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Japan revokes certification for 3 models of Daihatsu after safety scandal
The discovery in early 2023 that a half dozen models might be...
Red Sea war insurance rises with more ships in firing line
Insurance industry sources said that war risk premiums had risen to...
IMF chief warns global economy ‘not out of the woods,’ dangers lurk
The IMF last month further slashed its 2020 global output forecasts, predicting a 4.9% contraction and weaker-than-expected recovery in 2021.
IMF Managing Director Kristalina Georgieva said $11 trillion in fiscal measures by G20 members and other countries, as well as massive central bank liquidity injections, have put a floor under the global economy.
Even so, dangers lurked, she said, including a major new wave of infections, stretched asset valuations, volatile commodity prices, rising protectionism and political instability.
Russia trying to steal COVID-19 vaccine data, say UK, U.S. and Canada
British foreign minister Dominic Raab said it was “completely unacceptable” for Russian intelligence services to target work on the pandemic.
However,the Kremlin rejected Western allegations Russia had tried to steal COVID-19 vaccine data, Russian news agencies reported.
TASS cited Kremlin spokesman Dmitry Peskov as saying Russia had nothing to do any alleged hacker attacks on pharmaceutical companies and research institutes in Britain.
South African regulator cautions insurers over rejection of virus claims
A Cape Town court on June 26 ruled in favor of a restaurant seeking payment from Momentum Metropolitan Ltd.’s Guardrisk Insurance Co. Guardrisk is “in the process of engaging with our legal team to study the judgment and consider the next steps,” a representative said.
A second wave could eat into insurers’ capital:S&P
Currently estimates of insured losses from COVID-19 vary and include V.J. Dowling’s $80 billion to the Lloyd’s estimate $107 billion and Willis Towers Watson’s $140 billion. The consensus is that the bulk of the losses will come from event insurance, business interruption and entertainment. S&P expects the bulk of claims to be reported in Q2 and Q3. However, it warns, losses could escalate if conditions worsen beyond the current recovery scenario.
UK Plans to spend $6.6 billion on building flood defenses through 2027
Under the plans, the UK’s Flood Re insurance program will also be modified to allow claims to include the installation of flood resilience measures as well as repairs for affected properties.
“For every pound spent improving protection from flooding and coastal erosion, we avoid around 5 pounds of property damages,” Environment Agency Chairman Emma Howard Boyd said. “The long-term commitments announced today will make homes, businesses and infrastructure more resilient to the accelerating impacts of the climate crisis.”
Russia requires firms to develop financial/insurance contingency plans for oil spills
The law makes it mandatory for companies to have sufficient financial reserves to prevent potential spills or clean them up if they occur. The financial reserves can take various forms, including an insurance contract or a letter of guarantee to pay the damage from a given accident.The law also requires companies handling hydrocarbons to draw up plans to prevent and clean up spills by Jan.1, 2024.
Moderna Phase 1 results show coronavirus vaccine safe,induces immune response
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, whose researchers developed Moderna’s vaccine candidate, called the results “good news,” noting that the study found no serious adverse events and the vaccine produced “reasonably high” levels of virus-killing or neutralizing antibodies.
Afghanistan faces ‘catastrophe’ as COVID-19 cases grow: Red Crescent
Red Crescent Secretary General Nilab Mobarez said acute protective equipment shortages and difficulties in accessing remote regions were hampering its COVID-19 response. But it was expanding mobile health teams and adding thousands of community volunteers to try and detect and prevent the disease, which it said it expected to spread over coming weeks
Tokyo Olympics at risk if coronavirus mutates, gets stronger:Japan adviser
“I think the virus is mutating all the time … it may be a much stronger virus that triggers a second wave,” Kiyoshi Kurokawa, a prominent Japanese government adviser,told Reuters. “The Olympics may be postponed again, but I can’t predict.”
World Population in 2100 could be 2 bn below UN projections: Study
“These forecasts suggest good news for the environment, with less stress on food production systems and lower carbon emissions, as well as significant economic opportunity for parts of sub-Saharan Africa,” lead author Christopher Murray, director of the Institute for Health Metrics and Evaluation (IHME) at the University of Washington, told AFP.
“However, most countries outside of Africa will see shrinking workforces and inverting population pyramids, which will have profound negative consequences for the economy.”