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Eco/Invest/Demography

Pandemic-proofing: Insurance may never be the same again

Marsh, the world’s biggest insurance broker, has teamed up with AXA XL, part of France’s AXA,and data firm Arity, which is part of Allstate, to help businesses such as U.S. supermarket chains, restaurants and e-commerce retailers cope with the challenges of social distancing.

Tech firm Machine Cover, for example, aims to offer policies next year that would give relief during lockdowns. Using apps and other data sources, the Boston-based company measures traffic levels around businesses such as restaurants, department stores, hairdressers and car dealers

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General and health insurers launch mandatory Corona covers,Bajaj Allianz General’s prm ranges between Rs447 to Rs 5,630 for a Rs 50k policy

The ‘Corona Kavach’ policy indemnifies policyholders for medical expenses on hospitalization for the treatment of the virus and includes the expense incurred on treating co-morbidity along with COVID-19. The policy will also cover road ambulance expenses, in case the service is opted for the purpose of hospitalization due to COVID-19. Home Care Expenses benefit (upto a period of 14 days) will also be covered in the policy for those seeking treatment within the comfort of their own homes, on the advice of a medical practitioner,said HDFC Ergo General Insurance.

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Chubb wants U.S. to offer businesses pandemic cover, with insurers taking some risk

Under Chubb’s plan, the government would offer up to $750 billion in coverage for small businesses with up to 500 employees. Of that, the industry would pay for 6% of claims, or up to $15 billion, during the program’s first year, growing annually to 12% by year 20. COVID-19, the disease caused by the novel coronavirus, would be excluded.

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