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From Africa to America, businesses and insurers face survival showdowns
Businesses around the world, hamstrung by lockdowns, are facing often-existential showdowns with insurance companies that are reluctant to pay out on business interruption policy claims for a disaster unknown in living memory.
The insurers say many such policies exclude pandemics, require physical damage on premises or do not apply to the widespread lockdowns seen globally. Facing pressure from regulators, mounting reputational damage and a wave of lawsuits, they warn that paying out could sink their industry.
In some countries, including South Africa, France and Germany, insurers are now opening their chequebooks. But for many customers, these settlements or ex-gratia payments – voluntary payouts that do not imply legal liability – fall short.
Alamelu Panel favours setting up of a Loss Prevention body for the general insurance industry, will aid reduction of premiums
The panel has suggested that the proposed company should be promoted by the IRDAI as well as the industry.
The company may start working on promoting safety and loss prevention in the areas of Property Insurance and motor Insurance to begin with and can expand into all areas of general insurance as well as health insurance in the future.
`The existing loss control practices of the insurers are incidental to the primary function of underwriting. Needless to state reducing the frequency and severity of losses would benefit both insurers and insureds, as the overall burning cost and consequently the premium rate would come down;,said the report prepared by the working group..
US pharma cos protected from COVID vaccine liability
Pandemic-related claims for vaccines will be routed to a rarely used USA federal program set up to encourage drugmakers to help combat public health emergencies. It spares pharmaceutical and device makers from costly liability lawsuits in exchange for taxpayers compensating injured patients — though it doesn’t guarantee there’s funding to do so.“We want people vaccinated and we don’t want to expose pharmaceutical companies to the kind of liability that they would otherwise have,” said Brent Johnson, a partner with Holland & Hart, who defends corporate clients. “That’s the price we’re willing to pay to get rid of this horrible coronavirus problem.”
Japanese ship involved in Mauritius oil spill breaks apart
Port Louis: Japanese bulk carrier that ran aground on a reef in Mauritius last month threatening a marine ecological disaster around the Indian Ocean island has broken apart, authorities said on Saturday. The condition of the MV Wakashio was worsening early on...
Lebanon’s insurance claims from Beirut port blast total $425 million, so far
Caretaker Economy Minister Raoul Nehme said 2,500 claims have been filed, according to the presidency’s Twitter account. The ministry expects claims to reach 10,000
Insured losses from the Beirut port warehouse explosion are likely to total around $3 billion, similar to those from an explosion at the Chinese port of Tianjin in 2015, industry sources and analysts say.
Malaysia detects coronavirus strain that’s ten times more infectious
The strain could mean that existing studies on vaccines may be incomplete or ineffective against the mutation, said Director-General of Health Noor Hisham Abdullah.
WHO says people in 20s, 30s, 40s increasingly driving pandemic
“Maybe that’s a good thing to have a virus that is more infectious but less deadly,” Tambyah told Reuters.
Tambyah said most viruses tend to become less virulent as they mutate.
“It is in the virus’ interest to infect more people but not to kill them because a virus depends on the host for food and for shelter,” he said.
India’s coronavirus death toll surpasses 50,000,total number of tests cross the 3 crore mark
Implementation of testing aggressively, tracking comprehensively and treating efficiently through a plethora of measures have contributed to the existing high level of recoveries as well, it said. The total number of recoveries in the country rose to 18,62,258 on Sunday, according to official data.
Improved and effective clinical treatment in hospitals, supervised home isolation, use of non-invasive oxygen support, and improved services of the ambulances for ferrying patients for prompt and timely treatment have been the focus of the Centre and state and UT governments, the ministry said.
Blow to WHO? EU clinches first Covid-19 vaccine deal with AstraZeneca
The European Commission, which is negotiating on behalf of all 27 EU member states, said the deal included an option to purchase 100 million additional doses from the British drugmaker should its vaccine prove safe and effective.
The EU’s bilateral deal mirrors moves by the United States and other wealthy states, some of which are critical of the WHO’s initiative, and further reduces the potentially available stock in the race to secure effective Covid-19 vaccines.
The EU move could complicate efforts led by the WHO and GAVI, a global alliance for vaccines, to buy shots on behalf of rich and developing countries with a separate scheme.
The Commission has urged EU states to shun the WHO-led initiative because it sees it as too expensive and slow, EU officials told Reuters in July
China grants country’s first COVID-19 vaccine patent to CanSino: state media
Saudi Arabia said this month it plans to begin Phase III clinical trials for the CanSino vaccine. CanSino has said it is also in talks with Russia, Brazil and Chile to launch Phase III trials in those countries.