Nitin Gadkari,Union Minister of Road Transport and Highways "Every...
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Spain floods to trigger total insurance losses in excess of $3.8 billion, will have limited impact on local re/insurers
Another rating agency S&P has said the catastrophic flash...
How air pollution is contributing to cancers in India
“Cancer rates are rising in India and have seen an upward trend in...
GIC Re unveils strategies to overhaul its financials and ratings,domestic exposure to Covid-19 claims extremely limited
“We have already addressed the the key issues within our control of profitability and portfolio size We have taken further action to strengthen our balance sheet by increasing our outwards reinsurance purchases on the domestic portfolio by 37.5 percent, growing in size from USD 2.1 billion for 2019-20 to USD 2.7 Bn for 2020-21, using high credit quality retro-cession counter parties,”said GIC Re
Cybersecurity top priority for Indian CIOs post Covid-19 pandemic:Adobe
“As we rapidly moved from functioning in an increasingly-digital world to one that is digital-only, CIOs have had to pivot their strategies to prioritise the online needs of their customers and employees,” said Scott Rigby, Head of Digital Transformation, Adobe Asia Pacific.
Nearly 98 per cent of organisations across India have seen Covid-19 impact business functioning, with CIOs facing challenges in helping their teams to communicate effectively and having the right technology deployment to ensure smooth business continuity.
Wimbledon and other events left more exposed to COVID-19 risk as insurers withdraw pandemic cover: GlobalData
That an event as high-profile as Wimbledon can’t renew its policy suggests it is unlikely that any major event in the UK will be able to have pandemic cover for business interruption in the immediate future, and going ahead with events before a vaccine is rolled out is extremely risky.
AGCS embarks on global overhaul to regain profitability and market leadership
Joachim Mueller, AGCS CEO since December 2019, said “We will now focus our entire business under a new strategic direction. We will put technical excellence in underwriting before growth, simplify and strengthen our global model to ensure that we think and act as one team, and become more efficient, leaner and faster – benefitting us and our clients. Our joint ambition is set high: The ‘New AGCS’ will be the market leader in our target segments. We expect to see significant profitability improvements of our underwriting results from 2021 onwards and aim to achieve the full turnaround and transformation of our company by 2024.”
BoE to review climate impact of corporate bond-buying after COVID crisis
The BoE has a 20 billion-pound corporate debt purchase target as part of its expanded bond-buying programme to help shield Britain’s economy.
Bank of England Governor Andrew Bailey said the crisis had not changed the BoE’s commitment to combating climate change.
G Srinivasan panel to study suitability of Surety Bond issuance by Indian insurers
Currently, Surety Bond for contractors is not being offered by insurance companies in the Indian market to guarantee satisfactory completion of a project by a contractor and providing performance security to various government agencies,
Due tothe COVID 19 pandemic and consequent economic impact on liquidity and cash flow issues in the Indian Banking sector, the Ministry of Road Transport and Highways (MORTH), Government of India, has requested to examine possible offering of Surety Bondby the general insurance companies.
Second fatal NLC India boiler blast in 2 months kills at least six
The incident occurred at unit V of power plant II, a company official said, adding that the unit was under shutdown when the mishap happened. The accident in May occurred in unit VI.
“It was supposed to start operating only on Thursday. Actual cause of the accident is yet to be ascertained and is being investigated,” the official said.
From Parkinson’s to peanut allergy, pandemic puts brakes on new drugs
Neurocrine Chief Executive Kevin Gorman said in an interview that many neurologists had been redirected to fighting the pandemic, leading to delaying Ongentys until later in 2020. The delay to Palforzia, Aimmune’s sole approved drug, means the company will not generate any revenue until later this year, prompting it to halt new hires in a bid to preserve its $370 million of cash.
Millions at risk in Bangladesh as monsoon floods add to coronavirus worries
“The disaster is worsening by the hour, with several hundred thousands already severely affected by the floods, worsening the COVID pandemic and crisis in the country,” said Antony Balmain, a spokesman for the International Federation of Red Cross and Red Crescent Societies.
Bangladesh had 149,258 confirmed coronavirus cases as of Wednesday, with 1,888 deaths.
Lloyd’s calls for state-backed ‘Black Swan’ reinsurance
The Black Swan cover could be used to ensure payments after catastrophes such as a cyber attack or solar storm destroying critical infrastructure, as well as for pandemics, Lloyd’s said in a report published on Wednesday.
“Our concern is you solve for pandemic and you don’t solve for the next disaster,” Lloyd’s Chief Executive John Neal told Reuters.