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Jobs lost, middle-class Indians line up for rations and ‘worry about meals’
As India’s economy shrunk by 7.3 per cent last year, the daily average wage for about 230 million Indians — enough to make the world’s fifth-largest nation — dropped below the Rs 375 ($5) threshold, according to a study by the Azim Premji University in Bangalore. “An alarming 90 per cent of respondents” reported “that their households had suffered a reduction in food intake as a result of the lockdown,” the study said.
The number of people living in households with daily incomes below $5 level spiked from 298.6 million, at the start of the outbreak in March 2020 to 529 million at the end of October, the study said.
Global insurance premium may rise by 3.3% to $6.9 trillion in 2021 : Swiss Re
Said Jerome Haegeli, Group Chief Economist at Swiss Re Institute,”We expect the insurance industry to earn a record $ 7 trillion in premium by end of next year. The economic upswing expected in 2021 and 2022 is on track to materialise, and this is a key factor for insurance premium growth across the globe. The main market to watch is China, where both economic and premium growth continue at a strong pace. Consumer awareness is clearly an important growth driver and this has been driven by the pandemic. Whether it is private medical insurance or supply chain interruption for businesses, people have become much more aware of what insurance is, and how it can help them to emerge resilient from such a crisis
India’s tech hub Bengaluru, other towns back in lockdown amid COVID-19 surge
In all, India has 906,752 cases of the novel coronavirus with 28,498 new infections reported on Tuesday, according to data from the federal health ministry, the third highest total in the world behind Brazil and the United States.
A second wave could eat into insurers’ capital:S&P
Currently estimates of insured losses from COVID-19 vary and include V.J. Dowling’s $80 billion to the Lloyd’s estimate $107 billion and Willis Towers Watson’s $140 billion. The consensus is that the bulk of the losses will come from event insurance, business interruption and entertainment. S&P expects the bulk of claims to be reported in Q2 and Q3. However, it warns, losses could escalate if conditions worsen beyond the current recovery scenario.
Moderna Phase 1 results show coronavirus vaccine safe,induces immune response
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, whose researchers developed Moderna’s vaccine candidate, called the results “good news,” noting that the study found no serious adverse events and the vaccine produced “reasonably high” levels of virus-killing or neutralizing antibodies.
India’s COVID-19 tally crosses 9 lakh with 28,498 fresh cases; death toll climbs to 23,727
The march of coronavirus infection in the country has picked up pace with the number of cases increasing by more than 26,000 for the fifth consecutive day. It took 110 days for the COVID-19 cases in the country to reach one lakh and just 56 days more to go past the nine-lakh mark.
Around 63.02 per cent of patients have recovered so far.
Covid-19 Pandemic:Global reinsurnace capital shrinks by 6 % to $590 bn,tightening of reinsurance capacity expected:AON
Many reinsurers reported losses for the first quarter, driven by asset write-downs and the first installment of claims associated with the effects of the pandemic. The combined pre-tax loss for the 18 constituents of Aon’s Reinsurance Aggregate (‘the ARA’) that reported was USD3.8 billion.The average combined ratio was 103.2 percent, with USD3 billion of COVID-19 related losses recognized.
Human clinical trials for Covid-19 vaccine initiated in India:ICMR
The Drugs Controller General of India (DCGI) has permitted two vaccines — one developed by Bharat Biotech International Limited in collaboration with the Indian Council of Medical Research and another one by ZydasCadila Healthcare Ltd to go in for the first and second phase of human clinical trials.
There are two Indian vaccine candidates that have undergone successful toxicity studies in rats, mice and rabbits and these data was submitted to the DCGI, following which both got clearance to start an early phase human trials earlier this month, Bhargava said at a press briefing.
Network Hospitals have to provide cashless facility to policyholders:IRDAI
,it is clarified that the policyholders are entitled to cashless facility at all such network providers (hospital) with whom the Insurance company/TPA has entered into an agreement in accordance to the norms of SLA.
In the event of denial of cashless facility at any such enlisted network providers (hospitals) the aggrieved policyholders may send a complaint to the concerned insurance company.
Record spike of 28,701 COVID-19 cases takes India’s tally to 8,78,254
Death toll climbed to 23,174 with 500 people succumbing to the infection, according to the Union Health Ministry data.
Around 63.01 per cent of patients have recovered so far”
Glenmark cuts price of COVID-19 drug favipiravir version to $1 per tablet
Glenmark last month received Indian regulatory approval to make and sell anti-flu drug favipiravir, which is manufactured under the brand name Avigan by a unit of Japan’s Fujifilm Holdings Corp.
Glenmark had priced FabiFlu at 103 rupees per tablet earlier, making it one of the cheapest COVID-19 treatment available in the country.
“Glenmark’s price reduction aims to make FabiFlu further accessible for COVID-19 patients across the country,” the company said in a statement
Counting the burials: African nations scramble to track COVID-19
Only eight countries in Africa – Algeria, Cape Verde, Djibouti, Egypt, Mauritius, Namibia, Seychelles, and South Africa – record more than 75% of deaths, according to the United Nations.