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Insurers’ business interruption U-turn could lead to significant uptake in product,says GlobalData
Ben Carey-Evans, Insurance Analyst at GlobalData, a leading data and analytics company, said “This is a significant turnaround for the industry, which had up to this point been stating that claims were not valid because of pandemic exclusions.In reality, there was no positive outlook for insurers in this dispute. Paying out will cost millions in claims as businesses around the country have been shut down or severely restricted during lockdown. However, not paying out would also have led to reduced consumer trust, with many business owners likely to avoid taking out any form of business interruption insurance in the future.
India far away from peak, much better positioned in Covid-19 fight than other nations: Govt
Cyclone Nisarga to disrupt India’s Mumbai financial hub
The second cyclone in the country in a fortnight will carry heavy rain and wind speeds as high as 120 kilometers per hour (75 miles). It is seen hitting the coasts of Maharashtra and Gujarat Wednesday afternoon and will be intense enough to damage communication, electricity poles, trees, and plantations, according to the India Meteorological Department.
Google sued by Arizona over ‘Deceptive’ location tracking
The suit filed by Attorney General Mark Brnovich stemmed from an investigation that began after The Associated Press reported on Google’s location tracking in 2018.The suit alleges Google violated the Arizona Consumer Fraud Act and it seeks to claw back profits from the tracking.
“Every company has a responsibility to be truthful to consumers,” Brnovich said. “You can’t deceive them, you can’t make misrepresentations.”
dacadoo and T&D Holdings collaborates for digital insurance in Japan
T&D has positioned the digital insurance business as one of the newly focused business areas in its medium-term management plan “Try & Discover 2021 – Creation of Shared Value –”. Under the digital insurance business strategy, the Group pursues establishing a new customer base by offering products and services through “digital touchpoints” with millennial generation consumers.
India’s May jobless rate at 23.48% – private think-tank CMIE
Southwest monsoon hits Kerala, IMD confirms
Mumbai gets first severe cyclone alert in 129 yrs
IMD’s cyclone track shows that Nisarga will cross very close to the Mumbai coast while entering the land. Maharashtra and Gujarat are on pre-cyclone alert as very heavy to extremely heavy rainfall is expected in parts of the states on June 3 and June 4. Fishermen are advised not to venture into the sea for the next few days as it is expected to be very rough.
AM Best maintains its negative outlook on India’s non-life insurance market
Factors that mnay lead to AM Best revising its India non-life outlook to stable fron negative in the future include evidence of sustainable improvement in the underwriting performance supported by better pricing discipine, as well as an improved balance of overall earnings and stabilising of economic indicators, explained AMBest..
India asks internet service providers to block WeTransfer
he order, dated May 18, from India’s Department of Telecommunications (DoT), which was reviewed by Reuters, does not specify a reason for blocking the website, but invokes a clause from conditions laid out for granting licences to ISPs.
The clause directs all licence holders to block websites in the “interest of national security or public interest”.
Aircraft makers go digital to fight coronavirus delivery logjam
Covid-19 to shave $25 bn off from top 100 domestic brands’ value: Report
Moody’s cuts India’s rating to lowest investment grade with negative outlook
Moody’s maintained a negative outlook for the new sovereign rating, citing worsening government finances as the coronavirus continues to hurt the economy.
India’s economy grew 3.1% in January-March, its slowest quarterly pace in at least eight years, and Moody’s expects a contraction of 4% in the current fiscal year, which runs until March 2021, due to the strict lockdown imposed in April and May.
India’s coronavirus infections overtake France amid criticism of lockdown
Criticism has grown in recent days that Prime Minister Narendra Modi’s sudden lockdown of 1.3 billion Indians in March has failed to halt the spread of the disease while destroying the livelihoods of millions of people who depend on daily wages.
Community transmission is well underway among the population, a team of independent experts said, adding this would only get worse as public transport opens.
New coronavirus losing potency, top Italian doctor says
“Pending scientific evidence to support the thesis that the virus has disappeared … I would invite those who say they are sure of it not to confuse Italians,” Sandra Zampa, an undersecretary at the health ministry, said in a statement.
“We should instead invite Italians to maintain the maximum caution, maintain physical distancing, avoid large groups, to frequently wash their hands and to wear masks.”