Covid Test Cost: How much does a Covid test cost around the world?

In Australia, a federal scheme introduced at the end of January allows pensioners and concession card holders to access up to 10 free rapid antigen tests over three months through their chemist. But the scheme got off to a difficult start, with supply issues hampering attempts to procure the tests. In January the competition regulator raised concerns that rapid antigen tests often cost between A$20 and A$30 (£15-£20) per test and sometimes more than A$70 a test through smaller retail outlets, despite wholesale costs ranging from A$3.95 to A$11.45.

In Belgium the price of an antigen self-test sold in pharmacies is around €6-€8 (£5-£7), more expensive than in neighbouring countries, such as France and the Netherlands, although they are available in Belgian supermarkets for about €3. Prices have come down and are expected to fall further: one big pharmacy chain announced this week they had begun selling tests for €1.99. While a PCR test, which costs about €41, is free for people with symptoms, or may be reimbursed by health insurance, self-tests usually have to be funded by individuals. The Belgian consumer association Test-Achats/Test Aankoop estimated this week that a family of four could spend €250 a month on Covid tests, hand sanitiser and face masks.

Read more at: How much does a Covid test cost around the world? | Coronavirus | The Guardian

Coronavirus - a communication disaster: How Communication around COVID Fuels a Mistrust of Science - by Joseph V. Sakran

Throughout the pandemic, we have seen how inconsistent messaging around COVID has fueled doubt around science, giving place to consistently messaged misinformation that has found its way into communities all across America. This has undermined our ability to implement data-driven policymaking.

Even before the pandemic, science has been under attack with debates over whether climate change is real, whether tobacco or vaping causes lung damage, whether guns are associated with gun violence, and whether mental illness is simply a chemical imbalance or more broadly related to a bio-psycho-social model.

We have seen anti-vaccine sentiment prevail after Andrew Wakefield’s work linking autism to vaccines was published. Dozens of peer-reviewed studies have found exactly the opposite. Wakefield’s paper was retracted, and he’s been resoundingly discredited as a scientist, but the damage is done. Prior to COVID-19, we saw measles outbreaks reach their highest numbers since measles was all but eliminated. Why? Pockets of American communities, fearing autism, simply refused vaccination. Children died of a preventable disease.

As the pandemic continues, our public health agencies, starting at the very top, need to be reliable, evidence-driven, and consistent sources of information. But the CDC is not alone. Our top drug regulatory agency, the U.S. Food and Drug Administration (FDA), has shown inconsistency that not only affects the general public, but everyone who is involved in health care delivery.

Read more at: How Communication around COVID Fuels a Mistrust of Science - Scientific American

G7 agree to back 15% global minimum corporate tax rate, more taxes for tech giants

The Group of Seven wealthy democracies agreed Saturday to support a global minimum corporate tax rate of at least 15% in order to deter multinational companies from avoiding taxes by stashing profits in low-rate countries.

Read more at: https://www.usatoday.com/story/money/taxes/2021/06/05/g-7-nations-support-15-global-minimum-tax-corporations-tech-giants/7560398002/

May Day 2021: Know history and significance of Labour Day

May 1 is the International Day of Workers or International Labour Day dedicated to workers and labourers across the world. This day celebrates labourers and encourages them to be aware of their rights. The day has its origins in the labour union movement, specifically the eight-hour day movement. Popularly known as May Day, the day is observed in countries such as India, Cuba and China among other countries.

Read more at: May Day 2021: Know history and significance of Labour Day | Hindustan Times

Netherlands keeps crown as world’s best pension system - by Rachel Fixsen, Venilia Amorim

The Dutch pension system has won the highest score in the latest Global Pension Index report from Mercer, with the international consultancy using this year’s publication to sound a stern warning on the impact of the pandemic on retirement income systems around the world.

In the 2020 Mercer CFA Institute Global Pension Index report – previously called the Melbourne Mercer Global Pension Index – which awards national pension systems points for adequacy, integrity and sustainability as well as giving them an overall score, the Netherlands came top with 82.6 points, followed by Denmark with 81.4 and Israel with 74.7 points.

Read more at: ​Netherlands keeps crown as world’s best pension system | News | IPE

Coronavirus: Immunizing the World: Can We Do It? - by Andrés Ortega

It is not only a matter of morality — but also an issue of general protection and even of geopolitics: It is necessary to immunize the world, or at least to try to, and to this end to launch a global vaccination campaign against COVID 19.

Western leaders have been slow to react — but they at last seem better disposed towards the proposal, as became clear at the recent virtual G7 summit.

It was not a foregone conclusion — nor are all the guarantees on offer. In any event, while the method is multi-lateralism, the goal is the universalism of the kind that has become a common or collective good.

Read more at: Immunizing the World: Can We Do It? - The Globalist

Coronavirus: Worldwide coronavirus cases cross 118.82 million, death toll at 2,760,596

Worldwide coronavirus cases cross 118.82 million, death toll at 2,760,596

Read more at: https://www.reuters.com/world

Natural Disasters - Chart: Natural Disasters on the Rise Around the Globe - by Katharina Buchholz

MunichRe registered 820 natural disasters causing insured losses in 2019 - three times as many as thirty years ago. Some – but not all – of that rise can be chalked up to more people carrying insurance.

MunichRe estimates that the share of natural disaster losses which are insured only doubled since 1980.

Read more at:
• Chart: Natural Disasters on the Rise Around the Globe | Statista

Pollution and the Global Car Market: It’s time to recognise that SUVs are the big bad villains of vehicle air pollution

The growing worldwide love affair with larger, heavier Sports Utility Vehicles has all but wiped out the motor industry’s gains in fuel efficiency over the past 20 years

Read more at: 
It’s time to recognise that SUVs are the big bad villains of vehicle air pollution | Business Post

Neoliberalism – the ideology at the root of all our problems - by George Monbiot

NEOLIBERALISM

Neoliberalism: do you know what it is?

If you do have the capability to distinguish between "Right and Wrong",  and  are not too preoccupied with other "things" to do, it might be worth your while to read this rather lengthy, but most informative article, to help you understand why the world is in the total mess it is.  Have fun, and don't get too depressed. Tomorrow might bring better tidings - R.M - EU-Digest

Its anonymity is both a symptom and cause of its power. It has played a major role in a remarkable variety of crises: the financial meltdown of 2007‑8, the offshoring of wealth and power, of which the Panama Papers offer us merely a glimpse, the slow collapse of public health and education, resurgent child poverty, the epidemic of loneliness, the collapse of ecosystems, the rise of Donald Trump. But we respond to these crises as if they emerge in isolation, apparently unaware that they have all been either catalysed or exacerbated by the same coherent philosophy; a philosophy that has – or had – a name. What greater power can there be than to operate namelessly?

So pervasive has neoliberalism become that we seldom even recognise it as an ideology. We appear to accept the proposition that this utopian, millenarian faith describes a neutral force; a kind of biological law, like Darwin’s theory of evolution. But the philosophy arose as a conscious attempt to reshape human life and shift the locus of power.

Neoliberalism sees competition as the defining characteristic of human relations. It redefines citizens as consumers, whose democratic choices are best exercised by buying and selling, a process that rewards merit and punishes inefficiency. It maintains that “the market” delivers benefits that could never be achieved by planning.

Attempts to limit competition are treated as inimical to liberty. Tax and regulation should be minimised, public services should be privatised. The organisation of labour and collective bargaining by trade unions are portrayed as market distortions that impede the formation of a natural hierarchy of winners and losers. Inequality is recast as virtuous: a reward for utility and a generator of wealth, which trickles down to enrich everyone. Efforts to create a more equal society are both counterproductive and morally corrosive. The market ensures that everyone gets what they deserve.

We internalise and reproduce its creeds. The rich persuade themselves that they acquired their wealth through merit, ignoring the advantages – such as education, inheritance and class – that may have helped to secure it. The poor begin to blame themselves for their failures, even when they can do little to change their circumstances.

Never mind structural unemployment: if you don’t have a job it’s because you are unenterprising. Never mind the impossible costs of housing: if your credit card is maxed out, you’re feckless and improvident. Never mind that your children no longer have a school playing field: if they get fat, it’s your fault. In a world governed by competition, those who fall behind become defined and self-defined as losers.

Among the results, as Paul Verhaeghe documents in his book What About Me?  in which he describes his main concern how social change has led to this psychic crisis and altered the way we think about ourselves.re :epidemics of self-harm, eating disorders, depression, loneliness, performance anxiety and social phobia. Perhaps it’s unsurprising that Britain, in which neoliberal ideology has been most rigorously applied, is the loneliness capital of Europe. Unfortunately we are all neoliberals now.

The term neoliberalism was coined at a meeting in Paris in 1938. Among the delegates were two men who came to define the ideology, Ludwig von Mises and Friedrich Hayek. Both exiles from Austria, they saw social democracy, exemplified by Franklin Roosevelt’s New Deal and the gradual development of Britain’s welfare state, as manifestations of a collectivism that occupied the same spectrum as nazism and communism.

In The Road to Serfdom, published in 1944, Hayek argued that government planning, by crushing individualism, would lead inexorably to totalitarian control. Like Mises’s book Bureaucracy, The Road to Serfdom was widely read. It came to the attention of some very wealthy people, who saw in the philosophy an opportunity to free themselves from regulation and tax. When, in 1947, Hayek founded the first organisation that would spread the doctrine of neoliberalism – the Mont Pelerin Society – it was supported financially by millionaires and their foundations.

With their help, he began to create what Daniel Stedman Jones describes in Masters of the Universe as “a kind of neoliberal international”: a transatlantic network of academics, businessmen, journalists and activists. The movement’s rich backers funded a series of thinktanks which would refine and promote the ideology. Among them were the American Enterprise Institute, the Heritage Foundation, the Cato Institute, the Institute of Economic Affairs, the Centre for Policy Studies and the Adam Smith Institute. They also financed academic positions and departments, particularly at the universities of Chicago and Virginia.

s it evolved, neoliberalism became more strident. Hayek’s view that governments should regulate competition to prevent monopolies from forming gave way – among American apostles such as Milton Friedman – to the belief that monopoly power could be seen as a reward for efficiency.
Something else happened during this transition: the movement lost its name. In 1951, Friedman was happy to describe himself as a neoliberal. But soon after that, the term began to disappear. Stranger still, even as the ideology became crisper and the movement more coherent, the lost name was not replaced by any common alternative.

At first, despite its lavish funding, neoliberalism remained at the margins. The postwar consensus was almost universal: John Maynard Keynes’s economic prescriptions were widely applied, full employment and the relief of poverty were common goals in the US and much of western Europe, top rates of tax were high and governments sought social outcomes without embarrassment, developing new public services and safety nets.

But in the 1970s, when Keynesian policies began to fall apart and economic crises struck on both sides of the Atlantic, neoliberal ideas began to enter the mainstream. As Friedman remarked, “when the time came that you had to change ... there was an alternative ready there to be picked up”. With the help of sympathetic journalists and political advisers, elements of neoliberalism, especially its prescriptions for monetary policy, were adopted by Jimmy Carter’s administration in the US and Jim Callaghan’s government in Britain.After Margaret Thatcher and Ronald Reagan took power, the rest of the package soon followed: massive tax cuts for the rich, the crushing of trade unions, deregulation, privatisation, outsourcing and competition in public services. Through the IMF, the World Bank, the Maastricht treaty and the World Trade Organisation, neoliberal policies were imposed – often without democratic consent – on much of the world. Most remarkable was its adoption among parties that once belonged to the left: Labour and the Democrats, for example. As Stedman Jones notes, “it is hard to think of another utopia to have been as fully realised.”

It may seem strange that a doctrine promising choice and freedom should have been promoted with the slogan “there is no alternative”. But, as Hayek remarked on a visit to Pinochet’s Chile – one of the first nations in which the programme was comprehensively applied – “my personal preference leans toward a liberal dictatorship rather than toward a democratic government devoid of liberalism”. The freedom that neoliberalism offers, which sounds so beguiling when expressed in general terms, turns out to mean freedom for the pike, not for the minnows.

Freedom from trade unions and collective bargaining means the freedom to suppress wages. Freedom from regulation means the freedom to poison rivers, endanger workers, charge iniquitous rates of interest and design exotic financial instruments. Freedom from tax means freedom from the distribution of wealth that lifts people out of poverty.

As Naomi Klein documents in The Shock Doctrine, neoliberal theorists advocated the use of crises to impose unpopular policies while people were distracted: for example, in the aftermath of Pinochet’s coup, the Iraq war and Hurricane Katrina, which Friedman described as “an opportunity to radically reform the educational system” in New Orleans.

Where neoliberal policies cannot be imposed domestically, they are imposed internationally, through trade treaties incorporating “investor-state dispute settlement”: offshore tribunals in which corporations can press for the removal of social and environmental protections. When parliaments have voted to restrict sales of cigarettes, protect water supplies from mining companies, freeze energy bills or prevent pharmaceutical firms from ripping off the state, corporations have sued, often successfully. Democracy is reduced to theatre.

Another paradox of neoliberalism is that universal competition relies upon universal quantification and comparison. The result is that workers, job-seekers and public services of every kind are subject to a pettifogging, stifling regime of assessment and monitoring, designed to identify the winners and punish the losers. The doctrine that Von Mises proposed would free us from the bureaucratic nightmare of central planning has instead created one.

Neoliberalism was not conceived as a self-serving racket, but it rapidly became one. Economic growth has been markedly slower in the neoliberal era (since 1980 in Britain and the US) than it was in the preceding decades; but not for the very rich. Inequality in the distribution of both income and wealth, after 60 years of decline, rose rapidly in this era, due to the smashing of trade unions, tax reductions, rising rents, privatisation and deregulation.

The privatisation or marketisation of public services such as energy, water, trains, health, education, roads and prisons has enabled corporations to set up tollbooths in front of essential assets and charge rent, either to citizens or to government, for their use. Rent is another term for unearned income. When you pay an inflated price for a train ticket, only part of the fare compensates the operators for the money they spend on fuel, wages, rolling stock and other outlays. The rest reflects the fact that they have you over a barrel.

Those who own and run the UK’s privatised or semi-privatised services make stupendous fortunes by investing little and charging much. In Russia and India, oligarchs acquired state assets through firesales. In Mexico, Carlos Slim was granted control of almost all landline and mobile phone services and soon became the world’s richest man.

Financialisation, as Andrew Sayer notes in Why We Can’t Afford the Rich, has had a similar impact. “Like rent,” he argues, “interest is ... unearned income that accrues without any effort”. As the poor become poorer and the rich become richer, the rich acquire increasing control over another crucial asset: money. Interest payments, overwhelmingly, are a transfer of money from the poor to the rich. As property prices and the withdrawal of state funding load people with debt (think of the switch from student grants to student loans), the banks and their executives clean up.

Sayer argues that the past four decades have been characterised by a transfer of wealth not only from the poor to the rich, but within the ranks of the wealthy: from those who make their money by producing new goods or services to those who make their money by controlling existing assets and harvesting rent, interest or capital gains. Earned income has been supplanted by unearned income.

Neoliberal policies are everywhere beset by market failures. Not only are the banks too big to fail, but so are the corporations now charged with delivering public services. As Tony Judt pointed out in Ill Fares the Land, Hayek forgot that vital national services cannot be allowed to collapse, which means that competition cannot run its course. Business takes the profits, the state keeps the risk.

The greater the failure, the more extreme the ideology becomes. Governments use neoliberal crises as both excuse and opportunity to cut taxes, privatise remaining public services, rip holes in the social safety net, deregulate corporations and re-regulate citizens. The self-hating state now sinks its teeth into every organ of the public sector.

Perhaps the most dangerous impact of neoliberalism is not the economic crises it has caused, but the political crisis. As the domain of the state is reduced, our ability to change the course of our lives through voting also contracts. Instead, neoliberal theory asserts, people can exercise choice through spending. But some have more to spend than others: in the great consumer or shareholder democracy, votes are not equally distributed. The result is a disempowerment of the poor and middle. As parties of the right and former left adopt similar neoliberal policies, disempowerment turns to disenfranchisement. Large numbers of people have been shed from politics.

Chris Hedges remarks that “fascist movements build their base not from the politically active but the politically inactive, the ‘losers’ who feel, often correctly, they have no voice or role to play in the political establishment”. When political debate no longer speaks to us, people become responsive instead to slogans, symbols and sensation. To the admirers of Trump, for example, facts and arguments appear irrelevant.

Judt explained that when the thick mesh of interactions between people and the state has been reduced to nothing but authority and obedience, the only remaining force that binds us is state power. The totalitarianism Hayek feared is more likely to emerge when governments, having lost the moral authority that arises from the delivery of public services, are reduced to “cajoling, threatening and ultimately coercing people to obey them”.

Like communism, neoliberalism is the God that failed. But the zombie doctrine staggers on, and one of the reasons is its anonymity. Or rather, a cluster of anonymities.

The invisible doctrine of the invisible hand is promoted by invisible backers. Slowly, very slowly, we have begun to discover the names of a few of them. We find that the Institute of Economic Affairs, which has argued forcefully in the media against the further regulation of the tobacco industry, has been secretly funded by British American Tobacco since 1963. We discover that Charles and David Koch, two of the richest men in the world, founded the institute that set up the Tea Party movement. We find that Charles Koch, in establishing one of his thinktanks, noted that “in order to avoid undesirable criticism, how the organisation is controlled and directed should not be widely advertised.

The words used by neoliberalism often conceal more than they elucidate. “The market” sounds like a natural system that might bear upon us equally, like gravity or atmospheric pressure. But it is fraught with power relations. What “the market wants” tends to mean what corporations and their bosses want. “Investment”, as Sayer notes, means two quite different things. One is the funding of productive and socially useful activities, the other is the purchase of existing assets to milk them for rent, interest, dividends and capital gains. Using the same word for different activities “camouflages the sources of wealth”, leading us to confuse wealth extraction with wealth creation.

A century ago, the nouveau riche were disparaged by those who had inherited their money. Entrepreneurs sought social acceptance by passing themselves off as rentiers. Today, the relationship has been reversed: the rentiers and inheritors style themselves entre preneurs. They claim to have earned their unearned income.

These anonymities and confusions mesh with the namelessness and placelessness of modern capitalism: the franchise model which ensures that workers do not know for whom they toil; the companies registered through a network of offshore secrecy regimes so complex that even the police cannot discover the beneficial owners; the tax arrangements that bamboozle governments; the financial products no one understands.

The anonymity of neoliberalism is fiercely guarded. Those who are influenced by Hayek, Mises and Friedman tend to reject the term, maintaining – with some justice – that it is used today only pejoratively. But they offer us no substitute. Some describe themselves as classical liberals or libertarians, but these descriptions are both misleading and curiously self-effacing, as they suggest that there is nothing novel about The Road to Serfdom, Bureaucracy or Friedman’s classic work, Capitalism and Freedom.

For all that, there is something admirable about the neoliberal project, at least in its early stages. It was a distinctive, innovative philosophy promoted by a coherent network of thinkers and activists with a clear plan of action. It was patient and persistent. The Road to Serfdom became the path to power.

Neoliberalism’s triumph also reflects the failure of the left. When laissez-faire economics led to catastrophe in 1929, Keynes devised a comprehensive economic theory to replace it. When Keynesian demand management hit the buffers in the 70s, there was an alternative ready. But when neoliberalism fell apart in 2008 there was ... nothing. This is why the zombie walks. The left and centre have produced no new general framework of economic thought for 80 years.

Every invocation of Lord Keynes is an admission of failure. To propose Keynesian solutions to the crises of the 21st century is to ignore three obvious problems. It is hard to mobilise people around old ideas; the flaws exposed in the 70s have not gone away; and, most importantly, they have nothing to say about our gravest predicament: the environmental crisis. Keynesianism works by stimulating consumer demand to promote economic growth. Consumer demand and economic growth are the motors of environmental destruction.

What the history of both Keynesianism and neoliberalism show is that it’s not enough to oppose a broken system. A coherent alternative has to be proposed. For Labour, the Democrats and the wider left, the central task should be to develop an economic Apollo programme, a conscious attempt to design a new system, tailored to the demands of the 21st century.

 EU-Digest - Neoliberalism : "The health of a democratic society may be measured by the quality of functions performed by its private citizens" - Ale

Capitalism: 'There is a glimmer of hope': economists on coronavirus and capitalism

Greece’s former finance minister Yanis Varoufakis and Irish economist David McWilliams on the hope for a global new deal

Read more at:
https://www.theguardian.com/world/2020/may/06/there-is-a-glimmer-of-hope-economists-on-coronavirus-and-capitalism?CMP=Share_AndroidApp_Add_to_Firefox

Switzerland-Davos 2020: American politics is the biggest risk facing the world right now, say experts

American politics is the biggest threat facing the world in 2020 and the looming presidential election will stress the country's institutions, influence economic and foreign policy and further divide an already polarized electorate, with potentially huge consequences for the climate, business and investors.

That's the view of experts at consultancies Eurasia Group and Control Risks.

The World Economic Forum, which is preparing to hold its annual meeting of political leaders and CEOs next week in Davos, is also warning of increased turbulence this year from trade conflicts and political polarization that makes it harder to tackle global challenges.

Read more: Davos 2020: American politics is the biggest risk facing the world right now, say experts

Global Warming: Students around the world demand action on climate

Students around the world skip class to demand action on climate Tens of thousands of students across the world skipped school on Friday to take to the streets in protest at their governments' failure to take sufficient actionagainst global warming.

Note EU-Digest: The US Trump administration  which pulled out of the Global Paris Climate Agreement hopefully will take note

Read more at:
http://www.france24.com/en/20190315-students-around-world-begin-climate-change-walkout-protest

Heads of State Pay scale: Who are some of the best paid country leaders in Europe?

The leaders of Germany, Switzerland and Belgium are among the best paid in Europe, a new study has revealed.

Swiss President Alain Berset earns nearly €400,000 a year, while German Chancellor Angela Merkel and Belgian Prime Minister Charles Michel take home an annual basic salary of around €300,000.

Their wages were revealed in a study of countries in the Organisation for Economic Co-operation and Development (OECD), which was conducted by UK-based financial services company

Read  more: Who are some of the best paid country leaders in Europe? | Euronews

The Netherlands, always vulnerable to floods, has a new approach to water management - by Adam Wernick

Much of the Netherlands is below sea level and major floods have occurred every generation or so for hundreds of years. In a warming world with increased rainfall and sea level rise, the threat from floods is increasing worldwide, and the Dutch are leading the way in water management engineering.

Only 50 percent of the Netherlands is more than a few feet above sea level, so over the centuries the Dutch have become expert at water management. But even they were caught short by crippling floods in the 1990s and they quickly implemented vast flood prevention projects. As the country adapts to the reality of a warming planet, they are passing on their knowledge and expertise to other vulnerable nations.

“At the moment, we are in a transition. We had a strong belief that we could predict and control nature, and we're moving now into a period where we acknowledge that we cannot control nature,” says Chris Zevenbergen, a professor of flood resilience of urban systems at the IHE Delft Institute for Water Education in the Netherlands. “We have to deal with uncertainties in terms of climate change and socioeconomic development.”

The Netherlands have built their flood protection systems to the point that the chance of failure in any given year is one in 10,000, which Zevenbergen says is the most stringent system on the planet. Although this probability may sound low, “the consequences are huge,” he points out. “Two-thirds of our economy is in those low-lying areas.”

Read more: The Netherlands, always vulnerable to floods, has a new approach to water management | Public Radio International

Italy: Insurance Industry: How Italy's Generali Is Connecting U.S. With Its Global Network - by L.S. Howard

Global Reach & point-of-sale expertise.

The U.S. branch of Generali’s Global Corporate & Commercial business unit has recently  launched a property insurance product for U.S.-based multinational corporations.

GC&C is a relative new kid on the block in insurance terms, having launched quietly three years ago. Since then it has carefully chosen a suite of products and a geographic spread that matches its intention to
provide point-of-sale expertise.

GC&C’s newest product, called TRIBUNE, has a global capacity of up to $250 million and provides comprehensive coverage for U.S. corporations’ domestic and overseas exposures via a “controlled master program,” which leverages the global capabilities of Generali.

TRIBUNE customers will be able to access the global loss control and mitigation services provided by BELFOR Property Restoration, said a statement issued by GC&C.

With the ability to issue admitted policies in 145 countries through its network, Generali provides “the advantages of an established global network, such as cross-border premium transfers, local claims adjusting and claims settlement as well as local servicing capabilities and a very broad international network of loss control engineers,” said Andrew Sims, senior vice president of Property & Construction at GC&C in New York City, during a recent interview.

“In an increasingly interconnected world, when you have multiple insurers handling your insurance, you run the risk of certain risks falling between the cracks,” he said. “One of the reasons a multinational program is so attractive is because it provides global consistency.”

“TRIBUNE was specifically designed to respond to the unique challenges of cross-border risk management for multinational corporations based in the U.S. and to avoid the pitfalls of insurance fragmentation across country lines,” said Sims in a statement issued by GC&C.

A controlled master program provides a centrally administered global program in addition to local policies with local claims adjusters, loss control engineers and servicing. The master policy wraps around “the local coverages and provides a consistent level of global coverage,” Sims explained in the interview, noting that this is especially important for manufacturing companies dealing with complex supply chain exposures.

A controlled master policy is a bit like a speed dial, he continued. “You don’t have to keep a list of 50 different insurers that are insuring your assets.”

If something goes wrong, the customer makes one call to its account executive at Generali in New York, Sims said.

Founded in Trieste, Italy in 1831, Generali has had a branch in the U.S. for more than 50 years. Approximately 1,200 people work in the U.S. under different brands such as European Assistance and Generali Employee Benefits—businesses that generate $1 billion in annual revenue for Generali.

EU-Digest