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IRDA finalises short-term standard Covid-19 policies,asks insurers to launch them by July 10

To be mandatorily termed as “Corona Rakshak Policy’’ it has been made mandatory for all the general insurers and exclusive health insurers, while life insurers have been encouraged to launch such products(benefit based) .  
The benefit based policies, to be launched by a life insurers, will have a minimum sum insured of Rs50,000 and a maximum limit of Rs.2,50,000 (in the multiples of fifty thousand).For the standard covid indemnity policies, to be launched by the domestic  general insurers and exclusive health insurers, the maximum sum assured can be Rs 5 Lakh (in the multiples of fifty thousand)
Both COVID Standard benefit based health policy  and indemnity based health policies should  be offered with a policy term of three and half months (3 ½ months), six and half months (6 ½ months) and nine and half months (9 ½ months) i.e,105 days,195 days and 285 days respectively, clarified IRDA..

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IMF warns markets at risk of correction after run-up

A correction could be prompted by a deeper and longer recession than currently anticipated, a second wave of the virus or reinstated containment methods. A broadening of global social unrest in response to rising economic inequality could also damage investor sentiment, the IMF said.

“We worry about scarring in the economy, meaning the crisis might be longer than expected and deeper than expected,” said Adrian. “Scarring is due to the high level of unemployment and the potential for insolvency. These are difficult to reverse.”

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Thunderstorm, lightning kill 110 people in Bihar and UP 

The lightning strikes were more devastating in Bihar, where 83 people have lost their lives since Wednesday, according to the figures released on Thursday by the Disaster Management Department in Patna.

More than 20 people have been injured in these incidents and hospitalised, they said. 

Meanwhile, in the neighbouring Uttar Pradesh, at least 24 people died when they were struck by lightning on Thursday, while 12 were injured, officials said in Lucknow.

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ICICI Lombard’s new retail cyber cover to insure financial or reputation losses upto Rs1cr

The policy can be purchased at an affordable rate by all digitally active individuals. The premium ranges from Rs 6.5 per day to Rs 65 per day. The Sum Insured for the cover ranges from Rs  50,000 to Rs 10,000,000 as opted by the policyholder. The policy provides coverage to the entire family, including children for a duration of 1 year.  

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 Frustration, fear and family: lockdowns test investment bankers

Global M&A volumes are down 41% so far this year, a far cry from the champagne-popping records of recent years when bankers at Goldman Sachs, JPMorgan, Morgan Stanley, Citi and Bank of America – the top five dealmakers – were the toast of Wall Street.

Massive government support for companies, particularly in Europe, is keeping many firms afloat and delaying the kind of lucrative takeover deals that have put M&A advisors at the top of the investment banking world, bankers and lawyers said.

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UN chief criticises lack of global cooperation on COVID-19

Secretary-General Antonio Guterres said it’s important to use that fact to make countries understand that bringing them together, putting together their capacities, not only in fighting the pandemic in a coordinated way but in working together to have the treatments, testing mechanisms, the vaccines accessible to everybody, that this is the way we defeat the pandemic.

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