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Beazley launches life sciences offering in Asia Pacific

Prashansa Daga, Healthcare Underwriter said: “The life sciences sector across Asia has been growing significantly in recent years and has already overtaken EU in terms of size*. Asia Pacific is now the second largest market in terms of size after the US. Covid-19 has also exposed the need for self-reliance amongst different countries in the region as we saw closing of borders, restriction on movement of pharmaceutical ingredients and the global vaccine scramble. The response to Covid-19 has also fuelled a race to create tests, vaccines and treatments. As an industry driven by intrinsic innovation and inelastic demand for patient needs, life sciences is expected to see significant growth in years to come. Our policy provides clear, broad and flexible cover for a range of risks to help this diverse sector to manage its risk exposures and continue to expand and thrive.”

Delta variant now reported in 135 countries, global coronavirus cases could exceed 200 million by next week: WHO

The global number of new cases has been increasing for more than a month, with over 4 million cases reported in the past week – July 26 to August 1, the update said.

“This increasing trend is largely attributed to substantial increases in the Eastern Mediterranean and the Western Pacific Regions which reported 37 percent and 33 percent increases respectively as compared to the previous week, while the South-East Asia Region reported a 9 percent increase,” it said.

IMF OKs big increase in funds to alleviate pandemic impact

The general allocation of SDRs will become effective on Aug. 23. The IMF said that the new reserves will be credited to IMF member countries in proportion to their existing quotas with the agency. About USD275 billion of the new allocation will go to the world’s poorer countries.

Willis Towers mulls sale of reinsurance unit after halting merger

Reports this week suggested Gallagher was close to clinching a deal for Willis Re, but Willis Towers Watson Chief Executive Officer John Haley said he is considering wider possibilities.

“We’re conducting a review of strategic alternatives for Willis Re,” Haley told a conference call on Tuesday reporting on second-quarter results. While the timing was “appropriate” given the failed merger, he warned that a sale was not assured.

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