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The new collaboration will allow FTLife to use Munich Re’s SaaS digital automated underwriting solution – ALLFINANZ SPARK (“SPARK”) – to offer a much-enhanced digital experience for customers, including shorter turnaround times for issuing policies. It is a significant advance in the digitalisation of FTLife’s underwriting process.
Lloyd’s Approves Syndicate-in-a-Box, Picnic Syndicate 2460, to cover Mutuals
Digital health ID not mandatory for accessing COVID vaccine: Health Ministry
The Health Secretary”s remarks came a day after Prime Minister Narendra Modi said India is working on putting a robust vaccine delivery system in place and its digitized network, along with the new digital health ID, will be used to ensure its success. The PM was speaking at the Grand Challenges Annual Meeting on Monday.
“The NDHM, as it exists today, does not make a digital ID or health ID mandatory to receive service under the digital ecosystem that NDHM is creating. To say it would become mandatory for vaccination and those who do not have health ID”s would be deprived is probably not the right interpretation,” Union Health Secretary Rajesh Bhushan said at a press conference.
Insurance claims related to COVID-19 treatment rise in Septembe
Based on its analysis of industry data, insurance aggregator Policybazaar.com said “most people filing the claim for COVID-19 treatment are senior citizens of age group 60 years and more, followed by people in the age bracket of 41-45 years”.
In September, the insurance aggregator said COVID-19-related claims accounted for 40 per cent of the total health insurance claims. It has been steadily increasing from 8 per cent in May. In July and August, it stood at 23 per cent and 34 per cent, respectively.
COVID-19 cases in India climb to 76,51, 107
Battery fires put BMW and Ford on back foot just as electric vehicles take off
While EVs don’t invoke the same instinctual distrust as self-driving cars or flying taxis might, they do require a leap of faith for some consumers. A younger, tech-savvier population is one reason why China is the world’s biggest EV market, Jato Dynamics analysts said in a report earlier this week, with consumers in Europe and the US more likely to stick with what they know.Chemical Cocktail
Pandemic speeds labour shift from humans to robots, WEF survey finds
World trade rebounding slowly, outlook uncertain: U.N. report
Global trade recovered somewhat in the third quarter, when it was estimated at about 4.5% less than in the same period a year ago, the agency said in its latest update.
“Trade in home office equipment and medical supplies has increased in Q3, while it further weakened in the automotive and energy sectors,” UNCTAD said. Growth in the textiles sector was also strong.
Less carbon, more electric vehicles: automakers prepare for potential Biden win
Trump’s and Biden’s policies for autos and transportation diverge, presenting automakers with very different sets of risks and rewards.
f elected, Biden is expected to quickly reinstate the legal basis for California’s zero-emission vehicle rules and begin the process of reversing the Trump administration’s decision to ease fuel efficiency and carbon emission requirements through 2025.
Automakers could also face sharply higher penalties for failing to meet fuel-efficiency requirements. The Trump administration rolled back those penalties, which the industry said saved at least $1 billion in annual compliance costs, but a federal appeals court in August reversed the administration action.
Further rate hardening expected,cyber insurance market to surpass $ 7bn in 2020:Munich Re
Recent experiences following the lockdown of public life and the business world in many countries have been a wake-up call regarding the staggering potential for systemic risks to result in losses that subsequently trigger many different repercussions. Yet it is by definition impossible to insure risks that lead to losses everywhere at the same time, thus violating the fundamental criterion of insurability, said Munich Re.
Interest rates have dropped to record lows once again in 2020. Against the backdrop of the coronavirus crisis, it is increasingly likely that the current interest-rate environment will continue to affect low-risk investments for the foreseeable future. These circumstances mean that sustained profits, in long-tail business and elsewhere, will only be possible if prices match the assumed risks, explained Munich Re..
IRDAI issues stringent advertisement norms for insurance industry
The IRDAI has also asked the insurers to issue a statutory warning, saying “No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer.”
AstraZeneca COVID-19 vaccine trial volunteer has died, Brazil health authority says
The regulator said testing of the vaccine would continue after the volunteer’s death. It provided no further details, citing medical confidentiality of those involved in trials.
The Federal University of Sao Paulo, which is helping coordinate phase 3 clinical trials in Brazil, separately said that the volunteer was Brazilian but did not say where the person lived.
Europe’s hospitals under major stress as coronavirus cases surge
IMF cuts Asia’s growth forecast, warns of pandemic-driven risks
India’s economy is likely to shrink 10.3% this year in stark contrast to China, which is set to expand 1.9%, the IMF said.
Asia’s economy is likely to grow 6.9% in 2021 thanks to the boost from expected stronger recoveries in China, the United States and the euro area, it said.
But the IMF said there were “considerable” risks such as the chance of a second wave of infections, escalating U.S. tensions and a potential return to tighter financial conditions.
Pope says same-sex couples should be covered by civil union laws
Cruise, GM to seek U.S. okay for self-driving vehicle without pedal, steering wheel
Under current law, companies can seek an exemption from motor vehicle safety standards for up to 2,500 vehicles for up to two years that do not meet existing federal rules.
The exemptions are for U.S. vehicle safety rules largely written decades ago that assumed human drivers would be in control of a vehicle.