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Total expected onshore U.S. insured losses from Hurricane Laura around $9bn – $13bn:RMS
Swiss Re retains top spot in AM Best’s top 50 ranking of global reinsurers
The top 10 accounted for 69% of the top 50’s total GPW. In recent years, this percentage has consistently been around 70%, which reinforces AM Best’s sentiment that the industry’s largest reinsurers continue to house disproportionately sizable amounts of risk, despite cedants’ efforts to diversify their reinsurance panels and spread out their counterparty risk.
The top 50 reinsurance groups reported an average combined ratio of 102.4 in 2019, a modest deterioration from the 2018 combined ratio of 100.9. Losses were driven primarily by social inflation in U.S. casualty business and typhoons in Asia, as well as loss creep from 2018 storms.
India’s GIC Re,with a gross premium of $6.86 billion,is the12th largest company(11th in 2018 list) in the AM Best list of top 50 global reinsurers
Javadekar hints at possible GST cut for vehicles to boost auto sector
Elaborating on the possibilities of the GST rate cut on vehicles segment, he said the details of the proposals are being worked out by the Finance Ministry and he is not privy to all the details.
However,Javadekar said, “naturally in a logical sequence, 2-wheelers, 3-wheelers, public transport vehicles, in that category only, and then 4-wheelers, in that order it should come. I hope that you will get some good news surely very soon”.
Auto industry not in position to make investments for new norms: SIAM
SIAM President Rajan Wadhera noted that demand stimulus for the industry is a must in order to achieve targets listed in AMP 2026.
AMP 2026 is the collective vision of the government of India and the automotive industry on where the various segments of the automotive and auto component industry need to be by 2026 in terms of size and contribution to the overall Indian economy.
The plan envisages taking the auto industry’s gross domestic product (GDP) contribution to 12 per cent from current 7 per cent as also generating 6.5 crore additional jobs over the 3.7 crore jobs that are already there.
IRDA allows wide-ranging incentives by insurers to promote wellness and affordable health insurance
Based on criteria stipulated for wellness and fitness, insurers may endeavor promoting wellness amongst health insurance policyholders by offering host of services:
-Health specific services provided by Network providers or other empanelled hospitals / service providers for the following (in addition to any such benefits already offered):
-Outpatient consultations or treatments
-Pharmaceuticals
-Health check-ups/diagnostics
-Including discounts on all the above.
– Redeemable vouchers to obtain health supplements.
U.S. disasters cause insurance double whammy for pandemic-hit businesses
Most disaster claims are for property damage, but a “significant” amount still comes from business interruption, based on the way insurers have attributed losses after major disasters, said Piper Sandler analyst Paul Newsome.
Business interruption was already a sore point between insurers and customers, who are battling in court about whether policies cover pandemics. Only a few of nearly 1,000 lawsuits that are pending have produced rulings, with mixed results.
Many companies that were damaged or evacuated because of natural catastrophes were already generating far less revenue due to the pandemic. That means they will get lower payouts upon filing business-interruption claims, according to analysts, lawyers and industry sources.
WHO says widespread vaccinations against Covid-19 are not expected until middle of next year
Russia’s Covid-19 vaccine shows potential in peer review, Lancet reports
The government has announced plans to begin administering the shot more widely to medical personnel and teachers in the coming weeks, ahead of a broader national campaign slated for late this year. The move has led to concerns that political pressure could prevail over safety considerations and risk public health as the world seeks an end to the pandemic.
US court rules cryptocurrency fundraiser to pay investors $25M to settle class action
India’s COVID-19 tally crosses 38-lakh mark with record single-day jump of 83,883 cases
Switzerland freezes $900 m from Angolan insurance businessman
Carlos Manuel de São Vicente was a key figure in Angola’s oil industry, heading a group of companies which sold insurance and reinsurance contracts to state oil company Sonangol.Prosecutors said they froze $1.25 billion in accounts associated with de São Vicente, his family and companies late last year after Swiss banks flagged transfers to them as suspicious. They released most of the accounts in April 2019, save for two, which were in de São Vicente’s name.
Prime Minister Modi’s personal website’s Twitter account hacked
.“We’re aware of this activity and have taken steps to secure the compromised account. We are actively investigating the situation. At this time, we are not aware of additional accounts being impacted. Advice on keeping your account secure can be found here,” a Twitter spokesperson said in an emailed statement.The tweets, which have since been taken down, asked the followers to donate to the PM National Relief Fund through cryptocurrency.
Revised Weinstein settlement draws opposition from accusers
Insurers must do more to support COVID-19-related mental health issues:GlobalData
The Health and Safety Executive (HSE) found that 12.8 million UK working days were lost in 2019 because of work-related stress, anxiety and depression. While the HSE has continued to raise the issue of remote-working staff’s mental health during the pandemic, insurers are penalizing policyholders for flagging any related issues. Consumer campaign group Fairer Finance has found that insurers such as Budget, Virgin Money, Beagle Street and Canada Life are actually increasing the cost of premiums for consumers that declare minor stress issues.
COVID-19 pandemic will push 47 million more women, girls into extreme poverty by 2021: UN
The pandemic will push 96 million people into extreme poverty by 2021, 47 million of whom are women and girls. This will increase the total number of women and girls living in extreme poverty to 435 million, with projections showing that this number will not revert to pre-pandemic levels until 2030, the UN agencies said.
Blaze breaks out again on supertanker off Sri Lanka, cargo area intact
The New Diamond, a very large crude carrier (VLCC) chartered by Indian Oil Corp (IOC), was fully loaded with the equivalent of about 2 million barrels of oil, Refinitiv data showed.
Photographs taken by Sri Lanka’s air force showed extensive damage to the tanker’s funnel, and thick black smoke and flames coming from the bridge, that sits just behind the cargo area.