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Israel’s ports feel strain as shipping traffic slows after attacks
Israel is among countries in the Middle East already considered a...
Global economic losses from extreme weather could hit $5 trillion -Lloyd’s
“The global economy is becoming more complex and increasingly...
WeWork directors seek to preserve right to sue SoftBank over failed $3 billion tender
In the motion, WeWork’s special committee, filed a “status quo order” which would preserve the committee’s authority pending the outcome of the legal case between WeWork and SoftBank. A judge in Delaware court last month set the trial date for the case for early January.
Lloyd’s of London to pay up to $4.3 billion in coronavirus claims
Insured losses are likely to total $107 billion, similar to natural catastrophe losses in 2005 led by Hurricanes Katrina, Rita and Wilma and to 2017 including Hurricanes Harvey, Irma and Maria, Lloyd’s said.
Global trade fell 3% in Q1 of 2020 due to Covid-19; may slide further: UN
“Everywhere governments are pressed to make post-Covid-19 recovery decisions with long-lasting consequences,” said UNCTAD Secretary-General Mukhisa Kituyi.
AXA’s Garance Wattez-Richard bags “Geneva Association Women in Insurance Award” for initiatives on underserved populations
Ms Wattez-Richard founded AXA’s Emerging Customers business in 2016. It now distributes insurance to 18 million customers across Asia, Africa and Latin America by engaging over 50 public- and private-sector partners in 10 countries. Among its successes, AXA protects 500,000 entrepreneurs in Egypt, 75% of whom are women, and partners with Airtel Payment Bank in India to protect 3 million customers.
Germany must stabilise social security system with cash injection: officials
The German economy, Europe’s largest, is facing its deepest recession since World War Two even though a lockdown to contain the spread of the virus is being gradually eased. The plunge in business activity is expected to push down tax revenues and tear a gigantic hole in the public finances.
U.N. warns of global mental health crisis due to COVID-19 pandemic
The UN report outlined action points for policy-makers to aim “to reduce immense suffering among hundreds of millions of people and mitigate long-term social and economic costs to society”.
These included redressing historic under-investment in psychological services, providing “emergency mental health” via remote therapies such as tele-counselling for frontline health workers, and working proactively with people known to have depression and anxiety, and with those at high risk of domestic violence and acute impoverishment.
French Mutual Covéa Scraps $9 Billion Purchase of PartnerRe from Exor
Under the original terms of the agreement with Covéa, Exor would have received an aggregate cash return of $3 billion from its purchase and disposal of PartnerRe, including dividends paid by the Bermuda-based group since 2016, Exor has said.
The MoU included a $175 mln penalty for Covéa to get out of the deal, according to a March report in the Italian daily newspaper Il Sole 24 Ore.
UK Financial Services firms weigh options for Post-Coronavirus work arrangements
“As insurance moves to more remote working, there is a greater risk of fraud and hacking,” said Bruce Carnegie-Brown, chairman of the Lloyd’s of London insurance market.
Covid-19 Pandemic: UK’s Airmic calls for change in approach to insurers’ pandemic response
Greater collaboration and communication between businesses, insurers and brokers to allow innovation and opportunity to emerge from the crisis.
Looking beyond the COVID-19 pandemic, Airmic supports the creation of national catastrophic pooling and reinsurance mechanisms, such as the existing UK pools for terrorism and flood. They must, however, be embedded in broader national and international risk strategies and should themselves be pooled to ensure the efficient use of capital, the association continued.
Coverage of Pandemic Risk through P/C Insurance could be designed like existing Federal Programs:US actuaries’ body
“Pandemic risk is more similar to the catastrophic risks covered by programs like the Terrorism Risk Insurance Program and the National Flood Insurance Program than to risks normally insured by the commercial insurance market, and any new federal program seeking to facilitate pandemic risk coverage should reflect that difference,” said Academy Vice President, Casualty, Lisa Slotznick, the signer of the letter on behalf of the Academy’s Casualty Practice Council to the House committee.