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Indian
Omicron spreads in India’s big cities but hospitalisations still low
Nearly 90% of new patients had shown no symptoms and only 8% were...
MF disclaimers should flow at same speed as rest of ad: Goyal
Piyush Goyal,Minister of Commerce and Industry and Minister of...
India logs 90,928 new COVID-19 cases, positivity rate stands at 6.43 pc
The country has reported 2,630 cases of Omicron variant of COVID-19...
India reports 1st Omicron death; “Exponential rise” in COVID cases, R naught value higher than 2nd wave peak: Centre
Maharashtra, West Bengal, Delhi, Kerala, Tamil Nadu, Karnataka,...
International
South African regulator cautions insurers over rejection of virus claims
A second wave could eat into insurers’ capital:S&P
Currently estimates of insured losses from COVID-19 vary and include V.J. Dowling’s $80 billion to the Lloyd’s estimate $107 billion and Willis Towers Watson’s $140 billion. The consensus is that the bulk of the losses will come from event insurance, business interruption and entertainment. S&P expects the bulk of claims to be reported in Q2 and Q3. However, it warns, losses could escalate if conditions worsen beyond the current recovery scenario.
UK Plans to spend $6.6 billion on building flood defenses through 2027
Under the plans, the UK’s Flood Re insurance program will also be modified to allow claims to include the installation of flood resilience measures as well as repairs for affected properties.
“For every pound spent improving protection from flooding and coastal erosion, we avoid around 5 pounds of property damages,” Environment Agency Chairman Emma Howard Boyd said. “The long-term commitments announced today will make homes, businesses and infrastructure more resilient to the accelerating impacts of the climate crisis.”
Russia requires firms to develop financial/insurance contingency plans for oil spills
The law makes it mandatory for companies to have sufficient financial reserves to prevent potential spills or clean them up if they occur. The financial reserves can take various forms, including an insurance contract or a letter of guarantee to pay the damage from a given accident.The law also requires companies handling hydrocarbons to draw up plans to prevent and clean up spills by Jan.1, 2024.
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