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India’s insurance sector to be fastest growing among G-20, may scale $450 bn of prm in next decade: Swiss Re
Swiss Re officials(L to R) Mahesh H Puttaiah, Head Group Economics...
Japan revokes certification for 3 models of Daihatsu after safety scandal
The discovery in early 2023 that a half dozen models might be...
Virus pummels global economy, jobs – even without 2nd wave
Gurria argued that “presenting the problem as the choice between lives and livelihoods, meaning a choice between health and the economy, is a false dilemma.
If the pandemic is not brought under control, there will be no robust economic recovery.”In case of a second wave of contagions, the OECD forecast that the average unemployment rate across the 37 developed countries that it represents would double this year to 10% and see “little recovery” in 2021. In the more optimistic scenario, the figure would be 9.2%. In poorer countries, the numbers are often higher, and informal workers are especially vulnerable.
80% of working Indians have experienced income loss: Generali study
95 per cent of Indians surveyed expect some form of relief in the case of income loss. 53 per cent of those who have experienced losses expect help from the government. 60 per cent are planning to dig into their savings and investments, while 39% expect help from family members. Significantly, 40 per cent of Indians expect their employers to step in with some form of relief.
India records 9,985 new COVID-19 cases, 279 fatalities; death toll rises to 7,745
Out of the total 7,745 fatalities, Maharashtra tops the tally with 3,289 deaths, followed by Gujarat with 1,313, Delhi with 905, Madhya Pradesh with 420, West Bengal with 415, Tamil Nadu with 307, Uttar Pradesh with 301, Rajasthan with 255 and Telangana with 148 deaths
Insurtech Lemonade files for IPO, to be listed in NY Stock Exchange
Powered by artificial intelligence and behavioral economics, Lemonade set out to replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything.
Lemonade is currently available for most of the United States, Germany and the Netherlands, and continues to expand globally.
India’s economy to shrink further in fiscal year 2020-21:World Bank
International rating agencies like Moody’s Investors Service, Fitch Rating and S&P Global Ratings have all predicted a 4-5 per cent contraction in India’s economic growth rate during April 2020 to March 2021 fiscal. Crisil has said this would be the country’s fourth recession since Independence, first since liberalisation, and perhaps the worst to date.
Covid -19 Pandemic:U.S. life/annuity industry posts a $23.1 billion net income loss in Q1 2020
According to the report, the L/A industry saw a $23.7 billion increase in total income to $230.4 billion for the period.
However, a $94.1 billion increase in total expenses, mainly due to a combined $57.3 billion year-over-year increase in aggregate reserves for life and accident and health contracts at Prudential, Brighthouse, Jackson National, AXA Equitable and Transamerica, negated the rise in total income.
Covid-19 Pandemic:Life insurers’ new premium income falls 26 % to Rs 13,739 crores in May
In terms of policies, the industry has seen its numbers plunging by almost 60 per cent y-o-y to 11, 12,2411 in the first two months of the fiscal.For the month of May, at 5,071,992, the industry has almost lost 65 per cent in the same category.
India’s virus count over 2.6 lakh, daily spike inching close to 10,000-mark
Since the onset of June, the country has also been witnessing over 200 COVID-19 fatalities each day that has taken the country’s death toll to 7,466.
India is the fifth worst-hit nation by the COVID-19 pandemic after the US, Brazil, Russia and the UK, according to the Johns Hopkins University data.
Several states like Haryana, Jammu and Kashmir, Assam, Haryana, Karnataka, Chhattisgarh and Tripura among others have been showing a spurt in cases.
A total 266 new COVID-19 fatalities and 9,987 cases have been reported in the last 24 hours till Tuesday 8 am, according to the Union Health Ministry data.
Auto sales may dip by up to 25% in FY21, sharpest decline in two decades: Ind-Ra
The decline (excluding in tractors) would be the steepest in the last two decades, much higher than that recorded during the global recession in 2008-09, and is likely to push industry volumes to the 2011-12 levels, Ind-Ra said in a statement.
IRDAI scraps long-term package motor insurance products from Aug 1
Effectively,now the insurers have to go by another circular issued by the IRDA on June 21, asking them to make available stand-alone annual own damage covers)including standalone OD cover for fire and /or theft if opted for by the policy holders for cars and two-wheelers , both new and old