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IRDAI forms panel to explore possibility of an “Indian Pandemic Risk Pool”, to address BI risks arising out of a Pandemic event

There is a need to examine long-term solutions to address the various risks which have been triggered by the current pandemic and offer protection in case of a future similar crisis.Some of the risks like Business Interruption losses without concurrent material damage loss,loss of employment would result in huge losses much beyond the capacity of government /insurers /reinsurers, said IRDAI.

The panel will examine the the need for setting up a Pandemic Risk Pool giving rationale for the same,recommend the structure and operating model for the Pool within eight weeks. .

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Centre urges states,UTs to effectively address mental health issues

In a letter addressed to Chief Secretaries and the administrators of all states and UTs, Union Health Secretary Preeti Sudan said that psychosocial concerns cut across age groups and segments of the population and that it is imperative that all the care providers including volunteers, police and all frontline workers are aware and equipped with the appropriate training.

The country is grappling with the challenge of Covid-l9 and concerns relating to mental health, manifested in feelings of fear, anxiety, negative thoughts about consequences of disease and subsequent depression are being raised, Sudan said in the letter, dated July 6.

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Atal Pension Yojana subscribers can change contribution amount anytime during year

The PFRDA further said from July 1, 2020 auto-debit of APY contributions has also started, which was stopped till June 30 in the wake of COVID-19 outbreak.

As per current arrangements, if all the pending APY contributions due between April-August, 2020 get auto-debited from savings account of the subscribers, latest by September 30, then no penal interest would be charged to them.

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Paytm and Vijay Sharma acquire Raheja QBE general insurance for Rs 568 crore,QBE exits Indian market

“It is an important milestone in Paytm’s financial services journey, and we are very excited to welcome Raheja QBE General Insurance into the Paytm family. Its strong management team will help us accelerate our journey of taking insurance to the large population of India with the aim to create a tech-driven, multi-channel general insurance company with innovative and affordable insurance products,” said Paytm president Amit Nayyar

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India’s COVID-19 cases close to 7-lakh mark,tests cross one-crore mark

A single-day jump of 24,248 COVID-19 cases took India’s tally close to the 7-lakh mark on Monday, while the death toll due to the disease climbed to 19,693 with 425 new fatalities, according to the Union Health Ministry,
India is now the world’s third worst-affected country, behind only the United States and Brazil.It has seen eight times the number of cases as China, that has a similar-sized population and is where the virus originated late last year.

“A cumulative total of 1,00,04,101 samples have been tested till 11 am on Monday with 1,80,596 samples being tested on July 5,” Scientist and media coordinator at the Indian Council of Medical Research (ICMR), Dr Lokesh Sharma said

.

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