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Climate change makes forecasting harder, says Australia’s agriculture minister
“Climate change is having an impact. The models that we’ve...
ECB cyber stress test not to affect capital requirements
The exercise will assess how banks respond to and recover from a...
South Korean doctors strike over health plans as new coronavirus cases climb
The government plans to increase the number of medical students by 4,000 over the next 10 years, which it says is necessary to be better prepared for public health crises like the coronavirus pandemic.
But the Korean Medical Association (KMA), which helped organise the protest, says the country already has more than enough physicians.At least 8,365 of the country’s total 33,836 medical facilities, including private clinics, had said they would stage a walk out on Friday, but the numbers could rise, Vice Health Minister Kim Gang-lip told a briefing.
“The number of physicians per 1,000 people has increased by 3.1% annually for the past 10 years, which is 6 times greater than that of OECD average,” KMA said in a statement.
Prudential Thailand deploys Munich Re’s digital solution, customers can avail real-time underwriting decisions
Pasalaree Theerasas, Chief Customer Officer, Prudential Thailand, said,“The automated solution shortens the turnaround time for underwriting decisions compared with the traditional process, and reduces the time spent by applicants in answering unnecessary or repetitive health questions and providing medical documents. ”
Middle East insurers seen taking bulk of losses from Beirut blast – sources
“The majority of exposure will be on the building damage side and to the extent that it is covered beyond the property markets, there will be very significant business interruption,” a Lloyd’s of London market source said.
“Much of it (the risk) may be covered by local markets,” the source said, which could include insurers in Dubai.
Business owners can sue insurer over coronavirus losses, US judge rule
The decision against Cincinnati Insurance Co by U.S. District Judge Stephen Bough in Kansas City appears to be first victory for policyholders suing insurers for improperly denying claims related to shutdowns caused by COVID-19.
Insurers had won similar cases in courts in Michigan and Washington, D.C., successfully arguing that coverage was not warranted because the virus travels through the air and does not cause physical damage.
UK life insurers pay 90 million pounds in COVID-19 claims – trade body
Insurers received 7,000 life insurance claims from families of people who died from COVID-19 and 83% have been paid so far, the ABI said in a statement. Every life insurance claim has been accepted, it said.
The average payout is expected to be 63,000 pounds for an individual policy and 137,000 for a group policy.
Although they are paying life insurance claims, worsening life expectancy will mean pensions, often the bulk of their business, are paid for a shorter period, industry sources say.
Digital and new business capabilities driving modernisation of life insurers: Novarica CIO Study
“For 60% of insurers surveyed, improving digital and new business capabilities stand out as the key drivers for modernization, followed by improvements in productivity to allow faster and more fluid underwriting processes and workflows,” said Tom Benton, Vice President of Research and Consulting at Novarica
Munich Re among insurers facing ‘Major’ Beirut blast losses
Property damage alone from the blast, which killed more than 150 people and triggered the collapse of Lebanon’s government, could exceed $7 billion, according to the Institute of International Finance.
Although only a fraction of the losses are covered by insurance, the blast’s financial impact still could blow holes in reinsurers’ balance sheets. Insured losses at the port and nearby vessels and cargoes could reach $250 million, according to Guy Carpenter & Co., a U.S. brokerage.
“We are currently assuming that this will be a major loss for us,” Christoph Jurecka, Munich Re’s chief financial officer, told reporters in an Aug. 6 conference call. He declined to estimate the size of the loss, but Munich Re classifies total payouts of more than 10 million euros ($11.8 million) for one incident as “major.”
Hannover Re, another Germany-based reinsurer, also anticipates a loss of at least 10 million euros, a company board member, Sven Althoff, said last week in a call with analysts.
Britain’s Prudential to exit U.S. business,focus on Asia, Africa
“This new Prudential model will be a growth-oriented business,” Prudential CEO Mike Wells,
Prudential had already sold an equity stake in the U.S. unit to Apollo Global-backed Athene Holding for $500 million (382 million pounds) in June.
Operating profit in Asia was up 14%. .
World reaction to Russia’s COVID-19 vaccine
The World Health Organization and Russian health authorities are discussing the process for possible WHO prequalification, a WHO spokesman said on Tuesday.
“Prequalification of any vaccine includes the rigorous review and assessment of all required safety and efficacy data,” WHO spokesman Tarik Jasarevic told a U.N. briefing in Geneva, referring to clinical trials.
Directors’ liability insurance rates surge on virus litigation fears
Premiums for directors’ liability insurance, known as D&O, in Britain rose by more than 100%, while in the United States, rates for public companies were up by 59%, Marsh said in a quarterly commercial insurance survey.D&O insurance protects company directors and executives against litigation costs.
Jonathan Turner, CEO for speciality insurance at broker Gallagher, said D&O rates for public companies seen as particularly exposed to COVID-19 legal claims had risen by as much as 2,000%.