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Sompo International appoints Chiew as Head of Crisis Management, Commercial P&C Insurance, APAC
Pei Ru Chiew, head,Crisis Management, Commercial P&C Insurance...
23andMe notifies customers of data breach into its ‘DNA Relatives’ feature
In the new emails, 23andMe told customers there was a breach of one...
COVID-19 coronavirus:Chinese tourist in France, first such death in Europe
-European Commissioner for Health and Food Safety Stella Kyriakides warned ministers at the event in Brussels that “viruses know no borders”,
-She said coordination within the EU was vital in fighting the virus, including sharing information and cooperation between countries.“We are determined to ensure an effective, coherent EU-level response,” she said, adding: “We need to be united in our response – coherent and coordinated with each other.”
Coronavirus could damage global growth in 2020, says IMF
In its January update to the World Economic Outlook, the IMF lowered global economic growth forecast in 2020 by a 0.1 percentage point to 3.3 per cent, following a 2.9 per cent growth the previous year, the lowest in a decade.
Coronavirus triggers major dislocation in global supply chains
“All the signs are that there has been a major dislocation in global supply chains and commodity trade as well,” said Caroline Bain, chief commodities economist at Capital Economics. For some products “it’s only going to get worse in February data.”
China cleans, locks away banknotes to stop virus spread
The virus, which has infected more than 66,000 people in China,killed over 1500 people and spread to more than two dozen other countries, has sparked a rush to disinfect public places and minimise contact between people.
Munich Re targets growing global energy weather hedges
Munich Re competes with Swiss Re, Allianz and Japan’s Sompo in a market where policy prices are individualized and there is little public data.
Coronavirus epidemic could infect two-thirds of World’s population: WHO Scientist
Longini’s modeling is based on data showing that each infected person normally transmits the disease to two to three other people. A lack of rapid tests and the relative mildness of the infection in some people also makes it difficult to track its spread, he said.
Coronavirus outbreak in China disrupting global tech sector: S&P
“Our base case is that the virus will be contained globally in March 2020 (no new transmissions in April), allowing travel and other restrictions to be unwound by the middle of the second quarter,” an Asia economist of S&P Global Ratings said. S&P said it has not taken any rating actions related to the outbreak.
SCOR acquires a majority stake in Brazilian AgroBrasil,strengthens expertise in agriculture
Laurent Rousseau, Deputy Chief Executive Officer of SCOR Global P&C, and CEO of the Specialty Insurance business, comments: “Through this acquisition, SCOR is further building its Specialty Insurance franchise and MGA platform. SCOR will also strengthen its expertise in agriculture insurance, a highly complex specialty: being at the forefront of technical risk-knowledge and fostering product innovation for the benefit of our clients around the world is an integral part of our DNA.”
Insurers rush to exclude Coronavirus epidemic from event-cancellation protection
“As things stand at the moment, you would struggle to get coronavirus cover for any event, until we know where we are with this virus,” said Rebecca Mitchell, contingency underwriter at ArgoGlobal.
Coronavirus leads companies with supply chain disruptions to invoke ‘Force Majeure’
-Force majeure refers to unexpected external circumstances that prevent a party to a contract from meeting their obligations.
-The underlying event must be unforeseeable and not the result of actions undertaken by the party invoking force majeure. Natural disasters, strikes, and terrorist attacks can all be force majeure events.
-Declaring force majeure may allow a party to a contract to avoid liability for nonperformance.