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IOC seeks insurance compensation for delayed Tokyo Olympics

by | Jun 5, 2020 | , , ,

An “open discussion” is under way with insurance brokers, the IOC’s Olympic Games operations director Pierre Ducrey said Thursday. The aim is “to try and find the right level of compensation to help us bear the cost of having to wait another year,” Ducrey said.

The IOC pays for insurance against the cancellation of an Olympics but it has been unclear if its policy covers the one-year postponement forced by the coronavirus pandemic.

U.S. insurers ask Treasury, Fed to back pandemic payouts for trade credit coverage

by | Jun 5, 2020 | , , ,

Trade credit insurance, which covers $600 billion in U.S. business transactions annually, protects businesses selling goods and services from the risk that insolvent buyers will not pay them. Washington lobbyist David Ross spoke with Steven Seitz, director of the Treasury’s Federal Insurance Office on a May 27 call about support for the niche industry, James Daly, chief executive officer of Euler Hermes Americas, an Allianz SE unit, told Reuters.

Trade credit insurers want about $60 billion in government support, as shared claims payouts, Daly said. Policyholders would pay additional premiums for the backing.

SC extends order of no coercive action against employers for non-payment of full wages

by | Jun 5, 2020 | , , , ,

A bench of Justices Ashok Bhushan, S K Kaul and M R Shah reserved the verdict on a batch of petitions filed by various companies challenging the circular of the Ministry of Home Affairs issued on March 29 asking the employers to pay full wages to the employees during the nationwide lockdown due to the coronavirus pandemic.

In the proceedings conducted through video conferencing, the top court said there was a concern that workmen should not be left without pay, but there may be a situation where the industry may not have money to pay and hence, the balancing has to be done.

Endeavour to cut accidents, deaths on roads by 25% by March next year: Gadkari

by | Jun 5, 2020 | , , , ,

The Ministry of Road Transport and Highways has identified over 5,000 black spots, and the process for their rectification including temporary and permanent measures is being carried out on urgent basis, he said.

Standard Operating Procedures (SOPs) regarding procedure for rectification of black spots for taking up short-term and long-term permanent measures have already been issued, as per the ministry and till date, temporary measures on 1,739 newly identified black spots and permanent measures on 840 newly identified black spots have already been taken.

India may suffer devastating climate change impact in 80 years: Study

by | Jun 5, 2020 | , , ,

“India is the most densely populated region in the world, with relatively high sensitivity and low resilience to changes in its climate, all of which makes it very exposed and vulnerable to any changes that may occur during the rest of the 21st century,” Almazroui told PTI in an email on World Environment Day on Friday.

“A large part of India’s population, ecosystems, and economy are all exposed to high risk in the face of future climate change,” he said.

COVID-19 Pandemic: Emerging risks and trends

by | Jun 4, 2020 | , , , , , ,

•Intergenerational tensions, supply chain disruptions and the fragility of public healthcare are among the risks and trends amplified by the COVID-19 pandemic, 2020,
•The coronavirus outbreak showed that societies weren’t sufficiently prepared, and that broad risk awareness is crucial for proper risk management;,
•The current crisis shouldn’t overshadow the need for the world to transition to a more sustainable economy and a low-carbon future, and the insurance industry can play a pivotal role in this

SC seeks finance ministry’s reply on waiver of interest on loans during moratorium period

by | Jun 4, 2020 | , , ,

The bench was hearing a plea, filed by Gajendra Sharma, in which he has sought a direction to declare the portion of RBI’s March 27 notification “as ultra vires to the extent it charges interest on the loan amount during the moratorium period, which create hardship to the petitioner being borrower and creates hindrance and obstruction in ‘right to life’ guaranteed by Article 21 of the Constitution of India”.

India’s COVID-19 tally reaches 2,16,919 with record spike of 9,304 cases; death toll 6,075

by | Jun 4, 2020 | , , ,

Of the 260 deaths reported since Wednesday morning, 122 were in Maharashtra, 50 in Delhi, 30 in Gujarat, 11 in Tamil Nadu, 10 in West Bengal, seven each in Madhya Pradesh, Uttar Pradesh and Telangana, six in Rajasthan, four in Andhra Pradesh and one each in Bihar, Chhattisgarh, Jammu and Kashmir, Karnataka, Punjab and Uttarakhand.