"Many people just think that it is just like the flu or any other...
Category:
Health
Latest
Tata AIA Life ties up with Medix to offer health services to its policyholders
Tata AIA life has tied-up with Medix to offer healthcare advice to...
Omicron Covid variant may have originated in animals, finds study
"Animal to human transmission of coronaviruses will likely continue...
COVID-19 Pandemic:Wave of class action lawsuits against insurers in US for denial of business interruption claims
The suits represent the broadest effort yet to compel insurance companies to fulfill promises made to hundreds of thousands of U.S. businesses that purchased insurance coverage to protect against precisely this situation.
Lloyd’s of London, Aspen American Insurance, Auto-Owners Insurance, Society Insurance, Oregon Mutual Insurance, and Topa Insurance Company are Named in Lawsuits
Some life insurers hit pause on older Americans during coronavirus crisis
Some insurers are also suspending applications for people in their 60s who previously may have been eligible for coverage despite common health problems such as diabetes or asthma.
Insuring older Americans can be a big risk for U.S. life insurers under the best of circumstances, but it brings in hefty premiums. A healthy 40-year-old woman pays about $180 annually for a $250,000 15-year term life policy, while a healthy 70-year-old woman pays $2,244, or 1,146% more, according to online brokerage Policygenius.
COVID-19 Pandemic:China’s claim payments amount to $17.4 million as of April 10
At the direction of the Chinese government, domestic insurers started selling business interruption insurance to cover Chinese enterprises against disruptions from the coronavirus outbreak,
The policies are aimed at supporting the resumption of production and work within the Chinese economy after a lockdown to contain the spread of the coronavirus, said Fitch
U.S. announces $19 billion coronavirus aid for farmers, food buys for poor
The U.S. Agriculture Department is partnering with regional and local distributors to purchase $3 billion in such farm goods to be distributed to food banks, churches and aid groups as millions of Americans face unemployment with much of the economy shut down.
COVID-19 presents insurers with an opportunity to rebuild consumer trust, says GlobalData
Beatriz Benito, Senior Insurance Analyst at GlobalData comments: “The lockdowns imposed in many countries around the world has left a large proportion of the population housebound. Therefore, a reduction in claims presents insurers with an opportunity to give something back to customers and rebuild consumer trust. Currently, several insurers in the US are refunding policyholders as the lockdown will lead to a significant reduction in miles driven.”
Swiss Re can manage Covid-19 crisis,chairman
Swiss Re’s Chairman Walter B. Kielholz said“Despite the current circumstances, business is running without interruptions at Swiss Re as we continue to handle claims, renew contracts,share our knowledge and innovate. While at this point we assess the financial impact of the current crisis on Swiss Re as absolutely manageable, we run our business and allocate capital with the prudence that current volatility calls for.”
Chubb CEO Greenberg Warns Retroactive Measures Would ‘Bankrupt’ Insurance Industry
Greenberg said that a potential way to handle pandemic risks in the future would be to create a public-private partnership, where insurers could start covering that risk for a proper price and the government could take on the tail-risk exposure. That model would echo efforts by the government and insurance industry to deal with terrorism risks after the Sept. 11, 2001, attacks.He cautioned, however, that affordability would become a major question. Insurers will need to set prices to appropriately account for the heightened risk, but that could mean policyholders might shy away from coverage because of the higher cost.
Covid-19:India wants AIIB funding for its $500-million healthcare project
India is implementing a $500-million project to purchase equipment and detection capacity and strengthen its national health systems.
Requests for funding from member countries, numbering 102, of AIIB have substantially exceeded the $ 5 billion originally allocated for emergency relief, said press release by AIIB on Friday.
The AIIB is doubling available funds under its COVID-19 Crisis Recovery Facility to provide USD5-10 billion due to high client demand. This follows AIIB’s announcement to make $5 billion available to help public and private sector clients manage through the COVID-19 pandemic.
Allianz CEO says virus hit insurers like ‘Meteorite’
Commercial credit insurers provide cover for businesses in case customers pay bills late or default. Baete said in February that Allianz’s biggest potential risk would be from any bankruptcies in Europe spurred by the virus’s spread, which would hit its credit insurance coverage in the region.
Germany sets up protective shield for credit insurers
In return, credit insurers must give 65% of their premium income in 2020 to the government. Credit insurance protects suppliers from defaults on payments if a domestic or foreign customer cannot or will not pay the invoice