Russian aviation authorities said in a statement the plane was a...
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Zuckerberg’s firms fined $2.8bn for wrongful user data processing in last 4 yrs: Report
Mark Zuckerberg, CEO, Facebook "The fines levied on Meta are mainly...
Traffic through the Panama Canal is being cut due to drought, disrupting global trade
On Wednesday, Panama Canal Administrator Ricaurte Vásquez said they...
Arctic headache for ship insurers as routes open up
As climate change opens new sea routes, experienced polar captains like Whatley are coveted for Arctic voyages that can save money on the run between Europe and Asia. But as activity in the Arctic’s waters picks up, insurance companies are grappling with a fundamental question: If something goes wrong, who pays?
So far, it’s unclear that the cost of a major accident would be completely covered by insurance. Damages from a ship spilling oil, hitting an iceberg or becoming marooned can run into the hundreds of millions of dollars.
Epidemic & Pandemic insurance contracts less ambiguous in Asia:Peak Re CEO
“Specifically, when you look at COVID-19, this part of the world is going through its fifth epidemic this century, and this century is only 20 years old. There are much less problems on the wordings side in respect of pandemics in Asia,” Franz-Josef Hahn, chief executive officer, Peak Re said.
Looking ahead to January 1, 2021 renewals,Hahn highlighted that the period represents a chance for reinsurers to “correct pricing” – a move he believes necessary for the development of a “sustainable” marketplace. Otherwise, [the marketplace] is not going to go any further and no capacity will be provided any longer,” .
UK Vaccine Taskforce Chair says early COVID-19 vaccines may be imperfect – The Lancet
“However, we do not know that we will ever have a vaccine at all. It is important to guard against complacency and over-optimism”, UK Vaccine Taskforce Chair Kate Bingham wrote in a piece published in The Lancet medical journal.
“The first generation of vaccines is likely to be imperfect, and we should be prepared that they might not prevent infection but rather reduce symptoms, and, even then, might not work for everyone or for long,” she added.
Novartis upbeat as drugmakers see hospitals coping with COVID
ZURICH: Novartis joined rivals Merck, Johnson & Johnson and Roche in predicting the worst of the pandemic may be over for drugmakers, amid signs healthcare systems have learned how to cope with surging infections without shutting down all services. The Swiss...
AIG to separate Life & Retirement business
”Peter S. Zaffino, AIG’s President & Global Chief Operating Officer, and CEO-elect, stated, “Across AIG, we have made significant progress executing on our strategy to deliver value for our clients, distribution partners, shareholders and other stakeholders. Our businesses can be further strengthened by separating Life & Retirement from AIG, which we believe will enable each entity to achieve a more appropriate and sustainable valuation.”
Sompo Asia strengthens its insurance pricing platform with Willis Towers Watson
These solutions enable insurers, distributors and managing agents the ability to capture all elements of the pricing process and analysis. This ranges from traditional rating structures through to complex pricing algorithms with embedded models that take advantage of machine learning methods, and implement them directly into the point-of-quote engine of the insurer. To date, the Radar solution is being used by 23 out of 25 of the world’s largest insurance groups.SOMPO, which already uses WTW’s liability calculation tools, will initially implement Emblem and Radar in Singapore, India, Malaysia and Indonesia, before cascading to its business operations in other markets across Asia.
Winter survival test is coming for airlines as coronavirus cases rebound
One exception is in China, where the pandemic is in check and domestic flights have surged past where they were a year ago. In the U.S., airlines carried 1 million passengers on a single day for the first time since March. Still, air travel is at about the level it was more than three decades ago.
Coronavirus isn’t going away soon, world must reset hopes for economy
While drug companies are making progress in the quest to find a cure for a disease that triggered the worst recession since the Great Depression, questions remain about how effective the first wave of vaccines would be, how easy they will be to distribute to more than 7 billion people and then how many will agree to take them.
Vaccine storage issues could leave 3 billion people without access
The vaccine cold chain hurdle is just the latest disparity of the pandemic weighted against the poor, who more often live and work in crowded conditions that allow the virus to spread, have little access to medical oxygen that is vital to Covid-19 treatment, and whose health systems lack labs, supplies or technicians to carry out large-scale testing.
WHO reports third straight daily record in virus cases
According to the WHO’s figures, there have been more than 42.3 million confirmed cases of the respiratory disease, while nearly 1.15 million people have lost their lives, including 6,570 on Saturday.
Nearly half of Saturday’s new cases were registered in the WHO’s Europe region, which logged a one-day record high of 221,898 cases.
In total, more than nine million cases have now been registered in the region.