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AXA XL receives green light for first Shanghai domiciled reinsurer
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.
India deploys helicopter,12 drones to stop fast-spreading locusts
The Ministry of Civil Aviation has amended rules to allow state government officials to use drones at night, a step that experts have said may help neutralise the locusts.
The government had already been using specialist vehicles and fire engines for spraying operations in at least nine densely populated states in the north, centre and west.
The locust infestation has not caused significant damage so far because it has fallen in the lean season – the gap between the previous harvest and the next planting season. But some farmers have complained about crop losses in a few districts of the desert state of Rajasthan.
SBI General Insurance unveils new brand identity
Mumbai:: Before getting listed, SBI General Insurance (SBIG) today announced the launch of its new corporate brand identity with redesigned logo and the tagline ‘Suraksha aur Bharosa dono’. Digitization has been always at core at SBIG, hence,...
Insurers secure sufficient reinsurance capacity at the 1 July and 1 June renewals:Willis Re
In general,the longstanding underlying issues of rate inadequacy continued to fuel measured rate adjustments in many classes and geographies, led by the U.S. treaty market.Double-digit risk-adjusted reinsurance price increases were seen for loss-hit catastrophe treaties and ranged from +10% to +20% for the programs of Australian and Latin American insurers,to as much as +35% in the Florida homeowner renewals.
Collectively reinsurers are recognising that COVID-19 losses, which currently are reported at about $7 billion, may take several years to settle which will spread out reserving over many quarters.
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.”
U.S. commercial automobile insurance segment records decade-worst underwriting loss in 2019
No return to pre-pandemic job levels in 2020 – ILO
The figures cover people who are working shorter hours, who are furloughed, have lost their jobs, or withdrawn from the labour force.
They reflect “worsening conditions”, especially in developing countries, the report said.
Some 93 per cent of workers still live in countries with some sort of workplace closures, it said.
BoE to review climate impact of corporate bond-buying after COVID crisis
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.
Emerging market inflows increase ninefold in June -IIF
Debt flows accounted for $23.5 billion of total, while Chinese equities attracted some $6.1 billion, the data on non-resident flows showed.
Equities outside of China reversed an outflow trend to see net inflows of $3.4 billion.
Emerging Asia was the region that attracted the most flows last month with $17.1 billion, while Latin America, with $7.3 billion, came second.
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.
Huge acceleration of clean energy innovation needed to meet net zero target: IEA
“Without decarbonising the transport sector there is no chance whatsoever of meeting climate targets,” IEA executive director Fatih Birol told Reuters.
The four most critical clean technologies needing innovation are battery technologies, carbon capture and storage, bioenergy and low-carbon hydrogen, which are currently mostly in the development phase and/or costly.
Global CO2 emissions are expected to be 8% lower this year than in 2019 – their lowest level since 2010 – as energy demand has slumped due to the coronavirus pandemic, but they are likely to rebound as economies recover unless action is taken.