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India’s insurers face potential profitability and solvency margin pressures as health segment grows:AM BEST
The health segment has posted some of the weakest underwriting results in India’s non-life industry over the past decade; the 10-year average loss ratio of the health insurance business is approximately 98% (FY2010-FY2020). Although this has abated in recent years, the loss ratio remains unviable at 88% in FY2020.
Another major cause of non-life companies’ poor underwriting results is the prevalence of group health insurance with limited rate adjustment capacity.
Suspension of scheduled international passenger flights extended till May 31 due to Covid-19: DGCA
Scheduled international passenger services have been suspended in India since March 23, 2020, due to the coronavirus pandemic.
But special international flights have been operating under the Vande Bharat Mission since May and under bilateral “air bubble” arrangements with selected countries since July.
India has formed air bubble pacts with around 27 countries including Kenya, Bhutan and France.
Take steps to reduce cost of COVID-19 treatment: Kerala HC to govt
Expressing concern over exorbitant amounts charged by the private hospitals, the court directed the government to discuss the matter with the managements of the hospitals and inform its decision to the court by next Tuesday.
Counsel for the government informed the court that it would consider further reducing the rates.
Govt invites applications for IRDAI chairman post
Subhas Chandra Khuntia, 63 will be completing his three year term on May 7.
Applicants should have at least 30 years of work experience, should have worked as secretary to Government of India or its equivalent level in Government of India or State Governments or other institutions, and should have had a proven track record of leadership and authority in decision-making.
The applicant should have minimum of two years of residual service as on 7.5.2021, i.e., the applicant’s age should not exceed 63 years on said date.
New heads appointed for Kotak life and Kotak general insurance
Effective 1st May 2021, Kotak Mahindra Life Insurance Company Limited (Kotak Life) will be headed by Mahesh Balasubramanian as managing director (MD) while Kotak General Insurance Company (Kotak GI) will be led by Suresh Agarwal as MD & CEO.
Biden restricts travel to US from India
A variant strain of the virus, known as B.1.617, is also circulating in India, along with other variant strains, including B.1.1.7, first detected in the United Kingdom, and B.1.351, first detected in the Republic of South Africa.
“The CDC advises, based on work by public health and scientific experts, that these variants have characteristics of concern, which may make them more easily transmitted and have the potential for reduced protection afforded by some vaccines,” said the proclamation.
SBI General Insurance net profit rises 32 % to Rs544 cr in FY 20-21,Combined ratio at 99.8 %
“FY21 demanded special focus on the Health and SME lines, and we managed to maintain a balanced growth. We are also scaling up our product bouquet and adopting digital disruptions to offer instant insurance solutions even at distributor part, for the ease of customers,” said PC Kandpal, MD and CEO, SBI General Insurance
Insurers have to settle cashless Covid-19 claims in 1 hr:IRDA
The IRDAI’s direction to the insurers has come following the Delhi High Court’s direction to the insurance regulator to advise insurers to communicate their cashless approvals to the concerned hospitals/establishments within a maximum time period of 30 to 60 minutes so that there shall not be any delay in discharge of patients and hospital beds do not remain unoccupied,
India has one of the lowest Covid mortality rates in world: Vardhan
India will need 5 lakh ICU beds, 3.5 lakh medical staff in next few weeks, says Dr Devi Shetty
While most of the newspaper headlines and prime time television coverage has been over the lack of oxygen for the patients in ICUs, “I am having sleepless nights for the next headline, which is going to be that patients are dying in ICUs because there are no nurses and doctors to take care of the patients. And this is going to happen. I do not doubt it now,” said Dr Devi Prasad Shetty, the chairman and founder of Narayana Health, a chain of 21 medical centres in India, in his online address at the Symbiosis Golden Jubilee Lecture Series in Pune recently.
At present, India has only 75,000 to 90,000 ICU beds and almost all are already occupied – when the second wave of the pandemic hasn’t even reached its peak yet, he said. India is reporting about 3.5 lakh cases a day, and some experts say the number could go up to 5 lakh cases daily at its peak.