International News

Health groups ask India to rescind Gilead's patents for COVID-19 drug remdesivir

  New Delhi: Two health advocacy groups have written to the Indian government asking it to rescind patents given to Gilead Sciences for the drug remdesivir so it can be distributed more fairly to coronavirus patients around the world, particularly in poorer nations.   Drug patents in...

AXA to provide medical support to customers of 5,000 Accor hotels worldwide

Health, Non-Life, Reinsurance       May 15, 2020

  Paris: AXA and Accor, a global hospitality leader announced an innovative strategic partnership to provide medical support to guests across the 5,000 Accor hotels worldwide. As soon as July 2020, this partnership will enable Accor guests to benefit from the highest level of care thanks...

Maritime advisory by U.S. sanctions for ship owners,insurers

Eco/Invest/Demography, Non-Life, Reinsurance       May 15, 2020

  WASHINGTON/LONDON: The Trump administration on Thursday issued guidelines to help ship owners and insurers avoid the risks of sanctions penalties,standards that maritime players and senior State Department official said they were modified following months of discussions with industry.   The guidelines, known as a Global Maritime...

Covid-19 could cause economic loss up to $8.8 trn, 9.7% of global GDP: ADB

  Manila: Global economic losses caused by the coronavirus pandemic could be between $5.8 trillion and $8.8 trillion this year, the Asian Development Bank (ADB) said on Friday, more than double its earlier estimates as containment measures paralyse economies.   The ADB's forecast, equal to 6.4% to...

Coronavirus to leave a legacy of unprecedented global debt

  LONDON:  Enormous doses of stimulus spending are offering relief from coronavirus damage but their lifelong legacy of debt could seed future crises by hobbling economic growth and worsening poverty, especially in developing countries. Central banks and governments worldwide have unleashed at least $15 trillion of...

Germany must stabilise social security system with cash injection: officials

  BERLIN: Germany will have to stabilise its social security system with cash injections to cushion the effect of coronavirus on health, the labour market and pensions, officials said on Thursday, an effort experts estimate could cost many billions of euros.   The German economy, Europe’s largest,...

 Wattez-Richard

AXA’s Garance Wattez-Richard bags ``Geneva Association Women in Insurance Award'' for initiatives on underserved populations

Eco/Invest/Demography, Life, Non-Life       May 14, 2020

  Zurich: The first annual Geneva Association Women in Insurance Award goes to Garance Wattez-Richard, CEO of AXA Emerging Customers, for her work to tackle the insurance protection gap in emerging markets and protect underserved populations. Charles Brindamour, Geneva Association Chairman and CEO of Intact Financial,...

Global trade fell 3% in Q1 of 2020 due to Covid-19; may slide further: UN

  New Delhi: The coronavirus pandemic has led to a three per cent drop in global trade in the first quarter of 2020 and this downturn is expected to accelerate in the next quarter to project a whopping quarter-on-quarter decline of 27 per cent, the UN...

Lloyd's of London to pay up to $4.3 billion in coronavirus claims

LONDON: Lloyd’s of London is likely to pay out $3.0-4.3 billion in claims related to the coronavirus pandemic and underwriting and investment losses for the global non-life insurance sector could reach a record $203 billion, Lloyd’s said on Thursday.Insurers across the globe have suffered losses...