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Munich Re to no longer cover events cancelled for pandemics

The world’s largest resinsurer is making the change after it faced large losses this year in the wake of the coronavirus crisis.

Torsten Jeworrek, who oversees the reinsurance segment, said that Munich Re would remain in the business but that the tweak in its strategy was a result of the pandemic. The resinsurer will also adjust prices for event cancellation coverage, he said.

The cancellation and postponement of sports events like the Olympics in Tokyo as well as concerts have been a major burden for Munich Re, which expects a total of 4 billion euros ($4.85 billion) in COVID-related losses.

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Get used to limited access, EU tells City of London bankers & insurers

Brexit makes it “even more urgent” for the EU to develop its own capital market to cut reliance on the City of London, Europe’s biggest financial centre, Mairead McGuinness said.

Britain’s full access to the EU ends on Dec. 31 when a transition period that followed Brexit in January expires.
Many banks, asset managers and insurers in London have opened hubs in the bloc to avoid disruption to clients from limited direct access from the UK.

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Officer unions demand to include bankers as frontline Covid warriors for vaccination

In a letter written to Finance Minister Nirmala Sitharaman, unions said the government is expecting at least two vaccines against Covid-19, Bharat Biotech’s Covaxin and Oxford’s Covishield, to be available possibly in January 2021; and there is a plan to inoculate the frontline Covid warriors including those working in healthcare, police, sanitary workers, etc.
Bankers have been providing yeoman service ever since the announcement of lockdown and have continued to provide required banking services, it said, adding bankers have been instrumental in keeping the wheels of the economy moving despite hazards and constraints.

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Travel restrictions effective in countries with low number of Covid-19 cases: Lancet study

“We recognise that these measures carry a high economic and social cost, so it is important that governments use travel restrictions in a targeted way,” said Professor Mark Jit from the London School of Hygiene and Tropical Medicine, who led the study.

“Before introducing restrictions, they should take into account local infection figures, epidemic growth rates, and the volume of travellers arriving from countries heavily-affected by the virus,” Jit explained.

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Large US study confirms Covid-19 complications: lung, kidney and cardiovascular issues

The most common complications associated with Covid-19 were pneumonia, respiratory failure, kidney failure, and sepsis or systemic inflammation, consistent with other studies.The researchers also found associations with a range of other lung and cardiovascular conditions, such as collapsed lung, blood clotting disorders and heart inflammation, although the risk of these was relatively low

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Covid-19 antibodies may fade very quickly: Study

The authors said their findings may raise important questions about the reliability of seroprevalence studies, since the rapid waning of antibody titters may lead to an underestimation of how many people may have been previously infected in a given population.

“The decrease in antibodies after infection also raises the question of how long antibodies elicited by vaccination will last, and whether frequent boosting will be needed to maintain protection,” the authors noted.

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India’s Covid-19 tally hits 9.7-million mark as it reports 26,567 new cases

Till now 91,78,946 have recovered, while there are 3,83,866 active cases.

The recovery rate stands at 94.59 per cent, and the fatality rate is 1.45 as per cent.

Maharashtra continues to be the worst-hit state with 18,55,341 cases till date. Over 70 per cent of the daily new cases were reported by 10 states and UT — Maharashtra, Delhi, West Bengal, Haryana, Kerala, Uttar Pradesh, Chhattisgarh, Rajasthan, Punjab, Himachal Pradesh.

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