#Agriculture Reinsurance Market Size | Explore Tumblr posts and blogs

orbemnews · 4 years ago

Link

Clearing the Suez Canal Took Days. Figuring Out the Costs May Take Years. TOKYO — It took six days to prise free a giant container ship that ran aground and clogged the Suez Canal, one of the world’s most crucial shipping arteries. It could take years to sort out who will pay for the mess. Cargo companies, insurers, government authorities and a phalanx of lawyers, all with different agendas and potential assessments, will not only need to determine the total damage, but also what went wrong. When they eventually finish digging through the morass, the insurers of the ship’s Japanese owner are likely to bear the brunt of the financial pain. The costs could add up quickly. There are the repairs for any physical damage to the Ever Given, the quarter-mile-long ship that got stuck in the Suez. There is the bill for the tugboats and front-end loaders that dug the beached vessel out from the mud. The authority that operates the Suez Canal has already said the crisis has cost the Egyptian government up to $90 million, for lost toll revenue as hundreds of ships waited to pass through the blocked waterway. And the stalled ship held up as much as $10 billion of cargo a day from moving through the canal, including cars, oil, livestock, laptops, sneakers, electronics and toilet paper. Companies delivering goods may have to pay customers for missed deadlines. If any agricultural goods went bad, producers may look to recoup lost revenue. All of these cascading effects could amount to insurance claims in the hundreds of millions of dollars, as well as broader losses from the delays in the global supply chain. The financial mess will ensnare a multinational web of businesses, led by the Japanese owner of the ship, its Taiwanese operator and the German management agent that hired the crew, as well as myriad cargo companies that rented space in the ship’s containers and a sprawling pool of insurance firms stretching from Tokyo to London. The ultimate responsibility may fall to the insurers for the ship’s owner, Shoei Kisen Kaisha Ltd., a subsidiary of the 120-year-old privately owned Japanese shipbuilder Imabari. Teams from the German company that hired the crew and a consortium of insurers for the ship’s owner are just starting to investigate what caused the marooning of the Ever Given. Authorities in Panama, where the ship is registered, are also conducting an inquiry, as are investigators for other interested parties. Their findings, whether they align or not, will complicate questions of liability, keeping claims adjusters and lawyers busy for years as they sort through the finger pointing. Investigators want to know “who was responsible for the disruption — was it the crew, the pilots working for the Suez Canal Authority, or is it just an act of nature or a freak accident by the wind?” said Richard Oloruntoba, an associate professor of supply chain management at the Curtin Business School in Perth, Australia. Even after inquiries are completed, Mr. Oloruntoba added, “it’s not clear-cut. It all depends on how good the lawyers are and also the contracts that were entered into.” The most straightforward aspect is the damage to the ship and the canal. In the shipping business, those costs usually fall to the insurers of the ship’s owner, in this case a consortium led by Mitsui Sumitomo Insurance in Tokyo with Tokio Marine and Sompo Japan. Initial reports indicate the ship did not suffer much harm and there was no pollution leak. The consortium is also likely to be on the hook for the salvage costs to free the ship, which swelled as experts and equipment were mobilized on short notice. Robert Mazzuoli, an insurance analyst at Fitch Ratings, estimated that bill could run into the tens of millions, although there are many variables. The trickier piece of the puzzle is the cargo. Companies that booked containers on the Ever Given, as well as some of the 400 ships that had to wait in line outside the canal while it was jammed, may want to file claims. But most insurance policies do not cover the economic losses for cargo delays. So companies will have to make a specific case as to why they are entitled to compensation. Such claims could reach hundreds of millions of dollars. The ships carrying the most time-sensitive cargo, such as livestock or produce, could make the strongest argument. Those vessels, though, were allowed to go through first once the waterway was cleared. For the most part, claims around cargo might be “impractical,” said Jeff N.K. Lee, a lawyer in Taipei who specializes in commercial and transportation law. “While the ship is just parked there, the cargo isn’t actually being damaged,” Mr. Lee said. “The only damage is that it’s delayed.” “Say I have a batch of cloth, and on top of the time it took to come to Taiwan, it got stuck for six or seven days,” he said. “It just sat there. Will it go bad? It won’t.” There is a caveat. The ship’s owner could have to pay for cargo delays, if its crew is found to be at fault for the accident. Some so-called third-party claims related to delayed cargo may be covered by yet another insurer for the ship, the UK P&I Club. The same goes for any claims by the Suez Canal Authority, which operates the waterway and might file over any loss of revenue. Nick Shaw, chief executive of the International Group of Protection and Indemnity Clubs, the umbrella group that includes the UK P&I Club, said the insurer would “make decisions together with the shipowner as to which ones had validity and which ones are illegitimate.” Adding to the complexity of the Suez accident are the layers upon layers of insurance. Reinsurers, companies that covers the risk of other insurance companies, come into play for claims above $100 million. Between insurance and reinsurance, the ship’s owner has coverage for those third-party claims up to $3.1 billion, although few experts believe the damages will run that high. The sheer size of the Ever Given makes the situation all the more labyrinthine. Aside from time of war, the Suez Canal has never been blocked quite so spectacularly or for as long a time as it was with the Ever Given, and this is the biggest ship to run aground. The ship is as long the Empire State Building is tall, with the capacity to carry 20,000 containers stacked 12 to 14 high. The Ever Given is one of a fleet of 13 in a series designed by Imabari, part of a push to lower the costs per container and make the ships more competitive in an increasingly fierce market dominated by Chinese and South Korean shipbuilders. “The bigger the ships get, the risk is whenever you have an incident like this is that you are putting more of your eggs into one basket,” said Simon Heaney, senior manager of container research at Drewry UK, a shipping consultancy. “So the claims will magnify.” Raymond Zhong and Amy Chang Chien contributed reporting from Taipei, Taiwan. Vivian Yee contributed from Cairo and Makiko Inoue, Hisako Ueno, Hikari Hida from Tokyo. Source link Orbem News #canal #clearing #costs #days #Figuring #Suez #Years

0 notes

freesuitwhispers · 4 years ago

Text

Global Agriculture Insurance and Reinsurance Market Segmentation, Demand and Supply 2022

Summary – A new market study, “Global Agriculture Insurance and Reinsurance Market Size, Status and Forecast 2022”has been featured on WiseGuyReports.

Also Read: http://www.digitaljournal.com/pr/4749363?noredir=1

Swiss Re

Endurance Specialty Holdings

Munich Re

Allianz Re

XL Catlin

Agroinsurance

AXIS Capital

Agriculture Insurance Company of India Limited (AIC)

Aon

Arch Capital Group

Market segment by Regions/Countries, this report covers

United States

Japan

China

India

Southeast Asia

Market segment by Application, Agriculture Insurance and Reinsurance can be split into

Original insurer

Direct Insurance Company

If you have any special requirements, please let us know and we will offer you the report as you want.

FOR MORE DETAILS : https://www.wiseguyreports.com/reports/2688192-global-agriculture-insurance-and-reinsurance-market-size-status-and-forecast-2022

About Us:

Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.

NORAH TRENT

[email protected]

Ph: +162-825-80070 (US)

Ph: +44 2035002763 (UK)

0 notes

shradhaattumb · 4 years ago

Text

Global Agriculture Insurance and Reinsurance Market Updates, News and Data 2022

Summary

A new market study, titled “Global Agriculture Insurance and Reinsurance Market Size, Status and Forecast 2022” has been featured on WiseGuyReports.

This report studies the global Agriculture Insurance and Reinsurance market, analyzes and researches the Agriculture Insurance and Reinsurance development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global market, like Swiss Re Endurance Specialty Holdings Munich Re Allianz Re XL Catlin Agroinsurance AXIS Capital Agriculture Insurance Company of India Limited (AIC) Aon Arch Capital Group

ALSO READ: http://www.digitaljournal.com/pr/4749363?noredir=1

Market segment by Regions/Countries, this report covers United States EU Japan China India Southeast Asia

Market segment by Application, Agriculture Insurance and Reinsurance can be split into Original insurer Direct Insurance Company

If you have any special requirements, please let us know and we will offer you the report as you want.

FOR MORE DETAILS – https://www.wiseguyreports.com/reports/2688192-global-agriculture-insurance-and-reinsurance-market-size-status-and-forecast-2022

About Us:

NORAH TRENT

[email protected]

Ph: +162-825-80070 (US)

Ph: +44 203 500 2763 (UK)

#Global Agriculture Insurance and Reinsurance Market

0 notes

jacobwill176 · 4 years ago

Text

Global and United States Agriculture Reinsurance Market Size, Share, Development and Forecast Overview forecast year 2020

A new market study, titled “ Global and United States Agriculture Reinsurance Market Size, Status and Forecast 2020-2026” has …

October 08, 2020

Global Agriculture Reinsurance Scope and Market Size

Agriculture Reinsurance market is segmented by Type, and by Application. Players, stakeholders, and other participants in the global Agriculture Reinsurance market will be able to gain the upper hand as they use the report as a powerful resource. The segmental analysis focuses on revenue and forecast by Type and by Application in terms of revenue and forecast for the period 2015-2026.

Market segment by Type, the product can be split into

Crop Yield Reinsurance

Crop Price Reinsurance

Crop Revenue Reinsurance

Market segment by Application, split into

MPCI

Crop Hail

Livestock

Forestry

Based on regional and country-level analysis, the Agriculture Reinsurance market has been segmented as follows:

North America

United States

Canada

Europe

Germany

France

U.K.

Italy

Russia

Nordic

Rest of Europe

Asia-Pacific

China

Japan

South Korea

Southeast Asia

India

Australia

Rest of Asia-Pacific

Latin America

Mexico

Brazil

Middle East & Africa

Turkey

Saudi Arabia

UAE

Rest of Middle East & Africa

ALSO READ http://www.marketwatch.com/story/global-nanorobotics-market-till-2026-latest-industry-scenario-trends-restrain-future-forecast-bruker-jeol-thermo-fisher-scientific-ginkgo-bioworks-2020-09-23

In the competitive analysis section of the report, leading as well as prominent players of the global Agriculture Reinsurance market are broadly studied on the basis of key factors. The report offers comprehensive analysis and accurate statistics on revenue by the player for the period 2015-2020. It also offers detailed analysis supported by reliable statistics on price and revenue (global level) by player for the period 2015-2020.

The key players covered in this study

Munich Re

Swiss Re

Hannover Re

Partner Re

Scor Re

Mapfre Re

Lloyd’s

Berkshire Hathaway

Everest Re

Korean Reinsurance

China Reinsurance

Transatlantic

XL Group

QBE

Tokio Marine

FOR MORE DETAILS : https://www.wiseguyreports.com/reports/4532907-global-nanorobotics-market-2019-2026

NORAH TRENT

[email protected]

Ph: +162-825-80070 (US)

Ph: +44 203 500 2763 (UK)

#Global and United States Agriculture Reinsurance Market

0 notes

ashok-kumars-world · 4 years ago

Text

BREAKING

Eco/Invest/Demography, Health, Non-Life, Pandemic : Fourth COVID wave: Infection spreading faster, high-grade fever, affecting younger population more

Eco/Invest/Demography, Life, Regulation : Life insures have to mandatorily launch standard term life product from Jan 21:IRDAI

Health, Life, Non-Life, Pandemic : Policyholders can now opt for renewal, migration and portability of their standard Covid covers:IRDAI

Non-Life, Risk Management : Sitharaman may announce the merger of 3 PSU gen insurers in Budget 2020

Eco/Invest/Demography : Financial services to add 47,800 new jobs in April-September FY20

Indian carriers to induct over 900 planes in coming years

Wealth Management : Investors rush to mutual funds; asset base grows over Rs 6 lakh crore

Reinsurance : GIC Re receives “In principle” approval for Lloyd's Syndicate, will start business by Apr 18

IRDAI Panel suggests competitive returns for life insurance customers

Health : Private bill in RS proposes health to be made a fundamental right

Eco/Invest/Demography, Health, Non-Life, Pandemic : Fourth COVID wave: Infection spreading faster, high-grade fever, affecting younger population more

Eco/Invest/Demography, Life, Regulation : Life insures have to mandatorily launch standard term life product from Jan 21:IRDAI

Health, Life, Non-Life, Pandemic : Policyholders can now opt for renewal, migration and portability of their standard Covid covers:IRDAI

Non-Life, Risk Management : Sitharaman may announce the merger of 3 PSU gen insurers in Budget 2020

Eco/Invest/Demography : Financial services to add 47,800 new jobs in April-September FY20

Indian carriers to induct over 900 planes in coming years

Wealth Management : Investors rush to mutual funds; asset base grows over Rs 6 lakh crore

Reinsurance : GIC Re receives “In principle” approval for Lloyd's Syndicate, will start business by Apr 18

IRDAI Panel suggests competitive returns for life insurance customers

Health : Private bill in RS proposes health to be made a fundamental right

Show Menu

Indian general insurance industry misses Rs 2 trillion premium mark, New India shines in Fy 2020-21

The Health portfolio, propelled by Covid 19 Pandemic might have grown by almost 40 per cent but it has not been able to make up the shrinking of overall motor business, that has fallen by 5 per cent, for the industry in 2020-21. ``It was a hugely challenging year. I am happy that we could pull it off like this. As at the end of October 2020, though the business of general insurance industry on an average was down by some 10-12 per cent, we managed to just keep our head over water by showing some business growth in decimal points but then we went into a tizzy and in subsequent five months we managed to grow our business each month by 15 to 22% each month,’’ said Atul Sahai, CMD, NIA.

Apr 12, 2021 Indian News >> Non-Life, Pandemic Source: AIP News Bureau

Atul Sahai, CMD, New India Assurance

Mumbai:

Though, the Indian general insurance industry, at Rs 1,98,735 crore, has ended the FY 2020-21 with a positive year on year (y-o-y) growth of 5 per cent, once again, thanks to Covid 19 Pandemic. it has missed out the much cherished milestone of Rs 2 trillion of gross premium during the year narrowly, due to negative growth in moror insurance, the largest portfolio in the industry and crop business., .

Analysts point out that the Health portfolio, expected to be propelled by Covid 19 Pandemic, has only grown by 11 per cent to Rs 58,584 crore there have been slow down in two large business segments-overall motor portfolio and crop business- of the industry during FY 2020-21.

Premiums in the overall motor portfolio has fallen by around two per cent to Rs 67,790 crore while th crop business have fallen by 3.5 per cent to 31184 crore during FY2020-21. .

Among the main components of the motor portfolio, motor third party(TP) premium, which has not been hiked by the IRDAI in FY2020-21,has grown by 5 per cent to Rs 10,650 crore,motor (own damage) segment has surged by 138 per cent to Rs 4136 crorewhile the premium out of motor package has contarcted by seven per cent during the reporting period.

The fact that premiums in Motor OD and Motor TP have gone up despite Covid-19 Pandemic, when long period of lock down has limited the use of all kind of vehicles,shows more people have bought automobiles and more uninsured vehicles have got insured, said analysts adding that the prediction, that Motor portfolio will be overtaken by Health Portfolio as the largest segement in the industry baecause of Covid-19 Pandemic, hasn't happened.

In one of the distinct achievements in the industry, despite Covid-19 Pandemic, which disrupted the domestic insurance industry extensively, New India Assurance(NIA), powered by a global premium of around Rs 32,500 crore has further scaled up its domestic market share to 14.33 per cent during the year from 14.11 per cent in 2019-20.

The company has operations in 28 countries.

The largest listed non-life company in the country, uniquely, has maintained its positive and profitable growth consistently through out 2020-21, and has ended year with a domestic premium of Rs 28,482 crore, showing a year on year (y-o-y) rise of 6.22 per cent.

Analysts point out that among the top 10 general insurers that include three large PSUs and , NIA is the only company which has the distinct achievements of positive premium growth, profitability and higher market shares by expanding its core business organically in FY 2020-21.

``It was a hugely challenging year. I am happy that we could pull it off like this. As at the end of October 2020, though the business of general insurance industry on an average was down by some 10-12 per cent, we managed to just keep our head over water by showing some business growth in decimal points but then we went into a tizzy and in subsequent five months we managed to grow our business each month by 15 to 22 per cent each month,’’ said Atul Sahai, CMD, NIA.

``And at the end, we managed to clock some 7 per cent upto the month growth, which given the large business base (the largest in the industry of course) and the circumstances we have been passing through as a nation, is a huge attainment,’’ felt Sahai.

This growth for NIA has been most evenly distributed over different line of business like Motor, Misc, Marine, Health etc, he explained.

``We hope to continue on this trajectory in coming months too. Repeating, the FY just gone by has been most challenging and rather emotionally and physically draining, given the spread of Covid. The way each member of team New India has responded to the challenges makes an amazing story of grit and determination,’’ observed Sahai.

The other PSU general insurers United India Insurance, National Insurance Company and Oriental Insurance Company have ended the year with negative growth and have lost their market shares during the period.

Led by Star Health & Allied Insurance,all the six stand health insurers, at Rs 15,720 crore, have together grown by 11 per cent y-o-y in 2020-21.

The largest private sector general insurer, ICICI Lombard general insurance, at Rs 14,003 crore, has grown its premium base by 5 per cent but its market share has almost remained flat 7.05 per cent during the year.

The company degrown its health portfolio by 6 per cent and grown its motor business marginally during the year.Earlier, it had exited crop business.

However, the company will soon emerge as the second largest domestic general insurer after it takes over Bharti Axa General Insurance.Together, the merged entity with a total premium base of Rs 17,160 will displace Chennai based second largest general insurer UII that has ended the FY 2021-22 with Rs16, 710 crore of premium , recording a y-o-y de-growth of 5 per cent.

Similarly, Bajaj Allianz General Insurance, though, has seen a fall in its gross premium marginally to Rs 12,569, has outranked Delhi based OIC, with a premium of Rs 12,452 crore, as the fifth largest general insurere in the country in 2020-21.

With a premium of Rs 12,295 crore, HDFC Ergo General Insurance, after integrating HDFC ERGO Health Insurance,HDFC’s health insurance arm with itself, has ended FY 2020-21 with a y-o-y growth of 28 per cent.

Another mid-sized general insurer, SBI General Insurance, which may be going for an IPO in FY 2021-22, has rapidly grown its premium base by 21.60 per cent y-o-y to Rs 8,264 crore in FY 2020-21.

Among the small ones, Raheja QBE General Insurance Company, which is being acquired by Indian payments firm Paytm, owned by One 97 Communications Ltd. along with its founder Vijay Shekhar Sharma, at Rs 272.22, has grown its premium by 72 per cent y-o-y, by mainly focusing on clinical trial covers provided for developing Covid-19 remedies.

While the PSU general insurers, except Agriculture Insurnace Company, have cut downn their exposures for crop business by almost 50 per cent, private sector insurers like Bajaja Allianz General, HDFC Ergo, Reliance General and Univeral Sampo have grown their crop premiums substantially during the year.

MORE NEWS

Comments

News in Brief

Apr 27

Madhu Malhotra appointed as CTO of Edelweiss General

Edelweiss General Insurance has appointed Madhu Malhotra as its chief technology officer

Madhu, with her two decades of rich experience across FinTech and Telecom domains., will spearhead the Technology function at EGI and drive digital innovation in line with the brand’s strategy of transforming the insurance landscape in India through tech driven solutions and offerings.

SBIG sponsors vaccination cost for its agents and POSPs

SBI General Insurance has sponsored the cost of vaccination for its agents and POSPs. The vaccination is extended to all advisors who have remained active with SBI General since March Year 2020.Further, this option is also extended to the spouses and dependent parents or in-laws of the advisor, up to a maximum of four members.

PC Kandpal, MD and CEO SBI General Insurance said, “Through this initiative, we aim to honour our channel partners – agents & POSPs and encourage them to get vaccinated at the earliest to protect themselves and their families”.

Apr 12

Kalpana Sampat appointed as MD & CEO of Pramerica Life Insurance

Pramerica Life Insurance appoints Kalpana Sampat as MD, CEO

Private life insurer Pramerica Life Insurance Monday announced the appointment of Kalpana Sampat its managing director and CEO, effective April 9.

Prior to this appointment, she was the chief operating officer for the company, a release said.

Pramerica Life Insurance is a joint venture company of Prudential International Insurance Holdings, a fully-owned subsidiary of Prudential Financial, Inc., and DIL (DHFL Investments Limited)

Apr 06

Charles Taylor Adjusting appoints Dan Yeo as MD for its Singapore P& team

Charles Taylor Adjusting has appointed Dan Yeo as Managing Director for its Property & Casualty team in Singapore, highlighting the company’s commitment to strengthen its services and product offerings in Singapore and in Asia-Pacific region

Prior to joining Charles Taylor Adjusting, he was the Marine technical claims manager for APAC at Chubb Insurance.

In his new position, Dan will report directly to Wee Loon Yong, Chief Executive Officer of Asia Property and Casualty and will assist in overseeing business development and strengthening the P&C team of adjusters in Singapore.

Mar 29

Sedgwick appoints Linda Sim head of forensic advisory services for Asia

Sedgwick, a leading global provider of technology-enabled risk, benefits and integrated business solutions, announced the appointment of Linda Sim as head of its forensic advisory services division in Asia.

Linda is a chartered accountant with more than 15 years of professional experience in the forensic advisory services arena. She has worked on numerous business interruption and fidelity losses of varying scope and size for both insurers and law firms across the Asia Pacific region.

Mar 25

Standard Club hires US Attorney for NY General Counsel Role

Leading mutual P&I insurer, the Standard Club, has appointed Gina Venezia as new General Counsel in their New York office.

The Standard Club has had a strong presence in the US long before the establishment of its New York office in 1998. The focus on the New York office as a claims service hub for the Americas demonstrates the club’s commitment to their existing clients.

Mar 11

Covers for ASHA and MGNREGA workers can be part of social sector quota:IRDA

The IRDA has clarified that the policies issued to persons under the occupations of ASHA workers and MGNREGA workers under regulations can be considered for complying their social sector quota.

ICICI Gen settles 1 million motor claims through 'InstaSpect'

ICICI Lombard General Insurance, had launched a DIY (Do-it-yourself) feature called 'InstaSpect', as part of the ILTakeCare app. This feature eliminates the need for vehicle damage assessment through a physical survey. Instead, it introduced live streaming, allowing virtual assessment and bringing down the claim approval time to a mere few hours.

The insurer has approved more than 1 million+ motor insurance claim approvals since its launch.

Feb 05

SBI Gen to donate Rs. 500 from its online biz for cancer treatment of underprivileged kids

SBI General Insurance has pledged to donate Rs. 500 for every general insurance policy,issued through their digital assets,towards cause of the cancer treatment of underprivileged kids suffering with Acute Lymphoblastic Leukaemia..

PC Kandpal, MD & CEO, SBI General said, “According to World Health Organization (WHO) report, every year approximately 1.16 million new cancer cases are observed in India. It is estimated that one in 10 Indians will develop cancer during their lifetime and one in 15 will die of the disease. We have conceptualized and launched this initiative called #MakeHopeWin.''

FEB 01

Mohanty takes over as MD of LIC

Siddhartha Mohanty has taken charge today as Managing Director of LIC of India and would serve LIC till June 2023..

Mohanty, who will be one of the front runners for the chairmanship of LIC after MR Kumar, chairman,LIC, retires in June 2021, started his career as a direct recruit officer with LIC of India in 1985 and has risen through the ranks to this senior position.

In a career spanning over three decades in the Corporation, Mohanty has made his mark in the areas of Marketing, HR, Investments and Legal.

Jan 13

AICTE to partner with Cyberpeace to train 5 lakh students and faculty on cybersecurity

AICTE has joined hands with Cyberpeace to train 5 lakh students and faculty on cybersecurity and with Pupilfirst for the CoronaSafe internship programme.

According to a press release, the cybersecurity training programme designed to educate 5 lakh students and faculty was unveiled by AICTE Chairman Anil D Sahasrabudhe.

Dec 27

AU Bank ties up with ICICI Prudential Life Insurance

AU Small Finance Bank (AU Bank), today, announced a partnership with ICICI Prudential Life Insurance to offer need and goal-based life insurance solutions.

Through this corporate agency arrangement, over 18 lakh customers of AU Bank can buy products of ICICI Prudential Life.

Max Life enhances contactless services for customers

Max Life Insurance Company has introduced a range of digital initiatives that are completely contactless and paperless, across most of its channels including the company’s branch offices.

0 notes

thechasefiles · 5 years ago

Text

The Chase Files Daily Newscap 30/1/2020

Good Morning #realdreamchasers ! Here is your daily news cap for Thursday January 30th, 2020. There is a lot to read and digest so take your time. Remember you can read full articles via Barbados Government Information Service (BGIS), Barbados Today (BT), or by purchasing a Daily Nation Newspaper (DN).

GROWTH SPURT – Governor of the Central Bank of Barbados Cleviston Haynes is predicting an ambitious growth rate of between 1.25 per cent and 1.75 per cent for the economy this year, at least 0.7 per cent higher than projected by the International Monetary Fund (IMF). Furthermore, he is confident that Government will achieve its target of six per cent primary balance by the end of March. He gave this optimistic assessment on Wednesday as he presented his economic review of the economy for the January to December 2019 period. With just two months to go before the end of the current fiscal year, Haynes said Government’s primary balance was currently around 4.8 per cent. He attributed the improvement of the primary balance over the first nine months of the current fiscal year to the strengthening of public finances, which he said represented Government’s commitment to achieving its fiscal targets.“Based on what I have seen so far in January I think we have made further progress and we anticipate that coming towards the end of the fiscal year that we will be able to achieve the six per cent target . . . the [International Monetary Fund (IMF)] programme is predicated on our ability to achieve six per cent so we have to do what is necessary,” said Haynes, adding: “I believe we are on track.” In his outlook, Haynes said fiscal consolidation efforts would continue to be the “bedrock of macroeconomic stability”, adding that achieving the targeted primary balance at the end of fiscal year 2019/2020 remained “critical” to building on the progress made in 2019. “Such efforts will reduce public sector indebtedness, restore investor confidence and facilitate further sovereign credit rating upgrades,” Haynes said. During the first nine months of the fiscal year Government’s expenditure is estimated to have declined by about nine per cent.“Grants to public institutions, the source of rising expenditure in recent years, contracted by $122 million due to the domestic debt restructuring and budgetary reforms of some state-owned entities,” said Haynes. He explained that the major impact related to reduced transfers to the Queen Elizabeth Hospital (QEH), the removal of Government funding to the Sanitation Services Authority and the Barbados Tourism Management Inc., which are now being funded directly by the Health Services Levy, the Garbage and Sewage Contribution fee and the Airline Travel and Tourism Development Fee respectively. The overall reforms introduced over the past 18 months increased revenue collection.“A 34 per cent increase in property taxes, on the strength of higher land tax rates, drove the gains in tax revenues,” said Haynes. He also reported a marginal increase in the gross collection of personal income taxes despite the mid-year reduction in tax rates. He said higher collection of the Value Added Tax, import duties, the new fuel tax, room rate levy and the direct tourism product levy, all boosted indirect taxes. “However, excises were relatively flat during the period. Additionally, higher non-tax revenues contributed to the revenue intake as the foreign exchange fee benefited from the increased availability of foreign exchange,” he added. In relation to economic growth prospects, Haynes said the forecast, which was a lot higher than the IMF’s meagre projection of 0.6 per cent growth, was based on an expected recovery in private investment and continued growth in tourism. “I think the fundamental issue comes back to the investment. I am optimistic that we will get some of these investments started,” he said. “If I could say to you that a number of projects were going to start tomorrow for example, I might be willing to raise my forecast above what we already have. So timing is going to be very critical in our ability to generate the growth,” said Haynes, adding that the start date of the highly anticipated construction projects will depend heavily on improvements in the doing business climate. Though building on the gains of 2018, the economy is estimated to have declined by 0.1 per cent during last year. The international reserves increased by some $481 million to reach $1.13 billion at the end of December, or approximately 18 weeks of import cover. The tourism sector recorded moderate growth of close to three per cent, the fifth consecutive year of growth. On the flip side, construction was estimated to have contracted by 4.7 per cent during the year under review, which officials have linked to the continued delay in a number of tourism-related projects. “Activity related to smaller projects and other medium-scale commercial ventures lessened the decline,” said Haynes. Meanwhile, conditions in the financial services sector remained stable and the manufacturing and non-sugar agriculture sectors recorded declines. The Governor said critical to the overall performance of the economy this year will be increased productivity, expansion of the alternative energy sector, improvement in the doing business environment, structural reforms to improve competitiveness indicators, and increased diversification. “(The year) 2020 provides us with an opportunity for this economy to take off. The last 18 months have focused on stabilization and during that period we have rebuilt the international reserve buffers, we have strengthened the public finances, we have implemented major tax and expenditure reforms, we have reduced the debt burden. “Now we need the economy to grow. This requires ongoing fiscal discipline, complemented by new investment that builds out our economic capacity for the future,” added Haynes. (BT)

DON’T RELY ON FOREIGN AID TO BOUNCE BACK FROM DISASTERS – Barbados and other countries in the region were today cautioned by a development banker not to depend on foreign aid to help them get back on their feet from a natural disaster. Eduardo Cavallo, Principal Economist in the Research Department of the Inter-American Development Bank (IDB), urged authorities to pay more attention to preparation. “The evidence suggests that foreign aid is not large enough to help countries cover a significant portion of the damages caused by disaster,” Cavallo told officials attending an IDB hosted panel discussion at the Courtyard by Marriott on Monday. “An implication I take out of that is that countries would then be well served through alternative financing, ex-ante (forecast-based) financing tools, things such as reserve funds, contingency credit lines, regional risks pool or insurance or reinsurance contract,” he said. Cavallo was presenting portions of ongoing research while speaking on the topic The Economic Impacts of Natural Disasters. He said that too often resilience building slowed down when Governments change because of a different policy direction. But he called on authorities to do all they could to make their countries less vulnerable. “You can’t avoid a storm or earthquake but you can have more resilient interests. “You can have homes that place people further away from more dangerous areas, you can have construction standards that are stronger, you can have insurance, for example, or you can promote some insurance where that is available,” Cavallo said. But stating that the size of the country, geographic location and gross domestic product also played a factor in how badly a country would be affected, Cavallo argued that the poor stood to suffer most from natural disasters. The IDB economist said the time had come for the region to improve its zoning and invest in the improvement of their sewerage and drainage systems. He also insisted that there was a need for a catastrophic insurance market to be developed in Barbados and the rest of the Caribbean. Cavallo said: “This is an area where we really need to work on. The second thing countries can do to be better prepared is working on adaptation. “The role of infrastructure is very critical. We have very poor quality infrastructure in our region. “We are among the worst in the world in terms of the quality of our infrastructure. “We are comparable to sub-Saharan Africa than to any of the emerging or developing regions of the world. “There is one issue that I think is a big opportunity for Barbados and that is building up ex-ante financial mechanisms to strengthen the fiscal position.” Cavallo warned that Barbados was not exempt from the increasing trend in hurricanes in the Caribbean basin, pointing out that “the Caribbean region is expected to experience something between 0.2 and 0.6 degrees Celsius increase in temperatures per decade if the issue of climate change is not addressed”. (BT)

UWI STUDENTS STILL FACING FINANCIAL CHALLENGES – Despite no longer having to pay tuition, many Barbadian students at the University of the West Indies at Cave Hill still face challenges in meeting their day to day expenses, according to Deputy Principal, Professor Winston Moore. And the hardships extend to several Caribbean students, especially those whose countries were affected by a series of devastating hurricanes over the last two years, he added. Professor Moore revealed: “While the Government’s decision to reinstate payment of tuition fees was indeed a great relief, many of the financial aid avenues on campus are still heavily taxed. “Many of our students are part-time workers, with different needs, and even though the tuition fees were covered, they still had to buy books, food and pay for transportation. “We also have non-national students whose families would have made tremendous sacrifices to get them here, and then suffered losses from the hurricanes over the last two years.” Moore’s comments came as he addressed the launch of the 2020 edition of the Royal Bank of Canada (RBC)/UWI Race for the Kids 5K walk and run held at UWI’s Main Conference Room this morning. He expressed pleasure that the funds raised from the event go towards different funding mechanisms available to students. The deputy principal said: “We are happy to have the funds allocated to the Campus Scholarship Fund, where the bank will fund 16 scholarships, including two which will go towards Bahamian students in the wake of Hurricane Dorian, which decimated the northern islands of Abaco and Grand Bahama in 2019. “The funds will also be allocated to the Student Hardship Fund, and this is one of the heaviest used student assistance funds.” Professor Moore mentioned that before any funds are allocated to students, they receive interviews and counselling and the campus does a series of background checks. The proceeds from the fundraiser are also used for the First Year Experience programme, which, “is aimed at career, academic, personal and community development, and sees students getting involved in workshops, community outreach, and team building”, said Professor Moore. One of those students, Amoury Beckles, said when he began his studies at Cave Hill in 2018, he had no interest in taking part in any extra-curricular activities, but he changed his mind when a colleague invited him to the launching ceremony for the First Year Experience programme. Beckles said: “It was a case of love at first sight for me, so I signed up immediately. “As a mentee, I learned a lot. “The stress management component has been very helpful for me as it has given me the idea to do a stress management plan, which allows me to focus stress in the right direction. “The self-worth sessions were amazing, and now I have become a peer mentor, the time management component has come in very handy as I balance my various activities and responsibilities.” Managing Director of RBC Barbados, Robert Da Silva, said the race was part of the bank’s global efforts to assist young people. He said: “The bank believes education is a human right and the smartest investment for our country, communities and children. Everyone has a role to play in building a sustainable future for our children.” Last year’s event attracted some 2,200 participants and raised $125,000. Da Silva said he wanted to see the event attract at least 2,600 participants and raise $150,000 – an all-around 20 per cent increase. This year’s race will see a change in the route, as it will start at RBC’s Chelston Park offices and make its way along Belleville, Belmont Road, Constitution Road and St. Michael’s Row, Bridge Street, Wharf Road, Prince Alfred Street, Broad Street, Bridge Street, Probyn Street, Lower Bay Street, Jemmott’s Lane, Collymore Rock and back to Chelston Park. Barbados is one of 18 countries worldwide hosting the Race for the Kids, and the third one in the Caribbean, the others being Trinidad and Tobago and the Bahamas. (BT)

RSPCA WORRIED ABOUT OVERCROWDED ANIMALS – The Royal Society for the Prevention of Cruelty to Animals (RSPCA) is being bombarded with complaints of residents keeping too many dogs in small and uncomfortable spaces, RSPCA Chief Inspector Wayne Norville has said. He made the disclosure as he joined animal rights groups petitioning the Prime Minister to enforce the current law against animal cruelty. They are also concerned about a rampant dog population and animals prized more for breeding than companionship in Barbados. He advised dog owners that though kennel size has not yet been mandated by law, a kennel should be twice the length and height of the dog to ensure the animal’s comfort. Norville said: “You must remember that the dog is covered in hair so it is a lot hotter than we are. And if the roof of the kennel is made out of galvanize, that then causes even more heat. “So just imagine you in a fur coat in a kennel with galvanize or just metal around it. “It is not only terrifying for the animal, it is painful and it causes the animal then to react negatively, and when it does, neighbours complain and this is something that I get regularly.” The Chief Inspector was speaking to reporters at Browne’s Beach Car Park today where animal welfare groups Action for Animals Barbados (AFAB) and Respect Our Animals Rights (ROAR) assembled before heading to the Prime Minister’s Office on Bay Street to hand over a petition with over 16,000 signatures, requesting better enforcement of the Prevention of Cruelty to Animals Act. Norville said he has also received calls from landlords who complained that they have lost tenants as dogs living in uncomfortable kennels constantly whine, bark and disturb the peace in the neighbourhood. The Chief Inspector also advised dog owners that the law states that they were only allowed to keep four dogs without having a kennel licence. Norville told reporters: “My other problem that I am facing regularly too is people get a puppy and all they are interested in is breeding it. “They are not interested in the fact that when they breed that puppy, if it has ten pups, if five of them are females, all of them at some point in time come in season, too. “And you don’t ever get rid of all the pups. “So it means you have unwanted dogs roaming the streets, pulling the garbage out and causing havoc. “We really need to get these laws enforced other than that we could have an opportunity where there are a number of diseases and stuff like that that people can pick up from dogs like leptospirosis and we need to have better control of the population of dogs in Barbados.” The Prevention of Cruelty to Animals Act is failing animals by not being enforced satisfactorily, said AFAB’s President Gail Hunte. She said the petition, entitled Help Protect Animals in Barbados, requested that the law be enforced in its entirety with immediate effect. Hunte also urged relevant authorities to establish a Standard Operating Procedure that would allow the public to investigate animal cruelty and take immediate action as deemed necessary. The petition reads in part: “It is time to take action for animals in Barbados. Every living creature deserves to have its basic needs met-adequate food, water and shelter. “Every animal deserve a life protected from inhumane treatment and suffering. “Now it is our time to stand together, advocate for animals and make our voices heard. “Animal cruelty and neglect often goes unnoticed and when reported there is no end in sight to their suffering because of failure by authorities to act. “Animals can feel pain and fear, joy and love, just like human beings, but they do not have a voice, let us be that voice.” (BT)

GARBAGE SEPARATION NECESSARY – Minister of the Environment, Trevor Prescod should not be “patting himself on the back” over the purchase and eventual delivery of new garbage trucks, according to the Democratic Labour Party’s (DLP) spokesperson on the environment Andre Worrell. During the party’s Sunday night meeting entitled A cry of the people, Worrell declared that Government must now explore alternative methods of managing the country’s waste by creating a policy for the separation of garbage at the household level. Worrell complained that while previous efforts at constructing a waste to energy plant appeared to have wasted away, the Mangrove Landfill at Vaucluse, St Thomas continues to face tremendous pressure. “So Trevor, stop patting yourself on the back because you really need to get out there and start speaking to the larger issues with regard to the environment in Barbados, garbage collection and waste disposal. “It is unfortunate that we have thousands and thousands of tons of garbage in Barbados on a monthly and daily basis. It is way too much and we really need to reach a point in Barbados where we start separating the garbage at source so that we make it easier to find room for disposal. We still have not opened the one at Greenland and we still don’t have a waste to energy plant to date,” Worrell said. He however gave the assurance that the DLP has solutions to the problems, which they are eager to share. He warned that environmental issues ought not to be politicised. As part of the effort, the DLP spokesperson suggested Government provide incentives for Barbadians who separate their garbage instead of suggesting punitive measures. “If you take out all of the tins fork and mayonnaise and all the organic waste and put it one side, knowing that there is a refund policy in place where you could return those items to a bulk collection area and you receive some sort of refund, I am certain that many children in Barbados would do it as a way of earning pocket change and many households would do it to make ends meet. You can separate the metals, you can separate the glass, and then when it comes to organic waste, you can think about composting,” suggested the spokesperson on environmental matters. He predicted that once the right technologies are in place, employment opportunities would increase significantly as Barbados taps into the multibillion dollar global “garbage industry”. Worrell, who last year called for the heads of Trevor Prescod and Sanitation Service Authority Chairman Rudy Grant, also credited DLP members for pressuring Government into fulfilling its promise to replenish the fleet of garbage trucks, which arrived in late December. “Had it not been for the voice of the Democratic Labour Party placing pressure on Prescod and the chairman of the SSA, we would still be looking for those trucks. We would still be hearing that the trucks are on the water. “We would still be hearing that the trucks are on the way, that they are on order and are expected to be in Barbados over the next two or three months. But the Democratic Labour Party assembled a voice and pressured the Government,” Worrell declared. (BT)

VIRUS COULD HURT ECONOMY – As fears mount and countries begin to cut flights to China due to the quickly spreading Coronavirus, Governor of the Central Bank of Barbados Cleviston Haynes says that institution is keeping a close eye on the developments. Warning that the spread of the deadly virus could have a major impact on the island’s bread and butter tourism industry, Haynes told reporters on Wednesday that he was hoping for it to be quickly contained. The virus, which was first detected in Wuhan City, China, has already spread to other countries, with about 68 cases being confirmed outside of China. The death toll has so far risen to over 130 in China with more than 6,170 cases confirmed up to Wednesday afternoon. Responding to questions during his first economic review of the Barbados economy for this year, Haynes expressed concern that the Barbados economy was vulnerable. “Because we are a small open economy we are exposed to several risks, not least of which are health pandemics such as the Coronavirus. Therefore, it is something we have to monitor,” said Haynes. “At this stage it is difficult for us to gauge what the full impact could be, but from our perspective we hope that it can be contained because there is that risk that if it spreads it can hurt global tourism,” he said. A number of major airlines including British Airways and United Airlines have announced cancellation of flights to China, as several major international firms halt travel to the Asian country due to the coronavirus outbreak. “Clearly if it spreads its net widely then all markets or several markets can be impacted, not least our own. And not necessarily because we have it but these types of things create fear and concern and therefore, sometimes people prefer to stay in an environment which they know rather than one that they do not know. So that is a concern to us. We have to monitor it and hopefully we are able to contain this virus as quickly as possible,” said Haynes. The infection has so far been confirmed in the US, Japan, South Korea, Canada, Cambodia, Singapore, France, Vietnam, Taiwan and Sri Lanka. This afternoon the World Health Organisation (WHO) said it would be reconvening its emergency committee on Thursday to determine if the outbreak of the virus amounts to a public health emergency of international concern. Local health officials have already given the assurance that the island had the necessary equipment and expertise to deal with any eventuality, adding that they were keeping abreast with the developments internationally. The Governor reminded journalists that in addition to health risks, the struggling Barbados economy remained vulnerable to other external shocks including rises in oil prices, geopolitical tensions, the UK’s exit from the European Union and a slowdown in global economic activities, matters that should not be ignored. “So there are a number of things, which individually and collectively, could have an adverse impact on your prospects,” said Haynes, while adding that the country should position itself to “take advantage” of upside risks when they present themselves. He also expressed concern that the local crime situation had the potential to derail any gains being realized in the economy, which is currently in a strict International Monetary Fund (IMF) programme. “It goes without saying that high crime levels can be a deterrent both for locals and for tourists. Let us hope that last year was an aberration, that does not repeat itself,” said Haynes. Adding that crime and violence could be contributing to a number of factors including a weak economy, the top economic advisor said he believed some of what happened was associated with “a drug culture”. “It is something we have to address. Some crime is associated with our inability to solve disputes. That is something we have to be able to work on from very young . . . So we have to approach it on every level,” he added. Last year Barbados recorded 49 murders. So far this year there have been two. (BT)

FARLEY AND BROOMES DENY MURDER CHARGE – Matthew Anderson Farley and Jefferson Tramaine Diego Broomes went on trial in the High Court today accused of murdering 38-year-old Cosmo Alonza Hinds over six years ago. Farley alias Smiles, who was recorded as having no fixed place of abode, and Broomes of Hannays and Glendelough, Josey Hill, St Lucy are charged with committing the offence on September 26, 2013. The two accused, both in their late 20s, were arraigned on the capital matter in the No. 3 Supreme Court before Justice Carlisle Greaves this morning and pleaded not guilty. A12-member jury was selected to hear evidence from 25 Crown witnesses. However the case started with arguments being made in the absence of the jurors. Crown Counsel Neville Watson is prosecuting the case. Attorney-at-law Verla DePezia is representing Farley while Queen’s Counsel Andrew Pilgrim and Sian Lange are Broomes’ defense counsel. (BT)

STRANGE RELATIONSHIP ENDS IN CUTLASS ATTACK – After getting “cruel” and “vicious” when a man who fathered children with his girlfriend threatened to “wring a knife” in him, Anderson Leroy Haynes took up a “sword with a rusty blade” and “chop” him on his hand. The incident happened on August 31, 2007 at Clevedale, Black Rock, St Michael. Today in the No. 4 Supreme Court Haynes, of Wavell Avenue, Black Rock, said: “I sorry for what happened between me and Mr Joseph.” He issued the apology after he told Madam Justice Laurie-Ann Smith-Bovell he was not guilty of unlawfully causing serious bodily harm to Francis Joseph with intent to maim, disfigure or disable him but was guilty of unlawfully and maliciously inflicting serious bodily harm on him. His brief address came moments after Principal Crown Counsel Alliston Seale told the court what happened that Friday. Haynes and Joseph, the prosecutor said, lived within walking distance of each other. However, they were in a rather “strange relationship”. Both men were at one time involved in a relationship with the same woman; both had children from the same woman. Even more strange, it appears that when the relationship broke down between the accused and the lady she would find her way to the complainant’s house and they would rekindle the relationship. But when the relationship soured the lady would find herself back at the accused’s house and rekindle that relationship. “Obviously this is a recipe for disaster,” the prosecutor said adding that the day before the incident the children were at Joseph’s house. “Sometimes both his children and the accused’s children would come to his residence and vice versa.” Joseph sent his daughter over to the accused’s house asking the lady to come and collect one of the children who was restless and crying. The lady’s response caused him to visit the house and an argument ensued followed by “a small fracas”. He subsequently left the location without settling the issue about the child. The prosecutor further related that the following morning Joseph took the children over to Haynes’ residence. While standing in the roadway he spoke to Haynes who was standing on his steps and “this seemed to set him off”. He said, Haynes went into the house, returned with a cutlass and attacked Joseph, slashing him on his arm injuring him. Joseph ran away, called the police and was taken to Queen Elizabeth Hospital where he was treated for a deep laceration and fracture which were deemed not threatening to life or limb. Police investigations took them to Haynes’ work place. “I know wunna dey coming from me,” he told police at the time when told of the probe. “He come down here by me saying he gone wring a knife in me. He get me hot and I take up the collins and chop he with it.” Stating that he had “nothing to hide” he dictated a statement to police in which he said: “Last night about 12 o’clock me and my girl was in the bed lying down when I hear a knocking on my door . I tell her that it sound like her little girl knocking. She get up and open the door and the lil girl tell she that her father send she to see if she all right. [She] tell she to go back home and she leave. “I got de door open now and I see he marching coming down . . . The [girlfriend] was at the door asking he what he want . . . he pull a knife out of he waist telling me that he would wring de knife in me. I get angry and tek up my collins and follow he . . . he take up a rock and pelt it at me. I stop and went back home, I call the police. Francis come back . . . and pelt de rock at me and tell me if I know who he is, that he is a psycho. “This morning . . . I was there putting on my clothes, when I hear he outside keeping a lot of noise that he would choke me. I get cruel now and take up a sword from by the door and went outside for he. I get vicious with he and I chop at he with de collins. He get chop on he hand.” But today Haynes, who has six prior convictions, two of them for wounding, apologised for his actions and told the judge in the presence of his lawyer Shadia Simpson: “After that me and Mr Joseph become back good friends. This . . . going on 13 years and me and he ‘gree back for 13 years.”NThe convicted man, who is in his 50s, returns before the court on March 13 when a pre-sentencing report will be presented. He remains on bail. (BT)

MURDER ACCUSED REMANDED – Three St Michael men were today remanded to HMP Dodds charged with the murder of Jason Hobbs. They are Jamar Carlieous Browne, 25, of Mottley Land, Bank Hall; Zecco Chabarry Pilgrim, 26, of Marshall Gap, Tudor Bridge, and Juneil Shaquel Holder, 24, of Hinds Gap, Halls Road. When the accused appeared at the District ‘C’ Magistrates’ Court before Magistrate Deidre McKenna, they were not required to plead to the indictable offence. They will reappear in court on February 25. Police say Hobbs was murdered between January 14 and 17. Police had recovered his partially decomposed body at the bottom of a cliff in an area known as Elbow Bay, My Lady Hole, St Philip. (BT)

BLOCKING OF BEACHES WILL NOT BE TOLERATED – Barbadian beaches will remain open to residents and the blocking of them won’t be allowed, says Minister of Maritime Affairs Kirk Humphrey. Yesterday he lashed out at those who attempted to block Barbadians from their tradition of open access to the sea shores. “It must be made clear that any beach associated with the island remains the property of Barbadians. There ain’t [no] private beaches in the plan, period, period. So even as we talk about building out, this is important. People are coming to me as Minister of Maritime Affairs lamenting about the state of the beaches,” he told the House of Assembly during debating a resolution to compulsorily acquire lands at Harrismith, St Philip, for housing and tourism development. He cited one complaint from a woman using the beach along the stretch that included Carlisle Bay, St Michael, who said she could not run straight along the shore. “Because people have now come to the understanding or the misunderstanding that they own to the high-water mark and the high-water mark means everything. Therefore you cannot now run on the beach . . . you could hardly pass. “It has to stop. It has to stop . . . .The NCC [National Conservation Commission] has regulations that you have to apply and get permission whether you think you own the space or not. People can’t even access the beach; people can’t get into the water. It does not make sense,” he stated. Recently beach users renewed an old complaint about being chased from the area of Browne’s Beach, St Michael, while others were upset about not being able to access Sandy Lane Beach in St James. (DN)

There are 336 days left in the year Shalom! Follow us on Twitter, Facebook & Instagram for your daily news. #thechasefiles #dailynewscaps #bajannewscaps #newsinanutshell

0 notes