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Here is a masonry blog layout with no sidebarAllianz Global Corporate & Specialty SE realigns key roles in its Board of Management
With effect from July 1, 2020, the number of Chief Regions & Markets Officers (CRMO) on the AGCS SE Board of Management will be reduced from three to two: Henning Haagen, current Chief Underwriting Officer Specialty, will assume responsibility for all AGCS regional units outside North America as Chief Regions & Markets Officer Regional Group 1, including Africa, Asia Pacific, Central & Eastern Europe, Mediterranean Region, Regional Unit London, and South America. As Chief Regions & Markets Officer Regional Group 2, Bill Scaldaferri will continue to head the North America Regional Group. Each CRMO will be responsible for approximately half of AGCS’ business in terms of gross premium income of EUR 9.1 billion in 2019.
Robot butlers, digital menus are hotels’ latest weapon against Covid-19
According to the American Hotel & Lodging Association, “leisure and hospitality” was the hardest-hit industry in the Covid-19 era, far worse than retail and construction. In the U.S., hotels have lost more than $31 billion in room revenue since mid-February; as of June 3, 60% of open-for-business accommodations are sitting empty. Some 7.7 million hospitality and leisure jobs were lost in April alone
China finds Coronavirus contamination in seafood and meat in Beijing food market
China has found the trading sections for meat and seafood in Beijing’s wholesale food market to be severely contaminated with the new coronavirus and suspects the area’s low temperature and high humidity may have been contributing factors, officials said on Thursday.
Their preliminary report comes as the country’s capital tackles a resurgence of COVID-19 cases over the past week linked to the massive Xinfadi food center, which houses warehouses and trading halls in an area the size of nearly 160 soccer pitches.
The latest outbreak infected more than 100 people and raised fears of wider contagion in China.
Among the patients who work at the Xinfadi market, most serve at seafood and aquatic product stalls, followed by the beef and mutton section, and patients from the seafood market showed symptoms earlier than others, Wu Zunyou, chief epidemiologist at the Chinese Center for Disease Control and Prevention, said at a daily briefing on Thursday.
Low temperatures favorable to viral survival as well as high humidity might be possible explanations for why seafood markets could be a source of outbreaks based on a preliminary assessment, Wu said, cautioning that further investigation was necessary.
China has halted imports from European salmon suppliers this week amid fears they may be linked to the recent outbreak in Beijing.
Health officials have also warned against eating raw salmon after the virus was discovered on chopping boards used for imported salmon, although the origin of the outbreak is not known.
Low standards of hygiene in wholesale food markets and vulnerabilities in its food supply chain need to be urgently addressed, a leading body of the ruling Communist Party said this week.
SUVs can kill Pedestrians more than than passenger cars,Insurance Study Says
SUVs are more likely than passenger cars to injure or kill pedestrians, according to a new U.S. insurance industry study which recommended design changes to improve safety. Sport utility vehicles “seem to be more deadly to pedestrians than cars...
Pension insurance deals boost UK company shares by up to 3%,says report
Two-thirds of Britain’s company pension schemes are in deficit, following years of low interest rates which have slashed their investment income.
So-called bulk annuity deals enable companies to rid their balance sheets of the pension funds, which can be a deterrent to merger activity, but many companies cannot afford them.
Stranded seafarers could stop work, disrupting world trade
Insurers cite Swedish example in bid to dodge Covid-19 biz income payouts
The court case is one of a number of battles across the world, where insurers and clients are fighting over whether coverage extends to measures taken by governments to halt the spread of coronavirus. In France, AXA SA was ordered by a Paris court last month to compensate a restaurant owner for two months of virus-related losses.
Trump administration to propose rolling back protections for big tech
Trump wants to “remove or change” a provision of a law known as Section 230. Under the 1996 Communications Decency Act, Section 230 does not generally hold platforms responsible for what their users post and allows them to moderate the content of their sites as they see fit.The Justice Department plans to make a legislative proposal that Congress would have to pass, according to the Wall Street Journal, which first reported the proposal.
Fitch cuts India’s sovereign rating outlook to ‘negative’
“The coronavirus pandemic has significantly weakened India’s growth outlook for this year and exposed the challenges associated with a high public-debt burden,” the ratings agency said in a statement.The move comes after Moody’s downgraded India earlier this month to a notch above junk, falling in line with other global agencies, while also cutting its outlook to ‘negative’. But S&P shortly after affirmed its rating and maintained a ‘stable’ outlook.
S&P affirms SCOR’s ‘AA-’ rating with ‘stable outlook’, recognises group’s ability to absorb COVID-19 pandemic shock
Denis Kessler, Chairman & Chief Executive Officer of SCOR, commented “We welcome Standard & Poor’s decision to affirm SCOR’s Financial Ratings. This decision demonstrates the Group’s ability to offer its clients an optimum level of security and the resilience of its business model, particularly in the current pandemic crisis. It also clearly reinforces the relevance of our strategy as a global Tier one reinsurer”.
Lloyd’s of London to pay for its ‘shameful’ sins in Atlantic slave trade
“Our strategy is to increase footprint in the developed economies while maintaining and growing market share in our part of the world”
Japanese researchers confirm coronavirus testing in sewers as possible outbreak warning system
IMF sees ‘profound uncertainty’ about global recovery: Gita Gopinath
Digital health passports could help get fans back into stadiums
“India will be the 2nd largest infra investment market,to account for 8% of all emerging market spend”
•The sigma estimates a total premium opportunity of more than USD 50 billion over the next 10 years,based on projected levels of investment across the largest seven emerging markets (Brazil, China, India, Indonesia, Mexico, Russia, and Thailand).
• There will be strong growth in investment in renewable energy, smart and resilient infrastructure
• Infrastructure in emerging markets represents an annual USD 920 billion investment opportunity for institutional investors,including insurers
• Infrastructure-related insurance premiums to exceed USD 50 billion over 10 years, mostly from engineering, property and energy
Insurers’ reliance on investments make them vulnerable due to COVID-19, says GlobalData
“Investments held in corporate bonds are particularly vulnerable to the impacts of an economic recession, with some businesses likely to default on payments. Insurers operating in the US are heavily invested in corporate bonds compared to their UK counterparts, and US life insurers in particular are more vulnerable to the downturn – given almost three quarters of their investments are in this area. This is especially true in the life sector where there is a 49.7 percentage-point difference between investments in corporate bonds. It also illustrates that the UK has a certain amount locked up in the relatively safe government securities, while this is not available in the US.”
U.S.based RIMS and Prudent Insurance Brokers collaborate to support India’s risk management community
“For organizations to remain resilient, they must be proactive and ready to adapt to rapid changes in our business and social environments,For risk professionals, education and knowledge sharing are critical components of strong risk programs and decision-making. RIMS is proud to continue to support India’s growing risk management community and, with PIBL, deliver a wide-range of learning experiences”, ” said RIMS CEO Mary Roth. .