China's State Council, which is headed by Premier Li Qiang, has...
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Alliance of 40 countries to vow not to pay ransom to cybercriminals, US says
The International Counter Ransomware Initiative comes as the number...
Cyber attacks and data breaches remain the top global risk, 50% of overall top ten risks presently uninsurable: Aon
Greg Case,CEO,Aon Notably only two of the top five current risks...
U.S. Supreme Court rules for insurers over $12 billion Obamacare claims
Health insurers turned to federal courts to obtain the payments. The U.S. Court of Appeals for the Federal Circuit ruled in 2018 that Congress effectively repealed its obligation to pay the insurers, prompting the insurers to appeal to the Supreme Court.
The law, dubbed Obamacare, has enabled millions of Americans who previously had no medical coverage to obtain insurance, including those with pre-existing medical conditions.Unlike other court cases involving Obamacare, this dispute concerned only payments to insurers and did not directly challenge the law itself.
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