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Indian
Low Budget allocation to healthcare: Fin secy says it is primarily states’ responsibility
Finance Secretary T V Somanathan Finance Secretary T V Somanathan...
Frequency of extreme events may increase all over India due to enhanced warming: Jitendra Singh
“Frequency of extreme precipitation events may increase all over...
Govt to soon decide on giving additional charge of New India Assurance CMD
The finance ministry had proposed to give additional charge to...
LIC’s Post IPO business plan a threat to private firms: Credit Suisse Report
The report notes that LIC's margin has already gone by up 700 bps...
International
More than 150 nations join global vaccine plan,U.S.,but China absent
With some wealthier nations reticent over COVAX, the plan has highlighted the challenge of distributing vaccines equitably around a world of haves and have-nots.
The vaccine alliance said it expected another 38 wealthy countries to join the initiative in coming days.
It said it had received commitments for $1.4 billion towards vaccine research and development, but a further $700 million-$800 million was urgently needed.
AIR Worldwide Releases updated Multiple Peril Crop Insurance Model for China
An outbreak of African swine fever—a highly infectious and deadly disease—started impacting pigs in China in 2018, resulting in a loss of half of China’s 400 million pigs, or 40% of the world’s total agricultural pig population, as of the first half of 2020.
“China is a leading global producer of wood and paper products; the country’s forests can be insured under the national crop insurance scheme and incur large losses not only from extreme weather but also fire, pests, and disease,In addition, livestock (including poultry) policies now make up about a quarter of agricultural premiums in the country and have a large potential for losses. To get a comprehensive view of agricultural risk in China, companies must consider the risk to crops, forests, and livestock,”said Yizhong Qu, assistant vice president, AIR Worldwide China.
Risk professionals face six challenges in addressing reputational risks:Airmic,RIMS Report
The six challenges are Unclear definition of reputation,Confusion on the categorization of risks to reputation,No commonly agreed upon, consistent measurement of the business impact from specific risks to reputation,No framework for linking the strategic, operational, and tactical aspects of reputational risk management,An absence of integrated ownership and accountability across organizations and Slow development of solutions for risk transfer including insurance.
The report states that risk professionals today are at a crossroads, where they can follow one of two paths: the first, where they have the responsibility but no influence and control; or the second, where they can contribute value to the organization by leading implementation of a structured, data-driven and systematic approach to reputational risk that draws the whole organization together around a common framework
Nick Hawkins appointed as MD and CEO of IAG
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