At a hearing overnight, Australia’s Federal Court ordered X,...
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Sanofi to pay over $100 million to settle about 4,000 Zantac cancer lawsuits
But the relatively modest settlement should please Sanofi...
World’s workers increasingly at risk as climate changes, ILO says
Workers, especially the world’s poorest, are more vulnerable than...
EU drug watchdog reaffirms no particular clot risk factor linked to AstraZeneca vaccine
While repeating that the vaccine’s benefits outweigh risks, it cautioned that people should be aware of the “remote possibility” of rare blood clots occurring, and must seek immediate medical attention in case of symptoms.
April 1 Renewals:Market pricing remain firm in all classes and territories, Willis Re
James Kent, Global CEO of Willis Re, said: “The market landscape has not seen much change since 1 January and consequently the important 1 April renewals saw more of the same between reinsurers and their customers. Market results for 2020 illustrate the challenges faced by the global reinsurance sector of reduced investment income, declining prior-year reserve releases, rising COVID-19 loss reserving, and increased volatility in the frequency and severity both of natural catastrophes and man-made losses.
However, reinsurers’ 2020 results, when adjusted for COVID-19 claims reserves, have shown encouraging improvements in underlying combined ratios and buyers’ immediate concerns over capacity availability and pricing have been allayed leading to an orderly renewal.”
India AstraZeneca shot delay could be ‘catastrophic’ for Africa: health official
The African Union had planned to vaccinate 30-35% of the continent’s population by the end of the year he said. “If the vaccines are delayed we are unlikely to meet our target,” he added.
That AU target primarily relies on supplies from the global COVAX vaccine-sharing facility, through which 64 poorer countries including many in Africa are supposed to get doses from the SII. COVAX aims to provide enough shots for African countries to inoculate at least 20% of their populations.
French pharma firm guilty of fraud, manslaughter over weight loss pill: court
The drug Mediator was on the market for 33 years and used by about five million people before being pulled in 2009 over fears it could cause serious heart problems — more than a decade after such concerns had first been raised.
Australia flooding to cut into insurers’ earnings, add to upward pressure on reinsurance rates:AM Best
AM Best expects the number of claims received to date to escalate as the event continues to impact the region, and as access to damaged properties is gained over the coming weeks. Losses are likely to emanate primarily from domestic property and motor lines of business, as well as from commercial risks, including business interruption and agriculture covers.
Suez Canal works to clear backlog as shipping convoys resume
The Ever Given’s grounding across a southern section of the canal forced a halt to all traffic, leading to a build-up of 422 ships at either end of the canal and along its course.
Lloyd’s records a loss of £0.9bn for 2020, driven by £3.4bn net incurred COVID-19 losses
Throughout 2020, Lloyd’s provided significant support to its customers around the world impacted by the COVID-19 pandemic, with customer pay outs forecast to reach £6.2bn on a gross basis.
COVID-19 claims added 13.3% to the market’s combined ratio of 110.3%.
Excluding COVID-19 claims, the market’s combined ratio has shown substantial improvement at 97.0%, down from 102.1% in 2019.
Shipping companies may not get insurance claims for’ lost expenses’ incurred from Suez closure chaos
Ships typically have various types of insurance, including protection & indemnity (P&I) for pollution and injury claims. Separate hull and machinery policies cover vessels against physical damage.
“Both exclude loss of earnings,” Claudio Blancardi, underwriting director with ship insurer Nordic Marine, said.
World leaders call for international pandemic treaty
But there are few details to explain how such an agreement might actually force countries to act more cooperatively.
Suez Canal blockage adds to pressure points in global trade
About 12% of global trade by volume goes through the Suez Canal, but it accounts for 30% of the world’s daily shipping container freight. That makes it the most important conduit for trade between Europe and Asia. Some 19,000 vessels passed through the canal last year, according to official figures.