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Amazon used a secret algorithm to raise prices: Report
“We once again call on Amazon to move swiftly to remove the...
Lessor SMBC Aviation receives insurance settlement over Aeroflot jets stranded in Russia
The lessor under Japan's Sumitomo Mitsui Financial Group said the...
Global coronavirus death toll hits 200,000
The true number of fatalities is expected to be higher as many countries have not included deaths recorded in nursing homes and other locations outside hospitals.
Covid-19:SAARC nations unveil emergency stimulus packages
The Bangladesh Garments Manufacturers and Exporters Association has said that orders worth about USD 3.2 billion were cancelled or suspended, affecting over 2.3 million workers. The textile sector, a major forex earner, directly employs more than 4.5 million people, mostly women.
Airlines to suffer USD11.2 billion revenue loss, 2.9 million jobs at risk: IATA
Conrad Clifford, IATA’s Regional Vice President for Asia-Pacific.identified India, Indonesia, Japan, Malaysia, the Philippines, South Korea, Sri Lanka and Thailand as priority countries that need to take action. In India, passenger demand in 2020 is estimated to fall by 47 per cent to 89.7 million.
Covid-19 Pandemic:U.S. death toll tops 51,000, Britain nears grim milestone of 20,000
The death toll from COVID-19 in hospitals across the United Kingdom increased on Friday by 684 in 24 hours to 19,506.Passing the 20,000 mark will be an uncomfortable moment for the government, whose Chief Scientific Adviser Patrick Vallance said on March 17 that keeping the toll under that number would be “a good outcome in terms of where we would hope to get.”
Covid-19 Pandemic:Insurers feel the heat as chefs, Trump join calls for payouts,insured losses to touch $30-60 bn
Insurers’ protests may be futile. Eight U.S. states have introduced legislation which would require insurers to pay claims, mainly to small businesses, despite exclusions. Many of the bills would let insurers seek reimbursement from the states.
Shuttered businesses appoint lawyers to take on UK insurer Hiscox
The Hiscox Action Group said on Thursday it represented more than 200 policyholders with “dozens more joining daily”, that discussions with a litigation funder were advanced and that it had appointed Mishcon de Reya as legal adviser.
The dispute hinges on whether the government lockdown and the coronavirus are enough to trigger Hiscox’s business interruption insurance, designed for insured premises that cannot be used because of restrictions imposed by a public authority and in the event of a notifiable disease or infection.
In a statement last week, the insurer said: “General business interruption policies across the industry, including Hiscox’s, were not designed to cover the extraordinary circumstances caused by this pandemic.”
Developing economies could see sharper recession in 2020, World Bank warns
“Even if three months of mitigation measures prove effective in halting the pandemic, investors and households could remain skittish or local or global supply chains may not be restored,” wrote Ceyla Pazarbasioglu, vice president for equitable growth, and Ayhan Kose, director of the development prospects group.
Monte Carlo Reinsurance Rendez-Vous de Septembre Canceled due to Coronavirus Crisis
The RVS has decided to make a donation of €100 000 (US$107,963) “to speed up scientific research in order to find a vaccine to combat Covid 19,”
Apr1 renewals:57% of SCOR’s €504 mn portfolio from Asia Pacific,6.6% overall price increase
In India, SCOR Global P&C leveraged its local infrastructure to grow its portfolio and benefit from local market conditions which started to improve in 2019, resulting in circa 30 per cent premium increase. The agriculture renewals where SCOR builds on strong fundamentals are still underway
Vivek Nath to head Willis Towers Watson’s South & Southeast Asia operations
Scott Burnett, Head of Asia and Head of CRB Asia, said: “The South Asian countries including Singapore continue to be key markets in our Asia portfolio, and one where we hold significant opportunities for strategic growth. At the same time, we continue to grow our regional talent base and expertise by adding new leaders throughout our organisation in Asia.