The Bank wants to see how market players cope when there are huge...
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Ukraine export corridor freight costs reverse brief rise
As a result of the Russian attack, sea freight rates rose $20 a...
Lloyd’s of London SPAC venture scrapped due to volatile markets
Following a frenzy of deals in the early days of the COVID-19...
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.
UK Govt to support businesses through Trade Credit Insurance guarantee
The government will temporarily guarantee business-to-business transactions currently supported by Trade Credit Insurance, ensuring the majority of insurance coverage will be maintained across the market. This will support supply chains and help businesses to trade with confidence as they can trust that they will be protected if a customer defaults on payment.
UK’s Brit and Google jointly to launch 1st fully digital Lloyd’s Syndicate
John Neal, Lloyd’s of London CEO said: “Ki truly embraces all that is represented in “The Future at Lloyd’s” by bringing data, technology, innovation and artificial intelligence to the fore in the complex world of corporate and specialty underwriting. It is an exciting first for Lloyd’s and paves the way for others to follow.”
Covid-19 Pandemic:U.S. businesses,patients sue China seeking damages from Coronavirus outbreak
So far, at least nine lawsuits have been filed in the U.S. against China claiming authorities there did not do enough to corral the virus initially, tried to hide what was happening in the outbreak center of Wuhan and sought to conceal their actions and what they knew.
Eight of the lawsuits are potential class actions that would represent thousands of people and businesses. One was filed by the attorney general of Missouri, which is so far the only state to take legal action against China.
National governments must help provide insurance for future lockdowns: EU Regulator
Britain, France and the United States are already looking at what role the state could play in pandemic cover in the future.
Global commercial insurance pricing rises by 14% in first quarter
Having initially brushed off the potential impact from coronavirus-linked claims, global insurers have woken up to the prospect of a double whammy – a sharp rise in payouts at a time of big investment losses.
Covid-19 Pandemic:World’s top 100 most valuable insurers could lose $100bn in brand value
At the time of Covid-19 Pandemic, insurance firms damaged both financially and reputationally, as they face a surge in coronavirus-related claims and risk angering customers if they refuse to pay out.Chinese brands make up half of the top 10 insurance companies, while Allianz and Axa also rank among the most valuable firms.
“The Covid-19 pandemic is going to hit the insurance sector hard – Brand Finance has predicted that insurance brands could face up to a 20 per cent drop in brand value and undoubtedly, we are going to witness revenue slowdown for all brands across the sector,” said Brand Finance chief executive David Haigh.
International tourism could decline by 60-80 per cent in 2020: UN
Arrivals in March dropped sharply by 57 per cent following the start of a lockdown in many countries, as well as the widespread introduction of travel restrictions and the closure of airports and national borders. This translates into a loss of 67 million international arrivals and about USD 80 billion in receipts (exports from tourism).
Covid-19 Pandemic:Insurers to see erase profits until 2021 second half, says Fitch
“The coronavirus pandemic will burden 2020/1H21 results, but will ultimately accelerate the hardening of the commercial insurance market,” said Robert Mazzuoli, Fitch analyst, in a statement in the report.
Gilead ties up with Indian phrma cos for COVID-19 drug supply
The countries consist of nearly all low-income and lower-middle income ones, as well as several that are upper-middle- and high-income, the drugmaker said. Afghanistan, India, North Korea, Pakistan and South Africa are among the countries.
The licensees will also set their own prices for the generic product they produce, Gilead said.
The licenses are royalty-free until the World Health Organization declares the end of the public health emergency regarding COVID-19, or until a product other than remdesivir or a vaccine is approved to treat or prevent COVID-19, the company said.