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Higher reinsurance costs and growing catastrophe budgets to erode profits of Asia-Pacific insurers: S&P
"With central banks across Asia-Pacific looking to adjust interest...
Govt directs Automobiles, Consumer Durables sectors to provide detailed info on warranty, service centres
Rohit Kumar Singh, Consumer Affairs Secretary To address the new as...
Gennova Pharma gets conditional permission for human trial of Covid vaccine
“DBT-BIRAC has facilitated the establishment of the first-of-its-kind mRNA-based vaccine manufacturing platform in India. DBT has provided seed funding for the development of Gennova’s novel self-amplifying mRNA-based vaccine candidate for COVID-19, the DBT had said in a statement earlier.
Apollo hospital ready to vaccinate 1 million people daily
Apollo Hospitals has so far trained 6,000 staff to give out jabs across its network of 71 hospitals, hundreds of clinics and thousands of pharmacies, according to Managing Director Suneeta Reddy, who said the company’s talks with officials in New Delhi had yet to provide any firm guidance.
“We need to know if the government wants to handle the whole thing or allow the private sector to do it,” Reddy said in an interview Tuesday.
“The issue here is how can we double the amount of people that can be vaccinated,” she said from Chennai, adding that Apollo is ready to help in any capacity. The government “can do it, but it will take time.”
Those vaccinated against Covid-19 may still need to wear masks
“A lot of people are thinking that once they get vaccinated, they’re not going to have to wear masks anymore,” said Michal Tal, an immunologist at Stanford University. “It’s really going to be critical for them to know if they have to keep wearing masks, because they could still be contagious.”
AstraZeneca’s Covid-19 vaccine 70.4% effective at preventing the infection
The Company is also making rapid progress in manufacturing with a capacity of up to 3 billion doses of the vaccine in 2021 on a rolling basis, pending regulatory approval. The vaccine can be stored, transported and handled at normal refrigerated conditions (2-8 degrees Celsius/ 36-46 degrees Fahrenheit) for at least six months and administered within existing healthcare settings.
Reinsurers raise $ 22 billion capital in 2020,booked $20b of COVID-19 related losses:Willis Re
In the first nine months of 2020 the global (re)insurers which Willis Re track booked $20b of COVID-19 related losses. This remains considerably below the c.$68b mid-point of top-down loss estimates for the global non-life industry. More is coming with Q4 results with, for example, Munich Re announcing on 1 December that it will book an additional c.€1.1b, said the report.
A number of (re)insurers have included a significant Incurred But Not Reported (IBNR) component in their booked losses due to considerable uncertainty around ultimate COVID-19 losses. This uncertainty is due in part to pending legal rulings, particularly in relation to business interruption (BI) covers, which will decide if and how COVID-19 related claims should be covered.
Cyber risk is new threat to financial stability: IMF
“Given strong financial and technological inter-connections, a successful attack on a major financial institution — or on a core system or service used by many — could quickly spread through the entire financial system, causing widespread disruption and loss of confidence.” said Jennifer Elliott and Nigel Jenkinson of IMF’s Monetary and Capital Markets Department
Munich Re’s “Ambition 2025” sets new growth and results targets
Return on equity to increase to 12–14% by 2025
Solvency ratio to remain in the ideal corridor of 175–220%
Extensive decarbonisation strategy: Shifting away from coal, oil and natural gas“
“With our Munich Re Group Ambition 2025, we’ve created a strategy that is uniform across the Group – spanning reinsurance, primary insurance and asset management. We have committed ourselves to ambitious financial targets, and we will continue adding value for our shareholders, clients, staff and communities. The Munich Re Group Ambition 2025 will help us to elevate Munich Re to a new level of success.”said Joachim Wenning,Chairman of the Board of Management
UK warns people with serious allergies to avoid Pfizer vaccine after two adverse reactions
“Any person with a history of a significant allergic reaction to a vaccine, medicine or food (such as previous history of anaphylactoid reaction or those who have been advised to carry an adrenaline autoinjector) should not receive the Pfizer BioNtech vaccine,” it said.
Percentage of uninsured vehicles rises to 57% in 2018-19, Kerala corners the highest average in motor death claims
Maharashtra is the leading state in terms of total premiums collected from Motor business, followed by Tamil Nadu, Uttar Pradesh,Karnataka, Gujarat and Kerala.
The bulk of the uninsured vehicles are Two Wheelers with the un-insurance being as high as 66%.
For the financial year 2018-19, total death claims on account of motor insurance paid by the domestic general insurers was Rs. 9,01,207 and for Injury claims it was Rs. 2,51,094 which showed an increase over FY 2017-18.
Provide more safety data on COVID-19 vaccines: CDSCO expert panel to Serum Institute, Bharat Biotech
“Serum Institute of India has been asked for an updated safety data of phase 2 and 3 clinical trial in the country and immunogenicity data from the clinical trial in the United Kingdom and India. While considering the application of Bharat Biotech company, the SEC after detailed evaluation recommended that the pharma major should submit the safety and efficacy data from its ongoing phase 3 clinical trial in India for more analysis,” a source said.
The application submitted by the Pfizer was not discussed at the SEC meeting as the company has requested for more time for giving its presentation, sources said.