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Here is a masonry blog layout with no sidebarInsurers can’t deduct cost of implants,medical devices, and diagnostics in health policies:IRDAI
“IRDAI has mentioned that insurers need to define the associate medical expenses which will be deducted proportionately if a person opts for a higher room category than the category that is eligible as per terms and conditions of the policy. Additionally, it has mentioned that expenses like cost of pharmacy, cost of implants, cost of diagnostics, etc. will not fall under the definition of ‘associate medical expenses’ and hence, proportionate deduction for such expenses will not be applicable along with the ICU charges as well. Insurers will negotiate with their hospital networks to see that the increase in rates of the associate medical expenses with change in room category are in control so as to benefit the customer,” Bhaskar Nerurkar, head,health claims, Bajaj Allianz General Insurance said.
India records 9,985 new COVID-19 cases, 279 fatalities; death toll rises to 7,745
5.5 lakh COVID-19 cases in Delhi by July 31 possible, community transmission is on: scientists
“The model that I used for India found that there could be around 8-10 lakh cases in India by mid or end of July. So it won’t be surprising to get to those figures (5.5 lakh) in Delhi,” said Samit Bhattacharya, mathematics professor and researcher at the School of Natural Sciences at Shiv Nadar University.
Global food emergency imminent; 49 mn may fall into extreme poverty: UN
“There is more than enough food in the world to feed our population of 7.8 billion people. But, today, more than 820 million people are hungry. And some 144 million children under the age of five are stunted — more than one in five children worldwide. Our food systems are failing, and the Covid-19 pandemic is making things worse,” the UN chief said in his video message for the launch of UN policy brief on the impact of Covid-19 on food security and nutrition on Tuesday, Xinhua news agency reported.
Aon’s partners with GK8 for providing insurable digital-asset storage tech
Asia braces for insolvency storm amid COVID-19 fallout
Lloyd’s new API enhances and simplifies electronic placement
Jennifer Rigby, Chief Operations Officer and Executive Sponsor of the Future at Lloyd’s, said:“This is an exciting new development that will enhance and simplify the flow of electronic placement data across the market, as we continue to progress the development of the next generation version of PPL. At Lloyd’s we want to make digital solutions that deliver better outcomes for our customers in a way that benefits the entire market. We are committed to sharing these benefits as quickly as possible using an open source framework that engenders even greater collaboration and engagement across the Lloyd’s ecosystem.”
French govt to probe its own COVID-19 response
“The government is accountable to parliament. If parliament thinks (the outbreak) has been handled badly, then it must challenge the government’s response,” Justice Minister Nicole Belloubet told RTL radio.Belloubet was speaking after Paris prosecutors opened a preliminary inquiry into government actions to determine whether any criminal offences may have been committed.
DIFC strengthens its position as region’s reinsurance Hub
During the last 16 years, DIFC has emerged as the leading reinsurance hub in MEASA region. It is now home to more than 100 registered insurance, reinsurance, captive firms and insurance-related entities serving the market, including three of the top five global insurance companies. The Centre has attracted world-renowned global companies including Munich Re, Lloyd’s, Berkshire Hathaway Specialty, RGA, Korean Re, AIG, Zurich, Marsh, and AON.
S&P Retains India’s Sovereign Rating at ‘BBB-‘ With a Stable Outlook
Virus pummels global economy, jobs – even without 2nd wave
Gurria argued that “presenting the problem as the choice between lives and livelihoods, meaning a choice between health and the economy, is a false dilemma.
If the pandemic is not brought under control, there will be no robust economic recovery.”In case of a second wave of contagions, the OECD forecast that the average unemployment rate across the 37 developed countries that it represents would double this year to 10% and see “little recovery” in 2021. In the more optimistic scenario, the figure would be 9.2%. In poorer countries, the numbers are often higher, and informal workers are especially vulnerable.
80% of working Indians have experienced income loss: Generali study
95 per cent of Indians surveyed expect some form of relief in the case of income loss. 53 per cent of those who have experienced losses expect help from the government. 60 per cent are planning to dig into their savings and investments, while 39% expect help from family members. Significantly, 40 per cent of Indians expect their employers to step in with some form of relief.
Insurtech Lemonade files for IPO, to be listed in NY Stock Exchange
Powered by artificial intelligence and behavioral economics, Lemonade set out to replace brokers and bureaucracy with bots and machine learning, aiming for zero paperwork and instant everything.
Lemonade is currently available for most of the United States, Germany and the Netherlands, and continues to expand globally.
India’s economy to shrink further in fiscal year 2020-21:World Bank
International rating agencies like Moody’s Investors Service, Fitch Rating and S&P Global Ratings have all predicted a 4-5 per cent contraction in India’s economic growth rate during April 2020 to March 2021 fiscal. Crisil has said this would be the country’s fourth recession since Independence, first since liberalisation, and perhaps the worst to date.
ICICI Lombard launches Rs 5 lakh domestic multi-trip cover for an anuual premium of Rs 499
For domestic travelers who may be worried about stepping out during the COVID-19 pandemic, this unique, all-in-one insurance product offers a comprehensive bouquet of benefits that cover losses arising from trip cancellations, home burglary while travelling, missed connecting flights, lost baggage and more
Covid -19 Pandemic:U.S. life/annuity industry posts a $23.1 billion net income loss in Q1 2020
According to the report, the L/A industry saw a $23.7 billion increase in total income to $230.4 billion for the period.
However, a $94.1 billion increase in total expenses, mainly due to a combined $57.3 billion year-over-year increase in aggregate reserves for life and accident and health contracts at Prudential, Brighthouse, Jackson National, AXA Equitable and Transamerica, negated the rise in total income.
Covid-19 Pandemic:Life insurers’ new premium income falls 26 % to Rs 13,739 crores in May
India’s virus count over 2.6 lakh, daily spike inching close to 10,000-mark
Since the onset of June, the country has also been witnessing over 200 COVID-19 fatalities each day that has taken the country’s death toll to 7,466.
India is the fifth worst-hit nation by the COVID-19 pandemic after the US, Brazil, Russia and the UK, according to the Johns Hopkins University data.
Several states like Haryana, Jammu and Kashmir, Assam, Haryana, Karnataka, Chhattisgarh and Tripura among others have been showing a spurt in cases.
A total 266 new COVID-19 fatalities and 9,987 cases have been reported in the last 24 hours till Tuesday 8 am, according to the Union Health Ministry data.