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General Insurance Industry’s prm remains flat at Rs 97K cr ,New India’s growth stays uniquely positive in H1 FY2020-21
New India Assurance ,which has consistently maintained a positive growth since Covid-19 pandemic outbreak in March, has completed both H1 FY 20-21, and September month with a positive growth. The total premium of the largest general insurance company, at Rs14,100 crore, has gone up by 4 per cent y-o-y in H1 FY2020-21.
The industry’s health portfolio,which has emerged as the largest portfolio,by displacing motor business, has now a market share of 31 per cent and , has grown by 13 per cent y-o-y to Rs 22,903 crore in the first five months(Apr-Aug) of the current fiscal.
The market share of motor portfolio, generating a total premium of Rs 22, 253 crore, down 16 per cent, in H1 FY2020-21, has fallen from 37 per cent, as of Sept, 2019-20, to 30 per cent in Sept, 2020-21.
Exposure to COVID-19 does not guarantee immunity, reinfection causes more severe symptoms, finds Lancet study
“The possibility of reinfections could have significant implications for our understanding of COVID-19 immunity, especially in the absence of an effective vaccine,” said Mark Pandori, for the Nevada State Public Health Laboratory and lead study author.
“We need more research to understand how long immunity may last for people exposed to SARS-CoV-2 and why some of these second infections, while rare, are presenting as more severe.”
German population slightly lower as virus hits immigration
Some 83.1 million people lived in Germany at the end of June, with the population declining by 40,000, or 0.05%, in the year’s first half, according to the Federal Statistical Office.
The statistics office pointed to a sharp decline in net immigration starting in March, when the pandemic hit Europe, and lasting through May a period that accounted for a population decline of 59,000. Most countries shut down public life and many, including Germany, largely shut their borders.
World economy in deep recession in 2020, growth to be -4.4%: IMF
Gopinath said for emerging market and developing countries, excluding China, IMF has a downgrade with growth projected to be – 5.7 percent in 2020 and then a recovery to 5 percent in 2021.
With this, the cumulative growth in per capita income for emerging-market and developing economies, excluding China, over 2020-21 is projected to be lower than that for advanced economies, she said.
Gopinath said that the considerable global fiscal support of close to $12 trillion and the extensive rate cuts, liquidity injections, and asset purchases by central banks helped save lives and livelihoods and prevented a financial catastrophe.
Policyholders can now opt for renewal, migration and portability of their standard Covid covers:IRDAI
In respect of Corona Kavach individual policies, insurers have the choice to offer migration to any other indemnity based health insurance product offered by them as per the option exercised by the policyholder.
These short term policies are permitted to be renewed till 31st March,2021.
Treat as rep PIL for minimum standards for mental health establishments: HC to Centre
The petition had said there are many establishments in the country which claim they can cure or treat mentally ill people through Ayurveda, Yoga and Naturopathy.
“However, these establishments never register themselves with the Central Mental Health Authority or State Mental Health Authority as required under the Mental Healthcare Act, 2017.
As globe gallops into vaccine trials, insurers remain unfazed
While more than 40 experimental COVID-19 vaccines are being tested on humans, the insurance companies with decades of experience in assessing the risks of clinical trials don’t see anything to be unduly concerned about.
Executives at insurer Allianz and brokers Gallagher and Marsh, among the leading players in clinical trials insurance, told Reuters that premiums had only marginally increased so far in the current pandemic
COVID-19 school closure may cost over USD 400 billion to India, cause learning losses: World Bank
“Temporary school closures in all South Asian countries have had major implications for students. They have kept 391 million students out of school in primary and secondary education, further complicating efforts to resolve the learning crisis,” said the report.
J&J pauses COVID-19 vaccine trials due to unexplained illness in participant
J&J’s move follows a similar one by AstraZeneca Plc. In September, AstraZeneca AZN.L paused late-stage trials of its experimental coronavirus vaccine, developed with the University of Oxford, due to an unexplained illness in a UK study participant.
Worst is over, economic recovery faster than expected: HDFC CEO Keki Mistry
The veteran financial sector player also said that most of the job losses during COVID-19 were confined to low-income workers and the job losses for the kind of people who borrow money were not alarming.
The non-performing individual loans could be in the range of 2.5-4 per cent, which is also the extent of loans that the RBI has allowed to restructure, Mistry added.