Category:

Health

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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Global food emergency imminent; 49 mn may fall into extreme poverty: UN

“There is more than enough food in the world to feed our population of 7.8 billion people. But, today, more than 820 million people are hungry. And some 144 million children under the age of five are stunted — more than one in five children worldwide. Our food systems are failing, and the Covid-19 pandemic is making things worse,” the UN chief said in his video message for the launch of UN policy brief on the impact of Covid-19 on food security and nutrition on Tuesday, Xinhua news agency reported.

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