President Ursula von der Leyen tweeted on Sunday.
China’s population growth slows; nation becomes older and urbanised
The share of the working-age population — those between ages of 15 and 59 — slumped to 63.4% in 2020 from more than 70% a decade ago, according to the census. Residents aged 60 and above accounted for 18.7% of the population in 2020, up from 13.3% in 2010.
French banks told to speed up response to climate change
Other financial watchdogs around the world will also be conducting similar tests on the finance industry to help to reduce the impact of climate change on economies. Banks and other finance companies will have to disclose to investors the impact of climate change on their balance sheets under proposed European Union rules.