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Global coronavirus deaths pass ‘agonizing milestone’ of 1 million
It took just three months for COVID-19 deaths to double from half a million, an accelerating rate of fatalities since the first death was recorded in China in early January.
More than 5,400 people are dying around the world every 24 hours, according to Reuters calculations based on September averages, overwhelming funeral businesses and cemeteries.
Pandemic to keep Asia’s growth at lowest since 1967, warns World Bank
The economic shock of the pandemic was also expected to lead to a jump in poverty, defined as income of $5.50 a day, the bank said, adding that based on past experience and the latest gross domestic product forecasts, poverty could expand by 33 million to 38 million people to see its first rise in 20 years.
The bank said that 33 million people who would have in the absence of the pandemic escaped poverty would remain in it this year.
UK watchdog sets Wednesday deadline for agreement on business insurance claims
Hundreds of thousands of mainly small British businesses are waiting to hear if their insurer will pay out imminently, or keep them waiting while they appeal.
London’s High Court ruled that some of the world’s biggest insurers were wrong to reject thousands of claims from small firms battered by the COVID-19 pandemic.
The FCA said it continues to “work closely and at speed” with the eight insurers and two intervenors that participated in the test case to reach an agreement in principle on a range of issues to avoid a “leapfrog” appeal to the Supreme Court.
African Risk Capacity partners with insuretech Pula to Deliver Agric Index Insurance products to African Farmers
In just over 6 years of operations, 56 policies have been signed by the ARC Member States with USD 83 million paid in premiums for cumulative insurance coverage of USD 641 million and the protection of 64.1 million vulnerable population in participating countries.
From this, ARC Ltd made $60m payouts to the Governments of Senegal, Niger,Mauritania, Malawi, Cote D’Ivoire, the START Network and WFP following droughts episodes in 2014, 2015 and 2019.
China to tighten supervision of country’s booming online insurance business
The rules will also require Internet companies to obtain insurance licenses before involving in the business, according to the draft.”The fast development in the online insurance sector has exposed certain problems,” the CBIRC said, “The rules are to effectively defuse the risks and protect the interest of consumers.”
AXA XL launches Digital Risk Engineer, a connected solution to monitor “buildings and assets”
Available globally, Digital Risk Engineer uses Internet of Things (IoT) devices installed in the clients’ buildings to capture information from connected systems such as energy, water (including sprinklers), heating, ventilation and air conditioning (HVAC).
Jonathan Salter, recently announced Head of Risk Consulting at AXA XL said“This fully digital offering is especially relevant today as we grapple, as a society, with the impacts of COVID-19, and the likelihood that companies will try to limit in-person site visits where possible.”
U.S. pension funds sue Allianz after $4 bln in coronavirus losses
Market panic around the virus that resulted in billions in losses earlier this year scarred many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.
In March, Allianz ALVG.DE was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed”.
Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion.
‘Take home’ lawsuits over COVID infections could be costly for U.S. employers
Between 7% and 9% of the roughly 200,000 U.S. COVID-19 deaths so far are believed to stem from take-home infections and the lawsuits could cost businesses up to $21 billion if the number of Americans fatalities reaches 300,000, according to Praedicat, a firm that evaluates risks for insurers.
Most executives seek work-life balance after experiencing pandemic blues – survey
Many top company officials in France and Egypt were most likely to have recalibrated their lives after experiencing the pandemic blues, followed by those in the United Arab Emirates, the United States and Britain, according to a survey of about 2,000 high net-worth individuals by health insurer Bupa Global.
SCOR welcomes A.M. Best’s decision to confirm its Financial Strength Rating of ‘A+ Superior’
Denis Kessler, Chairman & Chief Executive Officer of SCOR, comments: “We welcome A.M. Best’s decision to affirm SCOR’s ratings. This decision further testifies to the soundness of our strategy as a Tier 1 global reinsurer and the resilience of our business model to shocks. We are entering the renewal season with confidence. SCOR is well positioned to accelerate its growth in a supportive market environment, benefiting from positive pricing dynamics and improving terms and conditions in P&C reinsurance, while consolidating its position in the top tier of the Life reinsurance market.”