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Vanuatu to push international court for climate change opinion

Vanuatu, with a population of some 280,000 people spread across roughly 80 islands, is among more than a dozen Pacific island nations facing rising sea levels and more regular storms that can wipe out much of their economies.

“In response to the catastrophic levels of climate change loss and damage faced by this small Pacific nation, Vanuatu recognises that current levels of action and support for vulnerable developing countries within multilateral mechanisms are insufficient,” the government said in a statement on Saturday.

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UK’s £800 million Reinsurance Scheme officially opens, to help providing covers to festivals, conferences and live events

The government has partnered with Lloyd’s Market Association to deliver the scheme as part of the Plan for Jobs. The scheme will see the government act as a ‘reinsurer’ – stepping in with a guarantee to make sure insurers can offer the products events companies need. Insurers Munich Re, Beazley, Arch, Dale, and Ark are carriers of the scheme with more firms coming on board in the weeks to come.

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EU plans 120 billion euro economic boost by easing insurance rules

Olav Jones, deputy director general for Insurance Europe, an industry body, said he welcomed EU acknowledgement of the need to reduce capital requirements, but only a “significant and permanent” cut in capital would allow insurers to increase support for the economy and regain global competitiveness.

Brussels proposed easing the impact of the so-called volatility adjustment, which mitigates the impact of short-term market moves on insurer solvency.

It also wants to make it easier for insurers to benefit from preferential capital treatment worth around 10.5 billion euros from investing in long-term assets to green the economy.

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‘We can end the pandemic’, UN chief says in new call for global vaccine plan

Although more than 5.7 million doses have been administered globally, 73 per cent have been in just 10 countries, and just three per cent of people in Africa have had innoculations.
UN Secretary-General António Guterres’s plan calls for at least doubling vaccine production to ensure 2.3 billion doses are equitably distributed through the vaccine solidarity initiative, COVAX.

The goal is to reach 40 per cent of people worldwide by the end of this year, and 70 per cent in the first half of 2022, per targets set by WHO.

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