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Indian
Health Ministry writes to states, UT over surge in COVID-19 cases
"Recently, there are a few States which are reporting a higher...
Investor wealth erodes by Rs 8 trn as markets falter for 5th straight day
Unabated foreign fund outflows, inflationary concerns and...
At WHO event in Gujarat, PM Modi highlights India’s potential in traditional medicine
The GCTM will be the first and only global outpost centre for...
Life insurers’ new premium rise 13% to Rs 3,14 trillion in FY 2021-22, private sector gains market share by 3%
LIC’s new premium income has seen a growth of eight per cent y-o-y...
International
Global foreign direct investment halved in first six months of 2020 – U.N
“Global FDI flows for the first half of this year went down by close to half… It was more drastic than we expected for the whole year,” James Zhan, director of UNCTAD’s investment and enterprise division, told a news conference.
The flows are expected to decline by 30 to 40% this year and “moderately” in 2021, by 5 to 10%, Zhan said.
EU warns not enough COVID vaccines for all in Europe until 2022
Given a likely limited supply, the Commission has for months urged EU governments to devise vaccination plans that would prioritise vulnerable and essential groups, such as healthcare workers, the elderly or people with chronic diseases.
But apart from a consensus on inoculating doctors and nurses, “there is no common line on other groups,” the Commission official said at the internal meeting this week.
Arctic headache for ship insurers as routes open up
As climate change opens new sea routes, experienced polar captains like Whatley are coveted for Arctic voyages that can save money on the run between Europe and Asia. But as activity in the Arctic’s waters picks up, insurance companies are grappling with a fundamental question: If something goes wrong, who pays?
So far, it’s unclear that the cost of a major accident would be completely covered by insurance. Damages from a ship spilling oil, hitting an iceberg or becoming marooned can run into the hundreds of millions of dollars.
Epidemic & Pandemic insurance contracts less ambiguous in Asia:Peak Re CEO
“Specifically, when you look at COVID-19, this part of the world is going through its fifth epidemic this century, and this century is only 20 years old. There are much less problems on the wordings side in respect of pandemics in Asia,” Franz-Josef Hahn, chief executive officer, Peak Re said.
Looking ahead to January 1, 2021 renewals,Hahn highlighted that the period represents a chance for reinsurers to “correct pricing” – a move he believes necessary for the development of a “sustainable” marketplace. Otherwise, [the marketplace] is not going to go any further and no capacity will be provided any longer,” .
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