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Fears of second U.S.coronavirus wave rise on worrisome spike in cases, hospitalisations

Total U.S. coronavirus deaths are now over 113,000, by far the most in the world. That figure could exceed 200,000 at some point in September, Ashish Jha, the head of Harvard’s Global Health Institute, told CNN.

Ashish Jha, the head of Harvard’s Global Health Institute, said the United States was the only major country to reopen without getting its case growth to a controlled level – defined as a rate of people testing positive for the coronavirus remaining at 5% or lower for at least 14 days. Nationally, that figure has been between 4% and 7% in recent weeks, according to a Reuters analysis.

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Futures drop on fears of second virus wave, bleak economic view

“The market has been rallying because they’re looking to 2021 and saying we’re going to get past this and then things will get sort of back to normal,” said Sean O’Hara, president of Pacer ETF Distributors in Malvern, Pennsylvania.

“One thing that really could change the trajectory here would be if we have a big bounce in a second wave. That’s the big fear.”

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International trade set to shrink 27% in second quarter after April ‘nosedive’, says UNCTAD

“Trade in the automotive and energy sector collapsed while trade in agri-food products has been stable.”

Trade in developing countries appears to have taken a “nosedive” in April, falling faster relative to developed countries, it said. Imports into developing countries fell by 19% in April while their exports shrank by 18%, it said.

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A world wanting payback pulls insurers into epicenter of crisis

After playing down the virus’s potential impact just a few months ago, insurers have since declared large financial hits and warned of far worse to come. France’s AXA last month estimated that event cancellation claims alone would be in the “mid-triple-digit-million euros” and it was too early to predict the amount for business interruption. Germany’s Allianz said it suffered a 700 million-euro ($794 million) hit from the pandemic in the first quarter.

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IRDAI standardises terms and clauses of health Insurance policy 

In case of multiple policies taken by an insured person during a period from one or more insurers to indemnify treatment costs, the insured person will  have the right to require a settlement of his/herclaim in terms of any of his/her policies. In all such cases the insurer chosen by the insured person are obliged to settle the claim as long as the claim is within the limits of and according to the terms of the chosen policy.

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Insurers can’t deduct cost of implants,medical devices, and diagnostics in health policies:IRDAI

“IRDAI has mentioned that insurers need to define the associate medical expenses which will be deducted proportionately if a person opts for a higher room category than the category that is eligible as per terms and conditions of the policy. Additionally, it has mentioned that expenses like cost of pharmacy, cost of implants, cost of diagnostics, etc. will not fall under the definition of ‘associate medical expenses’ and hence, proportionate deduction for such expenses will not be applicable along with the ICU charges as well. Insurers will negotiate with their hospital networks to see that the increase in rates of the associate medical expenses with change in room category are in control so as to benefit the customer,” Bhaskar Nerurkar, head,health claims, Bajaj Allianz General Insurance said. 

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