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New India Assurance & 3 other insurers gear up to pay claims to LG Polymers gas hit victims

by | May 7, 2020 | , , ,

All the the four general insurers have provided an annual cover- a Rs five crore in case of a single incident and Rs 15 crore in case of multiple incidents in a year- to the plant under the Public Liability Insurance Act 1991(PLI Act1991),that  provides for damages to victims of an accident which occurs as a result of handling any hazardous substance. It covers costs for personal injuries, loss or damage to property, and death

RMS unveils high definition models for European severe convective storm

by | May 6, 2020 | , , , ,

“The multi-peril stochastic set includes over 7.5 million events, covering 17 countries, based on 50,000 years of simulations, so that we appropriately capture the spatial and temporal scale of convective storm risk in the European modelling domain,” said Mohsen Rahnama, chief risk modeling officer, RMS, said.

Recent events have shown the potential cost of this peril for the re/insurance industry, said RMS, noting that from 2013 to 2019, losses from major and attritional severe convective storms in Europe exceeded €12 billion (US$13 billion),said RMS in a statement.

“Businesses need to restart facilities with care and caution after coronavirus lockdown”:AGCS

by | May 6, 2020 | , , , , ,

“Restoring operations at a facility that was once idle or vacant presents another set of loss prevention challenges, particularly to manufacturing plants with hazardous equipment or processes,” explains Stephen Clark, Global Technical & Expertise Manager for Property Risk Consulting at AGCS.

‘No security breach in Aarogya Setu App’: Govt assures after ethical hacker raises privacy concerns

by | May 6, 2020 | , , , ,

The app fetches users’ location and stores on the server in a secure, encrypted, anonymised manner – at the time of registration, at the time of self assessment, when users submit their contact tracing data voluntary through the app or when it fetches the contact tracing data of users after they have turned COVID-19 positive, it said.

Gas leak at LG Polymers plant in Andhra Pradesh kills six, over 120 hospitalised

by | May 6, 2020 | , , ,

The commissioner of the Visakhapatnam city corporation said styrene leaked from the plant during the early hours of the morning, when families in the surrounding villages were asleep.

“Hundreds of people have inhaled it and either fell unconscious or having breathing issues,” Srijana Gummalla, Commissioner, Greater Visakhapatnam Municipal Corporation said on Twitter.

Researchers double U.S. COVID-19 death forecast, citing eased restrictions

by | May 5, 2020 | , , ,

The latest forecast predicts the cumulative number of U.S. deaths from COVID-19 will run from as few as 95,092 to as many as 242,890 by Aug. 4 – with 134,475 lives lost representing the most likely, middle ground.

By comparison, the previous revision issued on April 29 put the middle-case figure at 72,400 deaths, within a range between 59,300 and 114,200 fatalities.

WHO cautions against untested COVID-19 traditional remedies

by | May 5, 2020 | , , ,

Madagascar’s president, Andry Rajoelina, is promoting a cure based on the plant. Although the herbal mix has not been scientifically tested yet, the heads of several African countries have announced placing orders, or received consignments of it.

“Even if therapies are derived from traditional practice and natural, establishing their efficacy and safety through rigorous clinical trials is critical,” the sub-Saharan Africa regional office of the WHO said in the statement.

Covid-19 Pandemic: RBI may extend moratorium on bank loans by 90 more days

by | May 5, 2020 | , , ,

Income stream will not resume due to the continuation of nationwide lockdown, the sources said, adding that so many entities and individuals will be unable to service their debt in this circumstances at the end of the present moratorium period ending on May 31.

So, extension of moratorium by another three months would be a practical approach from the regulator, a senior public sector bank official said.
t will help both borrowers and banks in these difficult times, the official added.

India should put in large enough stimulus package to revive demand: Abhijit Banerjee

by | May 5, 2020 | , , ,

The Supreme Court Tuesday refused to entertain senior Congress leader Jairam Ramesh’s plea seeking directions to the Centre and states to ensure universal coverage of food security during the Covid-19 pandemic and asked him to make a representation to the Union government.
Senior advocate Salman Khurshid, appearing for Ramesh, said the issue raised in the petition relates to food security and the petitioner himself was instrumental in the framing of the National Food Security Act of 2013.