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Lloyd’s of London alerts India Inc on rising “Intangible Risks”, launches new solutions for Pandemic Risks 

Specific to SMEs, Lloyd’s has developed ReStart, a potential non-damage business interruption solution (loss of revenue without a physical damage trigger) for future waves of COVID-19. The solution is focused on giving certainty of non-damage business interruption coverage initially to SMEs by pooling limited capacity across a number of Lloyd’s market participants. The product will support reopening of SMEs, offering a range of limits that ensure it is affordable for customers, without requiring any government support,

Lloyd’s is also working on a proposed ‘after the event’ insurance product framework, Recover Re, which would provide immediate relief and cover for non-damage business interruption, including the current COVID-19 pandemic, over the long-term. This framework could be implemented in any country where the government has the resources and industry commitment to support it.

 

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India caps prices of medical oxygen amid rising COVID-19 cases

“Due to the absence of a price cap on liquid medical oxygen, manufacturers have hiked prices to fillers,” the government said in a statement, referring to off-takers such as hospitals and clinics which use the oxygen.

To ensure that the oxygen is available at reasonable rates, the government has capped manufacturers’ prices at 15.22 rupees per cubic metre (CUM), the statement said.

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Primary healthcare focus area of govt: Kant

Niti Aayog CEO Amitabh Kant said by increasing spending on healthcare, reducing out of pocket expenditure and ensuring availability of qualified doctors, India can provide a continuum of care.

Puducherry Lieutenant Governor Kiran Bedi, Kant further said the Pradhan Mantri Jan Arogya Yojana (PMJAY), which is a digital, portable and cashless health insurance scheme, is one of the most remarkable steps in this direction.  

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Global COVID-19 death toll could hit 2 million before vaccine in wide use, WHO says

The number of deaths about nine months since the novel coronavirus was discovered in China is nearing 1 million.

“We are not out of the woods anywhere, we are not out of the woods in Africa,” said Ryan.

He said young people should not be blamed for a recent increase in infections despite growing concerns that they are driving its spread after restrictions and lockdowns were eased around the world.
The WHO is continuing talks with China about its possible involvement in the COVAX financing scheme designed to guarantee fast and equitable access globally to COVID-19 vaccines, a week after the deadline for committing passed.

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Catastrophic cyber event leading to claims of more than $10 billion has increased since the Pandemic:Willis Re

Mark Synnott, Global Cyber Practice Leader, Willis Re, said: “This year’s survey shows quite clearly that risk professionals around the world believe that the pandemic has increased cyber risk, in some cases dramatically. They expect the insurance industry to respond, but unfortunately not in the way we might hope. While three quarters of the people we surveyed think demand for cyber cover will increase post-COVID-19, only 45% think supply will increase, which perhaps explains why three-quarters think the cost of cover will rise. The insurance industry has some work to do to ensure these expectations are not met!”

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