Category:
Pandemic
GIC Re expects a price rise of 10-15 % in Jan 1 renewals, to implement Lloyd’s best practices:Srivastava
“We don’t have Business Interruption(BI) claims in India because of the lockdown in the country as General Insurance Council(GI Council),the official representetive body of the Indian resurers and general insurers, with the advise of the Indian insurnace regulator IRDAI has clarified that no BI claims are admissible, without physical damages, because of Covid-19 Pandemic.We have some BI exposures in the overseas markets like Europe and we are waiting for clarity to make payments. But we have already provided for it and it is unlikely to put pressure on our balancesheeet,” said Devesh Srivastava, Chairman-cum-Managing Director in an exclusive interview with Asia Insurance Post.
`GIC Re is in favour of participation of other global reinsurers in the Indian “Pandemic Pool’’he said
India’s COVID-19 caseload goes past 81 lakh with 48,648 fresh infections
A total of 74,32,829 people have recuperated from COVID-19 so far, taking the national recovery rate to 91.34 per cent. The case fatality rate has dropped to 1.49 per cent.
The number of active COVID-19 cases remained below 6 lakh for the second consecutive day.
There are 5,82,649 active cases of coronavirus infection in the country, which comprise 7.16 per cent of the total caseload, the data stated.
Pandemic takes a worrying turn across Europe sending hospitals reeling
Hospitalizations skyrocketed in more than a dozen countries in Europe, with admissions soaring beyond the peak reached last spring in a swathe from Austria to Portugal. In the U.S., where new daily cases topped a record 92,000 Friday, hospitalization rates have climbed 12% over the past month, with more than one in six inpatients in South Dakota having the coronavirus, government data show.
France, Germany and Belgium will clamp down on movement for at least a month, approaching the stringent lockdowns in the spring as Europe seeks to regain control of the crisis. France reported 49,215 new cases Friday, more than six times the level a month ago. The government plans to spend an additional 2.5 billion euros ($2.9 billion) preparing hospitals for the disease, which President Emmanuel Macron said may cause 9,000 patients to fall critically ill by mid-November.
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2nd study testing a COVID-19 antibody drug has a setback
Earlier this month, a different group of monitors recommended pausing enrollment in a U.S. National Institutes of Health study testing an Eli Lilly antibody drug to investigate a possible safety issue in hospitalized patients.
Cyberattacks hit over 1,000 schools, colleges between June-Sept globally
“While online teaching and learning is a crucial part of the new normal, it is also important for students and teachers to act mindfully before, during and post the online classes,” Murali Urs, Country Manager-India, Barracuda Networks, said in a statement.
Insurers have to collect BI policy premiums for 150 years to make up for COVID-19 global losses:Geneva Association
Among the report’s, prepared by the Geneva Association, main findings are that, encouragingly, health and life risks for a pandemic resembling COVID-19 pose no fundamental insurability challenges.
However P&C insurers have nowhere near the capacity needed to shoulder projected global output losses of more than USD 4 trillion for 2020. By comparison, they collect USD 1.6 trillion in annual premiums, with just USD 30 billion for business interruption policies.
Global coronavirus cases rise by single-day record of half a million
The global coronavirus tally stands at 44.7 million cases and about 1.17 million deaths.
Europe, North America and Latin America account for over 66% of global cases and over 76% of global deaths.
Europe’s new daily infections have doubled over the past two weeks as it reported more than 250,000 cases for the first time on Wednesday, according to a Reuters tally.
The region has so far reported about 9.5 million cases and about 261,000 deaths.
Centre asks states to form committees for smooth COVID-19 vaccination drive
Stating that COVID-19 vaccine introduction will span over a year with multiple groups being included “sequentially starting from health care workers”, the Health Ministry has sought constitution of committees at state and district levels which will review preparatory activities in terms of cold chain preparedness, operational planning, strategies for state-specific challenges in terms of geographical terrain and hard-to-reach areas, etc
Feds issue insurance-coverage rules for COVID-19 vaccine and treatments
Workplace and individual health insurance plans will cover the COVID-19 vaccine as a preventive service, with no cost sharing. The requirement applies to the vast majority of private plans, which are mandated to cover approved preventive care under the Obama-era Affordable Care Act — even as the Trump administration is trying to overturn that law at the Supreme Court.
IFC extends $4-billion loans to private companies to fight pandemic
“Of the USD 8-billion pandemic fast track financing approved by our board in March, USD 4 billion have been committed to date, of which close to half is expected to benefit the people in the poorest countries,” Mengistu Alemayehu, IFC’s regional director for South Asia, said in a statement.