International News

Multiple billion-dollar severe weather outbreaks affect the U.S. during March, Aon cat report

Eco/Invest/Demography, Non-Life, Reinsurance       Apr 09, 2020

  CHICAGO: The monthly Global Catastrophe Recap report by Aon plc,evaluating the impact of the natural disaster events that occurred worldwide during March 2020,reveals a total economic losses in excess of USD1.1bn, with roughly three-quarters of the total covered by insurance.   Steve Bowen, Director and Meteorologist...

Coronavirus impact on Swiss Re absolutely manageable,says official

FRANKFURT:  Swiss Re is confident it can weather the storm of the coronavirus outbreak, an executive said.   The reinsurer has a strong balance sheet, prudent asset allocation and hedges on assets, Edi Schmid, Swiss Re’s Group Chief Underwriting Officer, said in comments embargoed for Wednesday.  ...

China plans allowing a foreign life insurer to own more than one main business license

Eco/Invest/Demography, Life, Regulation       Apr 09, 2020

  Beijing: China plans to make it easier for foreign life insurers to make controlling acquisitions and large equity investments in domestic peers, five people with knowledge of the matter said, as the country pushes ahead in opening up its financial sector.   The plan being drafted...

Global economy faces a $5 trillion hit due to Covid-19. That’s more than Japan’s GDP

  London: The coronavirus pandemic is set to rob the global economy of more than $5 trillion of growth over the next two years, greater than the annual output of Japan.   That’s the warning from Wall Street banks as the world plunges into its deepest peacetime...

WTO says global trade collapse may be worst in a generation

   Geneva: The coronavirus pandemic could cause a deeper collapse of international trade flows than at any point in the postwar era, the World Trade Organization said.   The Geneva-based trade body presented two possible scenarios for global trade in the years to come in a report...

China sees slight rise in new coronavirus infections as imported cases jump

BEIJING: China reported a slight increase in new coronavirus cases for the second straight day, as the number of infections involving incoming overseas travellers hit a two-week high. China reported 63 new cases on Wednesday, up from 62 a day earlier, the National Health Commission...

Peak Re to acquire Bermuda based ILS asset manager Lutece

Non-Life, Reinsurance       Apr 08, 2020

  Hong Kong: Hong Kong based Peak Reinsurance Company (“Peak Re”) on Wednesday has decided to acquier Bermuda based dedicated ILS asset manager Lutece Holdings Ltd and its subsidiary Lutece Investment Management Ltd. (“Lutece”).Lutece Investment Management will be renamed Peak Capital and will become a fully...

China's Wuhan lockdown ends, but another begins as local coronavirus cases rise

  WUHAN: The Chinese city where the coronavirus epidemic first broke out, Wuhan, ended a two-month lockdown on Wednesday, but a northern town started restricting the movement of its residents amid concerns of a second wave of infections in mainland China.   China sealed off Wuhan, a...

COVID-19 crisis can push 40 cr informal sector workers in India deeper into poverty: ILO

  Geneva: The COVID-19 crisis has the potential to push around 40 crore informal sector workers in India deeper into poverty, with the lockdown and other containment measures affecting jobs and earnings, an International Labour Organisation (ILO) report said on Tuesday. India has imposed a three-week...

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