Debasish Panda, chairman, IRDAI The 2-day meet on Jan 23rd and 25th...
Category:
Non-Life
Latest
Hedge funds rake in huge profits betting on catastrophe risk
The best hedge fund strategy of 2023 was a bet on insurance-linked...
Sanlam banks on India as its home market reels
Paul Hanratty,Chief Executive Officer, Sanlam “If you ask where our...
Global coronavirus deaths pass ‘agonizing milestone’ of 1 million
It took just three months for COVID-19 deaths to double from half a million, an accelerating rate of fatalities since the first death was recorded in China in early January.
More than 5,400 people are dying around the world every 24 hours, according to Reuters calculations based on September averages, overwhelming funeral businesses and cemeteries.
Single-day COVID-19 cases in India below 75,000, recovery rate rises to 83.01 pc
There are 9,47,576 active cases in the country which comprise 15.42 per cent of the total caseload, the data stated.
The COVID-19 case fatality rate was recorded at 1.57 per cent.
Lack social bonding, rising insecurity, hypertension & stress increase heart disease risks amid COVID-19: Bharti AXA Study
· 50% of respondents over 45 years of age experienced anxiety due to lack of social bonding, heightening stress level
· Better work-life balance in smaller cities as larger cities are seen grappling with it
· Males are more focused on their health and well-being than their counterparts
UK watchdog sets Wednesday deadline for agreement on business insurance claims
Hundreds of thousands of mainly small British businesses are waiting to hear if their insurer will pay out imminently, or keep them waiting while they appeal.
London’s High Court ruled that some of the world’s biggest insurers were wrong to reject thousands of claims from small firms battered by the COVID-19 pandemic.
The FCA said it continues to “work closely and at speed” with the eight insurers and two intervenors that participated in the test case to reach an agreement in principle on a range of issues to avoid a “leapfrog” appeal to the Supreme Court.
African Risk Capacity partners with insuretech Pula to Deliver Agric Index Insurance products to African Farmers
In just over 6 years of operations, 56 policies have been signed by the ARC Member States with USD 83 million paid in premiums for cumulative insurance coverage of USD 641 million and the protection of 64.1 million vulnerable population in participating countries.
From this, ARC Ltd made $60m payouts to the Governments of Senegal, Niger,Mauritania, Malawi, Cote D’Ivoire, the START Network and WFP following droughts episodes in 2014, 2015 and 2019.
China to tighten supervision of country’s booming online insurance business
The rules will also require Internet companies to obtain insurance licenses before involving in the business, according to the draft.”The fast development in the online insurance sector has exposed certain problems,” the CBIRC said, “The rules are to effectively defuse the risks and protect the interest of consumers.”
AXA XL launches Digital Risk Engineer, a connected solution to monitor “buildings and assets”
Available globally, Digital Risk Engineer uses Internet of Things (IoT) devices installed in the clients’ buildings to capture information from connected systems such as energy, water (including sprinklers), heating, ventilation and air conditioning (HVAC).
Jonathan Salter, recently announced Head of Risk Consulting at AXA XL said“This fully digital offering is especially relevant today as we grapple, as a society, with the impacts of COVID-19, and the likelihood that companies will try to limit in-person site visits where possible.”
AstraZeneca gets partial immunity in low-cost EU vaccine deal
Drugmakers have called on EU regulators to set up a Europe-wide compensation scheme, while patients’ organizations are calling for an EU-wide fund financed by pharmaceutical firms that would compensate for unexpected side-effects.
The EU legal regime is among the least favorable to drugmakers on compensation claims, although plaintiffs have rarely managed to win as the law requires them to prove the link between an illness and a vaccine that may have caused it.
The United States has granted immunity from liability for COVID-19 vaccines that receive regulatory approval. Meanwhile, Russia has said it would shoulder some of the legal liability should anything go wrong with the vaccine developed by Moscow’s Gamaleya Institute.
‘Take home’ lawsuits over COVID infections could be costly for U.S. employers
Between 7% and 9% of the roughly 200,000 U.S. COVID-19 deaths so far are believed to stem from take-home infections and the lawsuits could cost businesses up to $21 billion if the number of Americans fatalities reaches 300,000, according to Praedicat, a firm that evaluates risks for insurers.
Poorer countries to get 120 million $5 coronavirus tests, WHO says
WHO Director General Tedros Adhanom Ghebreyesus said the manufacturers Abbott and SD Biosensor had agreed with the Bill & Melinda Gates Foundation to “make 120 million of these new, highly portable and easy-to-use rapid COVID-19 diagnostic tests available over a period of six months”.
“This will enable the expansion of testing, particularly in hard-to-reach areas that do not have laboratory facilities or enough trained health workers to carry out tests,” Tedros said.