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Issuance of cat bonds set to hit a record this year
Catastrophe bonds are generally issued by insurers looking to pass...
Ritesh Kumar moves to ERGO as dy COO, Anuj Tyagi will be new MD& CEO of HDFC Ergo from July 1
Anuj Tyagi, MD &CEO designate, HDFC ERGO General insurance...
New Covid-19 cases in India have peaked, shows Cambridge tracker
Health services remain overwhelmed and several hospitals face shortage in oxygen supplies. The nation has reported more than 300,000 new infections for more than 20 straight days and the official tally of daily deaths has topped 4,000. The numbers are probably vastly undercounted, experts say.
The real pandemic risk from India is tracking new variants of Covid-19
India, too, needs to do its part. Even as it struggles to provide hospital beds, oxygen and antivirals to its gasping citizens, New Delhi must step up genome surveillance to figure out–for itself and the rest of the world–what exactly is going on. Plans being laid for reopening and economic recovery everywhere could depend on it.
Maharashtra: 2 die of mucormycosis in Thane, 6 hospitalised
According to health experts, the symptoms of mucormycosis include headache, fever, pain under the eyes, nasal or sinus congestion and partial loss of vision.
On Tuesday, Maharashtra Health Minister Rajesh Tope said there could be over 2,000 mucormycosis patients in the state as of now and with more and more COVID-19 cases coming up, ”their number would increase for sure”.
The state government has decided to use hospitals attached to medical colleges as treatment centres for mucormycosis, he had said.
Indian Covid variant B.1.617 detected in 44 countries, says WHO
However, Ministry of Health and Family Welfare clarified on Wednesday that WHO has not associated the term “Indian Variant” with B.1.617, now classified as “Variant of Concern”.
Miller launches new exclusive Professional Indemnity product for freelance solicitors
Ed Pickard, Head of UK Professions, commented: “This new product will enable Miller to support freelance solicitors in accessing the coverage they need to operate. Our team of solicitors’ PI insurance specialists are excited to be able to offer this to our expanding portfolio of clients, and would encourage solicitors to get in touch to learn how Miller can find them the competitively priced cover they need to protect against claims and meet the requirements of the regulator.”
IRDAI imposes Rs 30 lakh penalty on SBI General Insurance
SBI General Insurance Company had underwritten Rs 316.36 crore as against the minimum obligatory MTP insurance business of Rs 638.34 crore resulting in a shortfall of Rs 321.98 crore. In percentage terms, the shortfall worked out to be around 50.44 per cent of MTP insurance obligation.
EU regulator to test insurers for prolonged COVID economic hit
The European Insurance and Occupational Pensions Authority (EIOPA) said it will test 44 insurers and reinsurers for their resilience to the economic consequences of the pandemic and a “lower for longer” interest rate landscape.
Insurers are exposed to the economic environment through the returns they can earn from investing insurance premiums, as well as from the level of demand for their products.
“We are still in the middle of the crisis,” EIOPA Executive Director Fausto Parente told a media conference.
“The insurance sector is for sure not immune.”
Medi Assist Healthcare Services files IPO papers with Sebi
Those selling shares in the offer for sale include Dr Vikram Jit Singh Chhatwal, Medimatter Health Management, Bessemer India Capital Holdings II Ltd, Bessemer Health Capital LLC and Investcorp Private Equity Fund I.
As per the draft papers, the company managed Rs 7,829.5 crore of health insurance premiums for the financial year 2020.
For the nine month ended December 2020, the company reported a total income of Rs 257.44 crore against Rs 245.16 crore a year ago. Its profit after tax was at Rs 33.09 crore for the nine months ended December 2020 as compared to Rs 31.04 crore in the same period last year.
India’s seven-day COVID average at new high, WHO issues warning on strain
India’s daily coronavirus cases rose by 329,942, while deaths from the disease rose by 3,876, according to the health ministry. India’s total coronavirus infections are now at 22.99 million, while total fatalities rose to 249,992.
AXA XL appoints Anish Jadav as CUO, Retail P&C, UK & Lloyd’s market
In his new role, Jadav will be responsible for developing and executing AXA XL’s Retail P&C underwriting strategy and optimising product offering and profitability.