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Sompo announces leadership changes for Asia Pacific Region
Kenneth Reilly, CEO, Insurance, Sampo, Asia Pacific region James...
APAC’s Nat Cat economic losses at $65 billion in 2023, 91% uninsured
George Attard, CEO of Reinsurance Solutions for Aon’s Asia Pacific...
Blast at Chinese recycler shows battery supply-chain risks
The explosion is likely to renew scrutiny of safety risks in battery use and recycling, a still developing industry in which metals are recovered for reuse from spent packs. Lithium-ion batteries — used in toothbrushes to electric cars and as energy storage for utilities — are a key tool in curbing global emissions, but have occasionally caused fires that are difficult to douse.
India to start COVID-19 vaccination drive from January 16, 3 cr healthcare, frontline workers to get shots first
After healthcare and frontline workers, the vaccines will be given to “those above 50 years of age and the under-50 population groups with co-morbidities, numbering around 2.7 million,” the statement said.
India’s drug regulator has approved two coronavirus vaccines for emergency use, Covishield, developed by AstraZeneca and Oxford University and Covaxin by local company Bharat Biotech and a state-run institute.
Notional income for homemakers in claims case signals their value, rules SC
In far reaching ramifications, especially in award of compensation to road accident victims involving homemakers, the top court said that fixing of notional income for them is a recognition of the multitude of women who are engaged in this activity, whether by choice or as a result of social/cultural norms.
Deciding an appeal filed by two surviving daughters and a parent of the deceased couple which met with an accident here, the bench modified the Delhi High Court order and enhanced the compensation of Rs 22 lakh to the claimants by Rs 11.20 lakh, to a total of Rs 33.20 lakh.
Boeing to pay $2.5 billion to settle U.S. criminal probe into 737 MAX crashes
The crashes “exposed fraudulent and deceptive conduct by employees of one of the world’s leading commercial airplane manufacturers,” acting Assistant Attorney General David Burns said in a statement accompanying the agreement.
“Boeing’s employees chose the path of profit over candor by concealing material information from the FAA concerning the operation of its 737 MAX airplane and engaging in an effort to cover up their deception,” Burns said, referring to the Federal Aviation Administration.
U.S. taxpayers to pay Capitol siege tab as government shuns insurance
Taxpayers will pay for damages because federal agencies rarely carry insurance, industry and policy sources said. “Taxpayers will be on the hook for repairs to the Capitol,” said Stephen Ellis, president of Taxpayers for Common Sense, a U.S. budget watchdog group.
In terms of repair and cleanup expenses, the federal government has long considered insurance not worth the expense.
3 more Indian firms hacked, data of over 10 million users up for sale on the dark web
According to Rajaharia who first broke the JusPay hacking, the three Indian companies are e-marketplace ClickIndia, fintech startup for small business owners ChqBook and wedding planning website WedMeGood.
Pfizer/BioNTech vaccine appears effective against mutation in new coronavirus variants -study
The Pfizer/BioNTech vaccine and the one from Moderna Inc, which use synthetic messenger RNA technology, can be quickly tweaked to address new mutations of a virus if necessary. Scientists have suggested the changes could be made in as little as six weeks.
Natural disasters cause $210 billion in damage in 2020, insurer says
Losses that were insured rose to $82 billion from $57 billion in 2019, Munich Re said. They add to the burden of the coronavirus pandemic that has hit the insurance industry hard.
“Climate change will play an increasing role in all of these hazards,” said Munich Re board member Torsten Jeworrek, pointing to hurricanes, wildfires and other storms.
“It is time to act,” he said.
Private sector willing to partner with govt for accelerating COVID-19 vaccine administration: FICCI
Private healthcare sector, responsible for almost 70 per cent of healthcare delivery in the country, can adequately supplement the physical and human infrastructure supply in key capacity constrained regions, specifically in urban and semi-urban areas, FICCI noted.
Final industry loss footprint for Australia’s 2019/2020 Bushfires at AUD 1,866m: PERILS
“One year on from the Black Summer bushfires, this release of the final loss report provides a timely reminder of the devastation such an event can cause to local
communities. This was one of several major Cat events to impact Australia in 2020, with the insurance industry playing a critical role in enabling affected communities to rebuild during the year. The detailed data resolution in this updated industry loss footprint can enhance the insurance industry’s understanding of the impact of future bushfire events as there is always more to learn about these devastating losses.”