Chinese University Develops Pandemic/Climate Model
Lanzhou University will release an online prediction model today that will follow the spread of COVID-19 globally. Dubbed the Global COVID-19 Prediction System, researchers say the new model takes into account climate and environmental conditions, population densities as well as government control measures.
Since the outbreak of the COVID-19 pandemic, researchers of the center have been working for three months to develop the system on the basis of the existing regional epidemic prediction model, said Huang.
According to their findings, the best temperature for the spread of the novel coronavirus is between 5 degrees Celsius and 15 degrees Celsius, with 60 percent of the COVID-19 cases around the world reported within the temperature scope.
Philippines Gets Ready for Another Try at the Private Reinsurance Market
The Philippines government is going out to bid again for P2-billion ($39 million) catastrophe insurance scheme after reinsurers balked at the original request.
According to government officials, they made several changes to the RFP in order to assuage the private market.
In particular, the GSIS will now only require a statement of sovereign or government clients within the past 10 years, instead of a statement of the prospective bidder of all its ongoing and completed government and private contracts, including contracts awarded but not yet started, if any, whether similar or not similar in nature and complexity to the contract to be bid, within the relevant period, in the past.
Legel Funds Circle Pandemic Liability
Investor backed litigation funds are raising record amounts as the prepare their war chests to sue over pandemic related losses, including targeting insurers. Parabellum Capital saids that it has raised a new fund with commitments exceeding $450 million ahead of a “potential torrent” of coronavirus-related lawsuits.
Many in litigation funding expect a surge of investments in the coming months to help companies access courts as they struggle to recover from the business interruptions caused by the Covid-19 pandemic. That includes legal disputes over insurance coverage, unfulfilled contracts, and claims arising from bankruptcies.
Three Key Questions for the Hurricane Season
Catastrophe model professional Richard Dixon provides three important and intriguing questions regarding the Atlantic Hurricane season that kicks off a week from today. In a post published the weekend, Dixon says there are three issues he as been “chewing on” regarding 2020 activity:
- A 2005-style season might add a bit more fuel to the fire that tail risk is changing.
- Was 2006-2016 a glimpse of the future - or indeed our present-day risk
- if we are heading into a cooler phase of the AMO - whether some of the cooling gets lost to a certain extent in the globally warming sea trend?
EU Pandemic Cover Fund
The Federation of European Risk Management (FERMA) said today that European Union should develop a “framework” to provide insurance cover for pandemics and cyber attacks. This would include a “public-private partnership” that cover events which hit businesses but do not involve physical damage.
FERMA President Dirk Wegener said in the letter to the EU:
We now aim to deepen discussions with the EU, the Member States and the insurance sector, and to develop solutions for both short-term crisis management and long-term business resilience.
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