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India logs 41,965 new COVID-19 cases
With 1.33 crore COVID-19 vaccine doses being administered on Tuesday, the highest ever in a single day, the cumulative doses given in the country under the vaccination drive has exceeded 65.41 crores, according to the ministry.
Total global reinsurance capacity rises 7% to $ 517 billion in 2020, Munich Re regains top ranking: AM Best
From Asia, there are three reinsurers which are part of top 15 global reinsurers. They are China Re, Korea Re and India’s state owned GIC Re(13), with a global premium of $6,481 billion in 2020.
Although the global reinsurance industry has been able to absorb the exceptional shock from the COVID-19 pandemic, perils that are becoming more complex and interrelated highlight the need for innovation to cover unmodeled risks as they emerge, and traditional risks as they evolve, according to the special report.
Ping An Insurance denies regulator halted sales of alternative investments
The nation’s largest insurer by market value is facing a setback after impairments related to troubled property developer China Fortune Land Development Co. wiped 20.8 billion yuan ($3.2 billion) from profit in the first half. The company on Friday had signaled the worst of the hit may be over and it may even claw back some of the losses this year if the debt situation of the developer improves.
Uber proposes industry-wide gig worker benefits model in Canada
Uber said it advocates for benefits funds everywhere, but added that labor laws, social safety nets and different cultures meant it would pursue a different approach in every country, with Monday’s proposal tailored to Canada.
Gig companies have long been criticized for the lack of benefits and protections they offer their independent contractor workers. Many labor unions, some lawmakers and the Biden administration have said gig workers should be reclassified as employees.
The companies have also faced several lawsuits in Canada and the United States alleging worker misclassification.
India’s monsoon rainfall forecast to be above average in September
Nearly half of India’s farmland gets no irrigation and is dependent on the annual rains from June to September. Farming accounts for nearly 15% of the economy, Asia’s third-biggest sector, but sustains more than half of a population of 1.3 billion.
Weather disasters becoming more frequent and costly, UN agency says
“Thanks to our early warning service improvement we have been able to have a decrease of the casualties at these kind of events, but the bad news is that the economic losses have been growing very rapidly and this growth is supposed to continue,” WMO Secretary-General Petteri Taalas told a press conference.
“We are going to see more climatic extreme because of climate change and this negative trend in climate will continue for the coming decades,” he said.
Construction industry accelerating innovation, risk management: KPMG
Risk management is central to improving organisational resilience. Nearly 60 per cent of survey respondents say they want to gain a more holistic view of risks by increasing integration and visibility between enterprise risk management, portfolio risk management and project risk management. And two-thirds plan a moderate or high level of investment in risk management.
Suneel Vora, Partner for major projects advisory at KPMG in India, said the pandemic has taught important lessons to businesses implementing capital programmes and construction projects around resilience, integrated approach to risk, portfolio management, leveraging diversity and putting technology to work. KPMG’s Global Construction Survey 2021 reflects on the views of over 186 global industry leaders to provide specific answers to these aspects.
Covid 19 Pandemic: Almost 1 in 3 affected due to work stress, ICICI Lombard survey
Sanjay Datta, Chief – Underwriting, Reinsurance & Claims, ICICI Lombard General Insurance , said, “With the transformed perception of the masses, our consumer base today looks at a health insurer not only for financial immunity during times of ill-health but we are now looked up as a partner in their holistic wellness journey. Additionally, through this survey, we observed a mindset change taking place with 47% of people and 42% of the younger age group (25-35 years) wanting to adopt a healthy lifestyle to not just get a better appearance but also feel better about themselves. Therefore keeping overall wellness as a focus, ICICI Lombard intends to act as a conduit towards a health-conscious India.”
Tesla closer to making its official debut in India
Tesla has had its vehicles certified as being roadworthy in India, a posting on the website of the nation’s ministry of road transport and highways showed.
“The tests ensure the vehicle matches the requirements of the Indian market in terms of emission and safety and road worthiness,” according to the site. A Tesla fan club earlier tweeted about the development, saying the cars were probably Model 3 and Model Y variants.
Semiconductor shortage hurting production, may impact Aug-Sep automobile wholesales: Report
Noting that chip shortages are hurting production and should impact August-September wholesales, Jefferies said, ”companies such as Maruti, Bajaj and Royal Enfield have seen an increased impact in the September quarter.” The recent pandemic-related lockdown in Malaysia might add to the constraints, it added.
Semiconductors are silicon chips that cater to control and memory functions in products ranging from automobiles, computers and cell phones to various other electronic items.