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Shipping losses stay at historic lows, but Asia remains largest global loss hotspot:Allianz

Aug 2, 2021 | , , , , ,

“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.

“Overall, the frequency of marine claims has not reduced. We are also seeing an increased cost of hull and machinery claims due to delays in the manufacture and delivery of spare parts, as well as a squeeze on available shipyard space,” says Justus Heinrich, Global Product Leader, Marine Hull, at AGCS.

The world’s piracy hotspot, the Gulf of Guinea, accounted for over 95% of crew numbers kidnapped worldwide in 2020. Last year, 130 crew were kidnapped in 22 incidents in the region – the highest number ever – and the problem has continued. Vessels are being targeted further away from the shore – over 200 nautical miles (nm) in some cases.

India reports 40,134 new COVID cases and 422 deaths

Aug 2, 2021 | , , , , ,

Fresh Covid-19 cases in India registered a week-on-week rise for the first time in 12 weeks since the peak of the second wave in early May, indicating an early sign of another pandemic spike in the country, said experts.

Currently, the surge is mainly restricted to Kerala and, to a much lesser degree, Karnataka and Tamil Nadu.Cumulatively, 47,22,23,639 vaccine doses have been administered through 55,99,690 sessions, as per the provisional report till 7 am today. 17,06,598 vaccine doses were administered in the last 24 hours.

Mastercard and American India Foundation (AIF) launch first portable hospital in Jalna

Aug 1, 2021 | , , , ,

Prof. K. VijayRaghavan, Principal Scientific Adviser, Government of India, said, “Rapidly developing and implementing surge-capacity in our health-care system is an important ongoing effort all over the country. Government efforts are supplemented by partnership with industry and NGOs with an aim to refurbish existing hospital infrastructure to improve critical care. These include facilitating state governments’ systems in a manner uniquely required of them. The initiative by Mastercard and AIF is one such where a few hospitals are being launched and/or commence their functions this month. Keeping up the momentum, learning from these experiences, will be important to accomplish the goals of all such partnerships.”

Thailand tackles unemployment with million jobs expo

Sep 26, 2020 | , ,

Although Thailand, which has suffered just 3,522 coronavirus infections, has lifted most restrictions and daily life and work is mostly back to normal, a ban on foreign tourists remains in place, cutting a swathe through a whole sector of career opportunities.

About 1.24 million jobs will be offered – with most in the private sector, and a little over 100,000 in roles overseas. Of that total, the government will help companies pay half in hiring 260,000 new graduates for a year.

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Lloyd’s of London CEO expects appeal over UK business insurance judgment

Sep 25, 2020 | , , , ,

When asked on a panel at a conference organised by insurance buyers’ association Airmic if he expected an appeal, Neal said “yes”, adding that due to the complexity of disputes over policy wordings, “cases run for a period of time”.
The FCA has said the case could affect more than 60 insurers, 700 different types of policies and 370,000 policyholders, as many policies have similar wordings.Businesses, their lawyers and insurance brokers have urged insurers to pay claims as soon as possible to relieve financial distress.

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Global COVID-19 death toll could hit 2 million before vaccine in wide use, WHO says

Sep 25, 2020 | , , , ,

The number of deaths about nine months since the novel coronavirus was discovered in China is nearing 1 million.

“We are not out of the woods anywhere, we are not out of the woods in Africa,” said Ryan.

He said young people should not be blamed for a recent increase in infections despite growing concerns that they are driving its spread after restrictions and lockdowns were eased around the world.
The WHO is continuing talks with China about its possible involvement in the COVAX financing scheme designed to guarantee fast and equitable access globally to COVID-19 vaccines, a week after the deadline for committing passed.

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Microsoft develops ‘virtual commute’ for remote workers amid Covid-19

Sep 24, 2020 | , , , , ,

Pandemic-related burnout and difficulty separating work and personal life has become a surprisingly common concern among Microsoft’s corporate customers, according to Chief Marketing Officer Chris Capossela. “The thing we didn’t predict that we’ve learned is now at the top of customers’ mind is really the well-being of their employees,” he said.

Companies initially worried about employees having the right technology to work from home. “Now it’s getting to be much more about ‘hey how do I know if an employee is burned out, how do I know how they are doing — if they are working too hard?’ All of the things around the emotional well-being or the mental health of employees has risen to the top faster in a way that we didn’t really predict,” he added.

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Insurers’ hedge fund investments may face chop after dismal pandemic performance

Sep 24, 2020 | , , ,

Those regulations have partly driven recent falls in hedge fund allocations, according to Andries Hoekema, global insurance sector head at HSBC Global Asset Management, but he noted holdings were down also in Asia, which hadn’t tightened rules.

“In Asia, we have some evidence of insurers replacing hedge fund exposure with private equity,” Hoekema said.

This was “driven partly by the more attractive returns of private equity and partly by the disappointing diversification properties of some hedge fund strategies in recent years,” he added.

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