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RIMS urges Congress to create a Pandemic Risk Insurance Programme
According to RIMS’ letter, a pandemic risk insurance program would provide greater access to capital from lenders and establish a viable insurance market with sufficient, affordable capacity. Additionally, it would create certainty for businesses and organizations of all sizes across the United States and ensure that businesses can meet future pandemic events with greater resilience.
UK insurers in talks with Govt about creating trade credit backstop
Britain has already extended its government export insurance scheme to a broader range of countries, as commercial insurers pull out.
For example Tradelock, a unit of trade credit insurer Euler Hermes focusing on British SMEs, has stopped offering cover to new customers.
Coronavirus heightens risk environment for cargo shippers and transportation companies: Allianz
“The current pandemic situation has impacted the global supply chain in an unprecedented manner and risks to cargo in storage and transit, especially to high-value and temperature- sensitive goods have significantly increased,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS.
“Locked down and unmanned facilities means not only an increased risk of theft and fire to the cargo but also risk of damage to goods due to extended storage periods. Transit disruptions to cargo due to closed borders, delayed customs clearances or simply due to lack of personnel can mean long delays to delivery times or even cargo being abandoned. Companies should do all that they possibly can to implement robust planning of cargo shipments and ensure they have back-up plans in place because of the last minute shutdowns we are seeing around the world.”
Govt plans“Pandemic Pool” covering income loss of vulnerable section of the economy
The proposed “Pandemic Pool’’ will facilitate the transfer of the loss of income risk to the extent possible and can guarantee a regular pay-out for a specific time frame to these affected individuals so that liquidity can be maintained in the economy and people of the lower strata can sustain the crisis.The state government concerned at its level can sort insurance protection for this vulnerable section of the society. The economic risk associated with such outbreaks can thus be transferred to the insurance.
The concept such a Pandemic Pool has recently been mooted by the Axa Re,the French multinational insurance company, said the central government sources.
Amazon deploys thermal cameras at warehouses to scan for fevers faster
The use of cameras, previously unreported, shows how America’s second-biggest corporate employer is exploring methods to contain the virus’ spread without shuttering warehouses essential to its operation.
U.S. states have given Amazon the green light to deliver goods with nearly all the country under stay-at-home orders.
Flight bookings only after Govt decison on lockdown
“Airlines are advised to open their bookings only after a decision in this regard has been taken by the government,” the minister added.Earlier on Saturday, Air India said it has opened bookings on select domestic flights from May 4 and on select international flights from June 1.
Postal employees to get Rs 10 lakh compensation in case they succumb to COVID-19
“In the context of COVID-19 situation, it has been decided to extend payment of compensation of Rs 10 lakh to all postal employees, including Gramin Dak Sevaks (GDS), succumbing to the disease while brought on duty. The guidelines will come into effect immediately and continue for the entire period till the crisis of COVID-19 is over,” the Ministry of Communications said in a statement.
Coronavirus cases in India reach 16,365, death toll jumps to 521
The worldwide death toll from the novel coronavirus pandemic rose to 160,755, according to a tally from official sources compiled by Worldometer. More than 2,330,883 declared cases have been registered in 193 countries and territories since the epidemic first emerged in China in December
Trump warns China of consequences,Australia demands coronavirus enquiry
“If it was a mistake, a mistake is a mistake. But if they were knowingly responsible, yeah, I mean, then sure there should be consequences,”U.S. President Donald Trump
Australia’s foreign minister, Marise Payne, said her concern about China’s transparency was at a “a very high point”.
“The issues around the coronavirus are issues for independent review, and I think that it is important that we do that,” Payne told ABC television.
IRDAI directs insurers to settle all COVID 19 claims in 2 hrs
– Decision on authorization for cashless treatment shall be communicated to the network provider (hospital) within two hours from the time of receipt of authorization request and last necessary requirement from the hospital either to the insurer or to the TPA whichever is earlier,
-Decision on final discharge shall be communicated to the network provider within two hours from the time of receipt of final bill and last necessary requirement from the hospital either to the insurer or to the TPA whichever is earlier,
– Insurers have to issue appropriate guidelines to their respective Third Party Administrators.