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April 1 Renewals:Market pricing remain firm in all classes and territories, Willis Re
James Kent, Global CEO of Willis Re, said: “The market landscape has not seen much change since 1 January and consequently the important 1 April renewals saw more of the same between reinsurers and their customers. Market results for 2020 illustrate the challenges faced by the global reinsurance sector of reduced investment income, declining prior-year reserve releases, rising COVID-19 loss reserving, and increased volatility in the frequency and severity both of natural catastrophes and man-made losses.
However, reinsurers’ 2020 results, when adjusted for COVID-19 claims reserves, have shown encouraging improvements in underlying combined ratios and buyers’ immediate concerns over capacity availability and pricing have been allayed leading to an orderly renewal.”
SpiceJet ties up with Avenue Capital for sales & lease-back of up to 50 new aircraft
“We are delighted to enter into this strategic alliance with Avenue Capital Group and we look forward to closely working with them. This alliance will ensure a seamless induction of the planes in our fleet and help us plan better for the long-term,” SpiceJet Chairman and Managing Director Ajay Singh said.
Major auto firms log robust sales in March on pent up demand
Toyota Kirloskar Motor, Honda Cars and Mahindra and Mahindra (M&M) also reported strong sales last month as compared to the year-ago period, when dispatches were adversely impacted due to the impending transition to BSVI from April 2020 and the nationwide lockdown to contain the coronavirus pandemic.
The country’s largest carmaker Maruti Suzuki India said its domestic sales stood at 1,49,518 units last month. The auto major had reported sales of 76,976 units in March 2020.
India AstraZeneca shot delay could be ‘catastrophic’ for Africa: health official
The African Union had planned to vaccinate 30-35% of the continent’s population by the end of the year he said. “If the vaccines are delayed we are unlikely to meet our target,” he added.
That AU target primarily relies on supplies from the global COVAX vaccine-sharing facility, through which 64 poorer countries including many in Africa are supposed to get doses from the SII. COVAX aims to provide enough shots for African countries to inoculate at least 20% of their populations.
India launches COVID-19 vaccination for all people above 45, year’s highest single day rise of 72,330 new cases reported
According to the health ministry, Maharashtra, Chhattisgarh, Karnataka, Punjab, Kerala, Tamil Nadu, Gujarat and Madhya Pradesh continue to show a steep rise in the COVID daily new cases accounting for 84.61 per cent of the new cases reported in a span of 24 hours.
Maharashtra has reported the highest daily new cases at 39,544. It is followed by Chhattisgarh with 4,563 while Karnataka reported 4,225 new cases. India’s active caseload has reached 5,84,055 and now comprises 4.78 per cent of the country’s total infections. A net rise of 31,489 cases has been recorded in the total active caseload in a span of 24 hours.
Australia flooding to cut into insurers’ earnings, add to upward pressure on reinsurance rates:AM Best
AM Best expects the number of claims received to date to escalate as the event continues to impact the region, and as access to damaged properties is gained over the coming weeks. Losses are likely to emanate primarily from domestic property and motor lines of business, as well as from commercial risks, including business interruption and agriculture covers.
Suez Canal works to clear backlog as shipping convoys resume
The Ever Given’s grounding across a southern section of the canal forced a halt to all traffic, leading to a build-up of 422 ships at either end of the canal and along its course.
Lloyd’s records a loss of £0.9bn for 2020, driven by £3.4bn net incurred COVID-19 losses
Throughout 2020, Lloyd’s provided significant support to its customers around the world impacted by the COVID-19 pandemic, with customer pay outs forecast to reach £6.2bn on a gross basis.
COVID-19 claims added 13.3% to the market’s combined ratio of 110.3%.
Excluding COVID-19 claims, the market’s combined ratio has shown substantial improvement at 97.0%, down from 102.1% in 2019.
India reports 53,480 new COVID-19 infections, 354 deaths
Mutations could render Covid vax ineffective in a year: Experts
“The more the virus circulates, the more likely it is that mutations and variants will emerge, which could make our current vaccines ineffective. At the same time, poor countries are being left behind without vaccines and basic medical supplies like oxygen,” Devi Sridhar, Professor of Global Public Health at the University of Edinburgh in Britain, said in a statement.