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Here is a masonry blog layout with no sidebarInsurers have to collect BI policy premiums for 150 years to make up for COVID-19 global losses:Geneva Association
Among the report’s, prepared by the Geneva Association, main findings are that, encouragingly, health and life risks for a pandemic resembling COVID-19 pose no fundamental insurability challenges.
However P&C insurers have nowhere near the capacity needed to shoulder projected global output losses of more than USD 4 trillion for 2020. By comparison, they collect USD 1.6 trillion in annual premiums, with just USD 30 billion for business interruption policies.
Strong earthquake kills 19 people in Turkey and Greek islands
People ran onto streets in panic in the Turkish city of Izmir, witnesses said, after the quake struck with a magnitude of up to 7.0. Neighbourhoods were deluged with surging seawater which swept debris inland and left fish stranded as it receded.Ismail Yetiskin, mayor of Izmir’s Seferihisar, said sea levels rose as a result of the quake. “There seems to be a small tsunami,” he told broadcaster NTV.
Footage on social media showed debris including refrigerators, chairs and tables floating through streets on the deluge. TRT Haber showed cars in Izmir’s Seferihisar district had been dragged by the water and piled on top of each other.
True North part-exits Policybazaar
BBB selects Siddhartha Mohanty for the post of LIC MD
Lloyd’s insurer Apollo to stop underwriting Adani coal mine from Sept. 2021
“We participate in one construction liability policy in respect of Adani Carmichael…this particular policy terminates in September 2021 after which we will no longer provide any insurance cover for this project,” chair of Apollo Syndicate Management Julian Cusack said in the memo.
“We have recently declined to participate in an additional policy relating to the port and rail extension and have agreed that we will not participate in any further insurance policies for risks associated with this project.”
COVID-19 caseload in India breaches 80-lakh mark with 49,881 new cases
The world’s second most populous nation also has the second highest tally of infections after the United States, which has recorded 8.8 million
The COVID-19 case fatality rate has further declined to 1.49 per cent.
There are 603687 active cases of coronavirus infection in the country which comprises 7.5 per cent of the total caseload, the data stated.
Banks roll out robots as pandemic shakes up IT plans
Industry experts say the pandemic has focused bank executives’ minds when it comes to IT spend and more digitally savvy lenders will steal a march on competitors.
“There is a digital divide,” Jerry Silva, global banking research director at IDC said. “Sometimes I call it the predatory gap, because those banks are going to be able to steal market share from those that weren’t prepared prior to 2020.”
Fare limits to remain in place for another three months Puri
“Even though we are extending it by three months, if by the time we reach the end of the year, and if we find that there is a very appreciable movement in the situation and we are reaching pre-COVID levels, I would absolutely have no hesitation if my colleagues (aviation ministry officials) want us to not utilise the price band for the full three months period,” Puri added.
Under pressure, WHO plans COVID-19 vaccine insurance scheme for poor nations
The scheme is being set up by the promoters of the COVAX vaccine facility, which is co-led by the WHO and GAVI, a global vaccine alliance, a COVAX document published on Thursday said. COVAX aims to distribute at least 2 billion effective shots around the world by the end of next year.
The scheme could foot the bill for 92 low-income countries, mostly in Africa and South-East Asia, meaning their governments would face little or no costs from claims brought by patients, should anything go unexpectedly wrong after a COVAX-distributed vaccine is administered.
Typhoon Triggers Vietnam Landslides; 16 Dead
Insurtechs raise a record-breaking $ 2.5 bn in Q3 2020 globally as ‘funding gap’ widens
For the first time since Q4 2017, InsurTech start-ups based in India raised more funding rounds than those based in China.
$2.5 billion was raised by InsurTech firms across 104 deals, up 63% and 41% respectively over the prior quarter. Deals included two $500 million rounds, but the mid-tier funding gap for firms seeking investments in the $20 million to $50 million range has widened, according to the new Quarterly InsurTech Briefing from Willis Towers Watson,
“SIRC 2020 Re-Mind”:Mumenthaler and Kessler to address the virtual event, Global-Asia Insurance Partnership to be launched
Deputy Prime Minister, Coordinating Minister for Economic Policies and Minister for Finance, Heng Swee Keat will announce the launch of the Global-Asia Insurance Partnership (GAIP), a new global centre of excellence in risk management in Singapore that is a tripartite partnership amongst regulators, academia and industry
Singapore’s Nanyang Technological University will be the research institution partner under the GAIP, to work on studies about the future development and needs of the insurance sector.
All insurance/reinsurance industry practitioners and media can register for the virtual event free of cost at https://sirc.6connex.com/event/SIRC2020REMIND/login
Indian outfit wins UN award for efforts to combat climate change amid COVID-19
COVID-19 has altered lives, economies and the nature of business on every continent — from the largest cities to the smallest villages. It is the most urgent threat facing humanity today, but we cannot forget that climate change is the biggest threat facing humanity over the long term,UN Climate Change Executive Secretary Patricia Espinosa said
Swiss Re joins global coalition to better predict & prevent outbreak and pandemics, to harness data and analytics
The Trinity Challenge aims to develop ideas and tools for tackling the three stages of infectious disease emergencies – identification, response and recovery.
By becoming a member of The Trinity Challenge, Swiss Re is joining leaders across the academic, non-profit and private sectors including Google, Microsoft and Facebook, GlaxoSmithKline, McKinsey & Company, the Gates Foundation, the University of Cambridge and Imperial College London.
SBI General net profit rises 53% to Rs 300 cr in H1 FY 2020-21
he general insurer has manged to achieve a positive Combined Ratio, indicating the operation efficiency of a general insurer, of 96.8 per cent in H1FY 2020-21.
P.C. Kandpal, MD and CEO, SBI General Insurance Company Limited said, “Our strong distribution network and diversified products portfolio have enabled us to strike growth rate of 17 per cent against the industry growth rate of 1.6per cent. Led by Health, we expect to close this year with an overall growth of 20 per cent. Since August, there has been uptick in the motor segment, however it will still be some time before the segment will come back to pre-Covid level. On back of massive increase in use of personal mode of commute due to the pandemic, we are expecting positive traction in the third-party cover business. In H1, our Crop and Fire segments have also contributed in our growth.
Peak Re raises $250 million of capital, to boost reinsurance capacity
Commenting on the transaction, Franz Josef Hahn, Chief Executive Officer of Peak Re, said, “The transaction marks a significant milestone for Peak Re. The Securities will enable the company to diversify its capital structure, and bring additional capacity to the reinsurance market from international investors. Our business has shown resilience to the current pandemic, and with the hardening of the reinsurance market, the new capital will enable Peak Re to capture the growth opportunity ahead.”