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GIFT IFSC emerging as a global innovative re/insurance market place, says IFSCA chairman
K Rajaraman, chairman, International Financial Services Centre...
Aon appoints Magnus Roe as global chief data and analytics Officer based in Singapore
Magnus Roe, global chief data and analytics officer, Aon This...
Risk Control 2030: A look at the future and reflections of the past
Considering climate change, pandemic identification and control, years of environmental abuse, and rapidly increasing chemical development, the safety professional is ensured a prominent position in the future world.
Olympics-Risk of COVID spread is ‘zero’, IOC chief says, amid rising cases
Just over a week before the July 23 opening ceremony, Tokyo reported 1,308 new COVID-19 infections on Thursday, its highest daily tally since late January. Postponed last year due to the COVID-19 pandemic, the Summer Olympics have little public support in Japan amid widespread fears about a further spread of the coronavirus.
Critics on Thursday submitted a petition against the Games that has garnered more than 450,000 signatures this month, Japanese media reported. Organisers have imposed Olympics “bubbles” to prevent further transmissions of COVID-19, but medical experts are worried they might not be sufficiently tight.
Covid deaths and cases rise again globally, hurting return to normalcy
The World Health Organization reported Wednesday that deaths climbed last week after nine straight weeks of decline. It recorded more than 55,000 lives lost, a 3 per cent increase from the week before.
Cases rose 10 per cent last week to nearly 3 million, with the highest numbers recorded in Brazil, India, Indonesia and Britain, WHO said.
The reversal has been attributed to low vaccination rates, the relaxation of mask rules and other precautions, and the swift spread of the more-contagious delta variant, which WHO said has now been identified in 111 countries and is expected to become globally dominant in the coming months.
AXA XL appoints Sylvie Gleises as Country Manager, Singapore
Commenting, Xavier Veyry, CEO APAC & Europe at AXA XL, said: “Today’s businesses are faced with challenging economic conditions and evolving risks. The latest World Economic Forum Global Risks Report highlights extreme weather, climate action failure and human environmental damage as three of the top risks by likelihood. Clients need to look beyond current risks to ensure they are prepared for the risks of tomorrow, and there have never been more opportunities for AXA XL to partner with and make a difference to our clients and brokers.”
Coronavirus outbreaks at the Tokyo Olympics
A number of cases have emerged involving athletes and other people involved with the Games.Postponed last year due to the COVID-19 pandemic, the Games have little public support in Japan amid fears about the spread of the virus.
Tokyo entered its fourth state of emergency earlier this week amid a rebound in COVID-19 cases that pushed Games organisers to ban spectators from nearly all venues.
Global insurance premium may rise by 3.3% to $6.9 trillion in 2021 : Swiss Re
Said Jerome Haegeli, Group Chief Economist at Swiss Re Institute,”We expect the insurance industry to earn a record $ 7 trillion in premium by end of next year. The economic upswing expected in 2021 and 2022 is on track to materialise, and this is a key factor for insurance premium growth across the globe. The main market to watch is China, where both economic and premium growth continue at a strong pace. Consumer awareness is clearly an important growth driver and this has been driven by the pandemic. Whether it is private medical insurance or supply chain interruption for businesses, people have become much more aware of what insurance is, and how it can help them to emerge resilient from such a crisis
Marine, aviation and transit insurance in Asia-Pacific to reach US$14.5bn by 2025, forecasts GlobalData
Japan and China, which are among the top five global markets, collectively accounted for 60% of Asia-Pacific’s premiums in 2020. China’s intricate presence in global supply chain and its growing airline and marine fleet are strong growth drivers for insurers.
Asia-Pacific has also seen several insurers withdrawing from MAT industry due to years of unsustainable losses resulting from both man-made and natural hazards and bottomed out premium prices which resulted in reduced market capacity.
Flooding affects parts of Europe after heavy rainfall
German government spokesman Steffen Seibert described the images from regions hardest hit by flooding as “terrible”.
“Even though not every event, not every flooding or local incident, is related to climate change, many scientists tell us that the frequency, the intensity and the regularity with which this happens is a consequence of climate change,” Seibert said.
Covid-19 Risks: Cyber-attacks and Data loss top concerns facing Directors & Officers: Report
Jennifer Tiang, Regional Cyber Leader for Asia at Willis Towers Watson, said: “The survey results reflect the growing realisation that cyber risk is not simply an issue to be handled by an organisation’s IT team. It is a much broader issue cutting across all spheres of business and necessarily draws together stakeholders from risk, legal and IT teams, as well as requiring awareness of all employees from the ground up and board oversight from the top down. From cyber-attack to data loss, the financial impacts of a cyber event can be catastrophic.”
Crowd ban in Olympics could cost reinsurers up to $400m: Fitch
“We estimate the total insurance cover for the Olympics to be about USD2.5 billion, comprising USD1.4 billion taken out by the International Olympic Committee and the Tokyo Organising Committee, USD800 million by broadcasters and USD300 million by other parties, such as sports teams, sponsors and hospitality. We believe reinsurers would bear most of the losses arising from this cover given that high-severity exposures are typically heavily reinsured,” said Fitch