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Lack social bonding, rising insecurity, hypertension & stress increase heart disease risks amid COVID-19: Bharti AXA Study
UK watchdog sets Wednesday deadline for agreement on business insurance claims
Hundreds of thousands of mainly small British businesses are waiting to hear if their insurer will pay out imminently, or keep them waiting while they appeal.
London’s High Court ruled that some of the world’s biggest insurers were wrong to reject thousands of claims from small firms battered by the COVID-19 pandemic.
The FCA said it continues to “work closely and at speed” with the eight insurers and two intervenors that participated in the test case to reach an agreement in principle on a range of issues to avoid a “leapfrog” appeal to the Supreme Court.
African Risk Capacity partners with insuretech Pula to Deliver Agric Index Insurance products to African Farmers
In just over 6 years of operations, 56 policies have been signed by the ARC Member States with USD 83 million paid in premiums for cumulative insurance coverage of USD 641 million and the protection of 64.1 million vulnerable population in participating countries.
From this, ARC Ltd made $60m payouts to the Governments of Senegal, Niger,Mauritania, Malawi, Cote D’Ivoire, the START Network and WFP following droughts episodes in 2014, 2015 and 2019.
China to tighten supervision of country’s booming online insurance business
The rules will also require Internet companies to obtain insurance licenses before involving in the business, according to the draft.”The fast development in the online insurance sector has exposed certain problems,” the CBIRC said, “The rules are to effectively defuse the risks and protect the interest of consumers.”
AXA XL launches Digital Risk Engineer, a connected solution to monitor “buildings and assets”
Available globally, Digital Risk Engineer uses Internet of Things (IoT) devices installed in the clients’ buildings to capture information from connected systems such as energy, water (including sprinklers), heating, ventilation and air conditioning (HVAC).
Jonathan Salter, recently announced Head of Risk Consulting at AXA XL said“This fully digital offering is especially relevant today as we grapple, as a society, with the impacts of COVID-19, and the likelihood that companies will try to limit in-person site visits where possible.”
U.S. pension funds sue Allianz after $4 bln in coronavirus losses
Market panic around the virus that resulted in billions in losses earlier this year scarred many investors, but no other top-tier asset manager is facing such a large number of lawsuits in the United States connected to the turbulence.
In March, Allianz ALVG.DE was forced to shutter two private hedge funds after severe losses, prompting the wave of litigation the company says is “legally and factually flawed”.
Together, the various suits filed in the U.S. Southern District of New York claim investors lost a total of around $4 billion.
AstraZeneca gets partial immunity in low-cost EU vaccine deal
Drugmakers have called on EU regulators to set up a Europe-wide compensation scheme, while patients’ organizations are calling for an EU-wide fund financed by pharmaceutical firms that would compensate for unexpected side-effects.
The EU legal regime is among the least favorable to drugmakers on compensation claims, although plaintiffs have rarely managed to win as the law requires them to prove the link between an illness and a vaccine that may have caused it.
The United States has granted immunity from liability for COVID-19 vaccines that receive regulatory approval. Meanwhile, Russia has said it would shoulder some of the legal liability should anything go wrong with the vaccine developed by Moscow’s Gamaleya Institute.
Govt may sell 25% stake in LIC in phases
As part of the proposal, the government will also move an amendment in parliament for an authorized capital of Rs 20,000 cr which will be divided into 20 billion shares, the people said.
A ministerial panel set up for asset sales will decide on the size of the public offering while the cabinet will consider changes to capital structure of the insurer, the people said. Taking the insurer public will help instill “discipline” and unlock value, Finance Minister Nirmala Sitharaman had said in her budget speech in February, without providing details or the time line for the sale.
7.1% of Indian adults showed evidence of exposure to Covid by Aug: Report
“We need to have Puja, Chhath, Diwali and Eid with masks, it is very important to keep that in mind. We have seen a second peak in Delhi, Kerala and Punjab so we should not get lax and keep following Covid-appropriate behaviour,” NITI Aayog member V K Paul said.
People are more prone to respiratory infections like pneumonia and influenza in the coming winter months and festive seasons and “we have to put in all efforts, stay vigilant and diligently follow Covid-appropriate behaviour”, Paul said.
$9 billion of Cat bond issuance during the 12-month period to June 2020
National Insurance incurs a loss of Rs 4100 cr in 2019-20, govt infuses Rs 1675 cr as additional capital
“Despite the recurring losses, I assure you that the company is not facing any liquidity crunch and all payments towards claimants, Vendors and employees are being released on time, Austerity measures have been introduced to curb wasteful expenditure and exercise for restructuring of offices is on way to make each of the operating units viable. Growth of business as per targets given with emphasis on profitable segments.” said Tajinder Mukherjee,CMD, NIC.
World Bank seeks board approval for $12 billion coronavirus vaccine financing plan
Malpass said the World Bank plan aimed to put poor and middle-income countries, where the virus is spreading most rapidly, on the same footing as richer countries by ensuring they have financing to secure supplies and a system for distribution, which will encourage drugmakers to meet their demand.
Without early doses that can bring outbreaks under control, many of these countries risk economic collapse that will push hundreds of millions of people back into poverty.
India’s coronavirus infections surge to 6.23 million
BENGALURU India’s coronavirus case tally surged to 6.23 million after it reported 80,472 new infections in the last 24 hours, data from the health ministry showed on Wednesday. Deaths from coronavirus infections rose by 1,179 in the last 24 hours to...
COVID tally crosses 60 lakh; 1,039 more deaths
About 50% term policy buyers opt cover of Rs 1 cr or more during Apr-Aug: Policybazaar
“For the age group 42-50, we witnessed the highest year-on-year increase in term insurance buying i.e. 77 per cent and for year 2020 the age group 31-35 holds the largest share in terms of policies bought i.e. 30 per cent,” the firm said basis its data.
It further said in the High Net Individual (HNI) segment, more than 80 per cent customers went for the cover of Rs 1 crore and above, out of which 25 per cent invested in the cover bracket of Rs 2 to Rs 5 crore.
‘Take home’ lawsuits over COVID infections could be costly for U.S. employers
Most executives seek work-life balance after experiencing pandemic blues – survey
Many top company officials in France and Egypt were most likely to have recalibrated their lives after experiencing the pandemic blues, followed by those in the United Arab Emirates, the United States and Britain, according to a survey of about 2,000 high net-worth individuals by health insurer Bupa Global.