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U.S. appeals court revives Glaxo $235.5 million verdict against Teva
The case arose after Teva began selling a Coreg generic in 2007 with “skinny” labels indicating treatment for the first two conditions, and was required by the Food and Drug Administration to add congestive heart failure to the labels in 2011.
Glaxo, whose patent expired in 2015, sued Teva, and a Delaware jury ordered the Israeli drugmaker to pay $234.1 million for lost profit plus $1.4 million in royalties.
U.S. District Judge Leonard Stark overturned the verdict, saying other factors could have caused doctors to prescribe generic Coreg, including for congestive heart failure.
Single-day spike of 61,267 COVID-19 infections, 884 fatalities: Health Ministry
Covid-19 is changing global claims trends, risk exposures for companies and their insurers:Allianz
Going forward, many businesses are expected to review and de-risk their supply chains and build in more resilience. This could involve some reshoring of critical production areas because of disruption caused by the pandemic. Such a move would likely impact frequency of claims and the costs of any future business interruptions.
Asia-Pacific motor insurance market to surpass $257bn in 2023:GlobalData
Another key trend which can be observed in the motor insurance market is the pace of product innovations. New insurance products such as short-term car insurance and pay-as-you-go (PAYG) products are being offered by motor insurance companies to support sales at a time when car usage is low due to lockdown restrictions. For instance, insurance start-ups such as UbiCar, Real and Kogan in Australia are offering pay-as-you-go insurance policies.
China’s insurance industry rakes in $ 625.5 billion premium in 2019
IAG reaches $99 mln settlement over mis-sold insurance
Hitachi and Swiss Re join hands to offer industry first ‘digital risk’ solutions
“We are excited to work with a global technology leader like Hitachi to advance corporate insurance through digital market platforms and accelerate the adoption of innovative, smart manufacturing.,Through this partnership we are activating machine-sensor data and continuous diagnostics across the industrial sector. Ultimately this will enable us to price risk more precisely, ensure effective pay-out mechanisms, and provide a seamless risk management experience that addresses industry inefficiencies and is tailored to our customers’ needs,” said Andreas Berger, CEO, Swiss Re Corporate Solutions.
Axis Bank to offer pay hikes up to 12%
HDFC Bank Managing Director and Chief Executive Officer Aditya Puri has assured employees of the country’s largest private sector lender that their jobs and bonuses are secure.The pay rises come as the coronavirus pandemic forces some local and global peers to cut jobs and pay. Many Indian lenders are seeking to save costs as the coronavirus is expected to push soured assets to a two-decade high
Subhendu Bal elected as new President of Institute of Actuaries
Elaborating his action plans, Bal said,;“Our immediate focus would be conducting the examination online and also introducing the new designed website to make it more user-friendly. We will also prioritize enhancing our Actuarial Job Portal to expand employment horizons for actuaries, both in traditional as well as non-traditional areas”
India may close some of its coal plants as focus shifts to climate change
Health Ministry guidelines: No festive events in containment zones
“Staggered timings and restricted entry may be considered. Volunteers should be appropriately stationed to ensure thermal scanning, physical distancing and wearing of masks. The guidelines issued for theatre and cinema artists will apply to stage performers. Adequate supplies of sanitisers, thermal guns and physical distancing floor markings to be ensured,” the Centre added.
DHFL fraudulently undervalued its insurance subsidiary:Grant Thornton’s audit report
World economy faces long, hard climb out of pandemic, says IMF Chief Kristalina Georgieva
Emerging markets and low-income countries face a precarious situation with weak health systems, high external debt and dependency on sectors most exposed to the pandemic such as tourism and commodities, International Monetary Fund Managing Director Kristalina Georgieva said.
“In low-income countries, the shocks are so profound that we face the risk of a ‘lost generation,'” Georgieva said, signaling that the IMF and World Bank will press hard for more debt relief for low-income countries next week.
India Inc fundraising jumps 64% to Rs 1.1 lakh crore in August
Hollywood shutdowns to cost insurer millions
The disruption of entertainment companies has translated into a rush of claims seeking compensation from insurers for lost income. Allianz alone took a 1.2 billion-euro hit to earnings in the first half from virus-related claims. In response, some insurers have stopped selling coverage to protect against business losses in future pandemics.
Cisco ordered to pay $1.9 billion in U.S. patent lawsuit, plans appeal
Despite shift, energy giants fall short of U.N. climate goals: study
No company was set to meet the United Nations-backed Paris Agreement’s long-term goal of limiting global warming to “well below” 2 degrees Celsius above pre-industrial levels by reducing carbon emissions to net zero,
“Some (companies) might have made bigger statements so far than the others and the important thing is the direction of travel. But none of them are making net zero yet,” Bill Hartnett, stewardship director of ESG Investment at Aberdeen Standard Investments, a TPI member. told Reuters.