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Asia reaches crossroads in fight against coronavirus as cases surge

Japan first adopted a state of emergency in April and lifted it the following month. Since then, Tokyo has eased restrictions to boost the economy and prepare for next year’s postponed Olympic Games.

International Olympic Committee (IOC) President Thomas Bach met Suga on Monday and said he was “very, very confident” that spectators would be able to safely watch the Games in stadiums.

News of a potentially successful vaccine from Pfizer Inc has fuelled optimism that the Games can go ahead as planned next year.

Normalcy may return by winter 2021, says COVID-19 vaccine creator

A new COVID vaccine’s impact will work significantly over the summer and life should be back to normal by next winter, Prof Ugur Sahin, co-founder of BioNTech, whose vaccine candidate has proved to prevent over 90 per cent people from getting Covid-19, as per preliminary reports. The Pfizer-BioNTech is one of the 11 vaccines in their final tests.

This winter would still be hard, he said in an interview on the BBC’s Andrew Marr Show.

Munich Re and Porsche form JV, to offer innovative manufacturing, software and financial mangement expertise

Torsten Jeworrek, member of Munich Re’s Board of Managementsaid,“With the FlexFactory, we and our partners have created a future-oriented platform for opening up new markets, which addresses a central challenge of modern production. Our cooperation once again underlines Munich Re’s innovative power and solution competence as a risk manager and financing expert for Industry 4.0.”

Moderna says its COVID-19 Vaccine is over 94% effective

A preliminary analysis of data from more than 30,000 volunteers showed Moderna’s vaccine prevented virtually all symptomatic cases of Covid-19, the disease caused by the coronavirus, the company said in a statement on Monday.
A key advantage of Moderna’s vaccine is that it does not need ultra-cold storage like Pfizer’s, making it easier to distribute. Moderna expects it to be stable at standard refrigerator temperatures of 2-8 degrees Celsius (36-48°F) for 30 days and it can be stored for up to 6 months at -20 degrees Celsius.

Annual global modeled insured average Cat losses in 2020 at $100 billion:AIR Worldwide

“The ability for the global (re)insurance industry, financial institutions, governments, and non-governmental organizations to prepare for large losses before they occur is critical to continued solvency and resilience,” said Rob Newbold, executive vice president at AIR Worldwide.

Insurers cannot provide unlimited cover in pandemic, UK Supreme Court told

The case revolves around whether 21 policy wordings, affecting potentially 700 types of policies, 60 insurers, 370,000 policyholders and billions of pounds in claims, should cover disruption caused by the virus.

The wordings cover business interruption when insured premises cannot be accessed because of public authority restrictions, in the event of a notifiable disease within a specified radius and hybrid wordings.

Philippines logs 100 deaths, P25 billion losses from recent storms

The National Disaster Risk Reduction and Managent Council said it has asked President Rodrigo Duterte to declare a state of calamity in the country’s largest island Luzon, home to 53 million people.

The proposal – which will be in addition to an existing state of calamity over the COVID-19 pandemic – allows faster release of calamity funds, the grant of interest-free loans and freezing of prices of basic commodities.

Cybersecurity is top business worry in ‘age of risk’: Marsh & McLennan CEO

“CEOs like to get things done and say it’s finished,” he said. “Cyber is a never-ending phenomenon. It will continue for the rest of all of our careers.”

Climate change and the culture of remote working are the other top risks cited by companies, Glaser said. Climate is less immediate than cybersecurity because it is developing slowly and its impact, through such catastrophic events as larger wildfires and more powerful hurricanes, will increase over the next five years or more.

Ahead of IPO FinMin invites bids from actuarial firms for valuing LIC

The Request for Proposal has been issued to seek proposals / bids from reputed and eligible actuarial firms to work with LIC to “develop IEV in line with the requirements of the relevant Acts and regulations, Actuarial Practice Standards and guidance notes issued by the Institute of Actuaries of India and LIC Act, 1956, and to provide support during the IPO process”, it said.