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General Insurance industry grows 28% to Rs 30,378 crore in Oct
In a note worthy trend, seven stand alone health insurers have now...
IRDA asks general insurers not to report premiums and commission for long term policies at one go
``Currently, only long-term Motor Third Party (TP) premium is...
ICMR-NICED proposes research on oral COVID vaccine
“We have submitted a proposal for research on an oral vaccine. It will be carried out in collaboration with a German firm. Work can be started once it gets selected and funded,” ICMR-NICED Director Shanta Dutta said.
She said it will take around 5-6 years to develop the oral vaccine in a laboratory.
Air India flyer seeks Rs 30 lakh damages over data breach of 4.5 million passengers
A legal notice was sent to Air India management on Sunday by Ritika Handoo in which she said that the airline informed her about the breach on June 1, her lawyer said.
Terming the breach as a violation of her “right to be forgotten and informational autonomy”, she sought a compensation of Rs 30 lakh.
Air India’s passenger service system provider SITA faced a sophisticated cyberattack in February this year leading to the leak of personal data of 4.5 million passengers — which included passengers of the national carrier — from across the world, the email sent by the carrier said.
India records 39,796 new COVID-19 cases, 723 deaths
The case fatality rate stands at 1.32 per cent, the data stated.
The cumulative vaccine doses administered has reached 35.28 crore under the nationwide vaccination drive, the ministry said.
“Eight States viz. Uttar Pradesh, Madhya Pradesh, Rajasthan, Tamil Nadu, Bihar, Gujarat, Karnataka, and Maharashtra have administered more than 50 lakh first dose of COVID-19 Vaccine in the age group 18-44 years”, the release stated.
India’s June services activity shrinks at fastest rate in 11-months
“PMI data for June showed quicker declines in new business, output and employment that were sharp but much softer than those recorded in the first lockdown.”
Muted demand sank the new business sub-index to its lowest since July 2020.
As a result, firms shed headcount for a seventh straight month, with the fastest reduction rate recorded in June. A Reuters poll taken around a month ago showed the job crisis may worsen over the coming year.Asia’s third largest economy, which has already recorded more than 400,000 COVID-19 deaths, is still reporting over 40,000 coronavirus cases per day, taking the total number of infections to over 30.5 million.
Increase in household debt stress is worrying: SBI report
Household debt — after taking into account retail loans, crop loans and business loans from financial institutions like commercial banks, credit societies, NBFCs and HFCs — has sharply increased to 37.3 per cent of GDP in FY21 from 32.5 per cent of GDP in FY20.
“The decline in bank deposits in FY21 and concomitant increase in health expenditure may result in further increase in household debt to GDP in FY22,” said the report. India’s household debt to GDP ratio is still lower than other countries, though there is need to supplement wage income as a percentage of GDP that has been declining.
Reliance Nippon Life declares Rs 306.8 cr bonus for policyholders
The life insurer registered a profit after tax of Rs 50 crore in the year ended March 31, 2021.
This bonus issuance will benefit over 6,85,000 participating policyholders, a company release said.
COVID-19 recovered with one/two doses of vaccine have higher protection against Delta variant: Study
“The high transmissibility associated with Delta variant led to second wave of the pandemic in India which affected millions of people. Besides this, variant of concerns have been reported to show lower neutralisation to several approved vaccines. This has led to breakthrough infections after completion of vaccination regimen,” it said.
India to make CoWIN available to all countries: PM Mod
Asserting that vaccination is the best hope for humanity to emerge successfully from the pandemic, Modi said right from the beginning, “we in India decided to adopt a completely digital approach while planning our vaccination strategy”.
Monsoon to reach remaining parts of north India by July 10: IMD
Delhi, Haryana, parts of west Uttar Pradesh, Punjab, west Rajasthan are yet to see the arrival of the monsoon.
In its forecast for July, India Meteorological Department said the country as a whole will witness good rainfall this month.
Covid-19: IRDAI penalises Salasar Services Insurance Brokers Rs 8 lakh for misleading its customers on BI claims
The information brochure by Salasar Services Insurance Brokers clearly advised its clients, to lodge the business interruption claim and also stated that insurer prima facie may deny the claim which can be contested later.
This statement may give a hope to the clients that the denial of claim can be successfully contested at a later date. This is a wrong and misleading advice and the broker, being a professional should not issue such a misleading advice to their clients, said the IRDAI..