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Biden, Harris hail Medicare drug price cuts that will save billions
Biden's signature Inflation Reduction Act, signed into law in 2022,...
Hurricane Debby: Moody’s estimates insured losses for will not exceed $1.5 billion
Jeff Waters, director, North Atlantic Hurricane Models at Moody’s,...
Covid-19 Pandemic:Insurers to see erase profits until 2021 second half, says Fitch
“The coronavirus pandemic will burden 2020/1H21 results, but will ultimately accelerate the hardening of the commercial insurance market,” said Robert Mazzuoli, Fitch analyst, in a statement in the report.
Covid-19 Pandemic:IRDA further extends grace period for paying life premium till May 30
All policy holders are requested to note that the objective of grace period allowed is to pay all the premiums due within that period so as to keep the policy coverage in force, said IRDAI..
NDMA issues guidelines for restarting industrial activities to avoid Vizag-type tragedy
In a communication to all states and union territories, the NDMA said due to several weeks of lockdown and the closure of industrial units, it is possible that some of the operators might not have followed the established standard operating procedures.To minimise the risk, it is important that employees who work on specific equipment are sensitised and made aware of the need to identify abnormalities like strange sounds or smell, exposed wires, vibrations, leaks, smoke, abnormal wobbling, irregular grinding or other potentially hazardous signs which indicate the need for immediate maintenance or if required shutdown, it said.
Munich Re expects Coronavirus-Related claims in excess of $1 Billion during 2020
Finance chief Christoph Jurecka said, however, he would be “very surprised” if the company failed to post a profit in 2020.“Uncertainty is extremely high,” he told journalists by telephone. “No one knows how this pandemic will develop.”
New India Assurance & 3 other insurers gear up to pay claims to LG Polymers gas hit victims
All the the four general insurers have provided an annual cover- a Rs five crore in case of a single incident and Rs 15 crore in case of multiple incidents in a year- to the plant under the Public Liability Insurance Act 1991(PLI Act1991),that provides for damages to victims of an accident which occurs as a result of handling any hazardous substance. It covers costs for personal injuries, loss or damage to property, and death
RMS unveils high definition models for European severe convective storm
“The multi-peril stochastic set includes over 7.5 million events, covering 17 countries, based on 50,000 years of simulations, so that we appropriately capture the spatial and temporal scale of convective storm risk in the European modelling domain,” said Mohsen Rahnama, chief risk modeling officer, RMS, said.
Recent events have shown the potential cost of this peril for the re/insurance industry, said RMS, noting that from 2013 to 2019, losses from major and attritional severe convective storms in Europe exceeded €12 billion (US$13 billion),said RMS in a statement.
AIG launches Lloyd’s Syndicate 2019, largest Syndicate to reinsure risks from insurer’s Private Client Group
AIG will now operate the ninth largest managing agency in the Lloyd’s market, in terms of capacity.For Lloyd’s and the third-party investors and capital providers, Syndicate 2019 represents a compelling opportunity to access the highly attractive High Net Worth segment.
Trump administration pushing to rip global supply chains from China: officials
“We’ve been working on [reducing the reliance of our supply chains in China] over the last few years but we are now turbo-charging that initiative,” Keith Krach, undersecretary for Economic Growth, Energy and the Environment at the U.S. State Department told Reuters.
The pandemic has highlighted China’s key role in the supply chain for generic drugs here that account for the majority of prescriptions in the United States. It has also shown China’s dominance in goods like here the thermal cameras needed to test workers for fevers, and its importance in food supplies.
Tens or 100s of billions? Insurers consult crystal balls on coronavirus costs
Losses could exceed $500 billion if state lawmakers require insurers to cover business-interruption claims for pandemic losses, former CNA Financial Corp Chief Executive Dennis Chookaszian told Reuters. Most policies exclude that risk, but insurers are facing lawsuits over it and eight U.S. states are considering laws to retroactively make insurers pay such claims.
Covid-19 will make life tough for non-life insurers: experts
“The Covid-19 will surely have its negative impact on the Indian non-life insurance industry as the lockdown is expected to continue in one way or other. There will be a drop in the business for the first quarter while improvement is expected in the second quarter of FY 21,” G. Srinivasan,Director, National Insurance Academy and former chairman-cum-managing director, New India Assurance