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Egypt seeks settlement out of court for Suez Canal blockage
The canal chief said last week the Suez Canal Authority was expecting more than $1 billion in compensation, warning the ship would not be allowed to leave the canal if the issue of damages turns into a legal dispute.
“We are discussing with them a peaceful resolution to the matter without resorting to the judiciary,” he said. He maintained that bringing the case before a court would be more harmful to the firm than settling with the canal”s management.
Reinsurers set to bear brunt of costs for Suez Canal grounding
The UK Club will cover the first $10 million of P&I losses.
Beyond that, the wider pool of P&I insurers will cover up to $100 million, at which point reinsurers such as Lloyd’s of London step in for up to $2.1 billion of claims. P&I insurers would contribute for part of a further $1 billion of cover.
Australia regulator proposes exposure limits of life insurers to offshore reinsurers
“The recent growth in life insurers placing business with offshore reinsurers has been a prudential concern, as APRA does not have regulatory authority over these reinsurers,” the regulator’s Deputy Chair Helen Rowell said.
WHO does not back vaccination passports for now – spokeswoman
Meanwhile, the United States won’t issue “vaccine passports”, White House press secretary Jen Psaki said on Tuesday.
“The government is not now, nor will we be supporting a system that requires Americans to carry a credential. There will be no federal vaccinations database and no federal mandate requiring everyone to obtain a single vaccination credential,” Psaki told reporters at house briefing.
MS Amlin acquires International Transportation Marine Agency
Following a significant period of transformation, the acquisition demonstrates the evolution of MS Amlin’s strategic ambitions, supported by its parent MS&AD Group, building selectively on its core portfolio and balancing its catastrophe exposure by investing in the high growth US speciality MGA market. By targeting mid-size, strongly performing niche MGAs underwritten by capacity from highly rated carriers, MS Amlin will provide its clients with a broader suite of products whilst deepening distribution links in a key region.
International passenger traffic down 89% in February, no sign of recovery -IATA
“International passenger traffic was down almost 89% and is showing no signs of recovery in the current environment,” IATA’s new director general Willie Walsh said at a presentation on Wednesday.
Covid leaving complex legacies that will need to be tackled: IMF officia
Vitor Gaspar, Director of the Fiscal Affairs Department at the International Monetary Fund, said said at present, the evolution of COVID-19 and its fallout on economic and social developments remain highly uncertain.
Harsh Vardhan hits out at Maharashtra, accuses it of trying to cover “failures” by spreading panic on vaccines
In a strong statement, he said, “It is shocking to see how the state Government is putting Maharashtrians in danger by letting people escape institutional quarantine mandate for the sake of their personal Vasuli.
“Overall, as the state has lurched from one crisis to another, it seems as if the state leadership is happily sleeping at the wheels.”
Britain recommends non-AstraZeneca vaccine alternative to under-30s
Wei Shen Lim, COVID-19 Chair for JCVI, said that based on the available data and evidence, the committee has advised that it is preferable for adults aged under 30 with no underlying conditions to be offered an alternative to the AstraZeneca vaccine where available.
Suez Canal must upgrade to avoid future Shipping disruption
Shipping industry sources said specialist equipment and associated procedures have long struggled to keep up with the ever increasing size of commercial vessels.
“The average size of most vessels has increased exponentially over the last 15 years. The ability to salvage these bigger ships has not,” said Peter Townsend, a marine insurance industry veteran.
“The issue is getting containers off essentially a 20-story high building at sea.”