International News

UK insurers,banks prepare for return to office of the future

  London: Limits on elevators, thermal imaging and temperature checks will greet a first wave of traders and bankers in Britain preparing to return to offices under new norms to tackle the coronavirus.   Britain’s financial sector is working to bring staff back to city-center workplaces, which...

UK’s Aviva expects COVID-19-related claims of nearly $200 Million

  London: British insurer Aviva expects 160 million pounds ($195 million) in claims related to the coronavirus pandemic and weaker second quarter sales, it said on Thursday, as government lockdowns aimed at containing the virus hit the global economy.   Insurers globally are likely to face more...

Brazil reinsurer IRB eyes acquiring foreign competitors’ portfolios:Report

Eco/Invest/Demography, Non-Life, Reinsurance       May 22, 2020

  Brasília: Brazilian reinsurer IRB Brasil Resseguros SA is in advanced negotiations to buy rivals’ portfolios in Brazil and elsewhere in Latin America as foreign competitors scale back in the region, two sources close to the company told Reuters.   Any such acquisition would be a bold...

French Court Orders AXA to Pay Restaurant’s COVID-19 Business Interruption Losses; AXA Vows to Appeal

  Paris: A Paris commercial court ruled that insurer AXA must pay a restaurant owner two months’ worth of coronavirus-related revenue losses, the restaurateur’s lawyer said on Friday, possibly opening the door to a wave of similar litigation.   AXA said it would appeal. It said there...

Confirmed Pakistan's Airbus A320 Jet Crash death toll at 97 - airline CEO

Non-Life, Reinsurance       May 22, 2020

  KARACHI/ISLAMABAD/Paris: At least 97 people are confirmed to have been killed in a plane crash in a residential area of Pakistan’s largest city, Karachi, Pakistan International Airlines’ (PIA) chief executive said on Friday.   The Airbus jet with 99 people on board crashed while approaching the...

India plans scrutiny of new portfolio investors from China, Hong Kong:Report

Eco/Invest/Demography, Risk Management       May 22, 2020

NEW DELHI: India has drafted rules proposing tighter scrutiny of new Foreign Portfolio Investors (FPIs) from China and Hong Kong, three government sources told Reuters, its latest effort to check foreign inflows during the coronavirus pandemic. The discussions come weeks after India said it will...

Modi offers Rs 1,000 crore help to cyclone stricken Kolkata, Bangladesh counts cost

Disaster & Management, Eco/Invest/Demography       May 22, 2020

KOLKATA/DHAKA:  Prime Minister Narendra Modi, peering down from his aircraft on Friday, saw the devastation and flooding caused by the most powerful cyclone to strike India and Bangladesh in more than a decade, before he landed in the stricken city of Kolkata.   Cyclone Amphan killed...

U.S. to mandate safety management for aircraft manufacturers

The Federal Aviation Administration said Tuesday it would require Boeing Co. and other aircraft manufacturers to adopt new safety-management tools following two fatal Boeing 737 MAX crashes that killed 346 people.   The plan to begin the regulatory process to mandate Safety Management Systems (SMS) comes...

Total global Covid-19 cases may reach 50 million,644,000 deaths expected in next 4 weeks:AIR Worldwide

  Boston: Verisk, a leading data analytics provider, as projected  that the number of cases globally from the COVID-19 outbreak over the next four weeks may reach 50 million total cases, with 644,000 estimated deaths,based on low scenario estimates modeled by Verisk’s catastrophe modeling unit,AIR Worldwide.  ...