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Here is a masonry blog layout with no sidebarCovid-19 Pandemic:IRDAI asks insurers not to pay any dividends for FY 2019-20
“In view of the emerging market conditions, and to conserve capital with the insurance companies in the interests of the policyholders and of the economy at large,insurers are urged to take a conscious call to refrain from dividend pay-outs from profits pertaining to the financial year ending 31st March 2020, till further instructions. This position shall be reassessed by the IRDAI based on financial results of insurers for the quarter ending 30th September, 2020,” said IRDAI on Friday.
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Industries cannot be forced to pay wages during lockdown: Chief of par panel on labour
Developing economies could see sharper recession in 2020, World Bank warns
“Even if three months of mitigation measures prove effective in halting the pandemic, investors and households could remain skittish or local or global supply chains may not be restored,” wrote Ceyla Pazarbasioglu, vice president for equitable growth, and Ayhan Kose, director of the development prospects group.
Mortality rates drop sharply in parts of India, bucking coronavirus trend
But emergency room doctors, officials, and crematoriums noted that strict lockdowns had cut the number of road traffic accidents and deaths on India’s packed railways, and may also be deterring relatives from reporting a family death.
All over the world, mortality rates are being scrutinised to determine the true impact of the coronavirus, which emerged in China late last year and is known to have infected more than 2.7 million people globally, with nearly 190,000 deaths.
Monte Carlo Reinsurance Rendez-Vous de Septembre Canceled due to Coronavirus Crisis
Aarogya Setu app crosses 75 million downloads
Minister of State for Electronics and IT Sanjay Dhotre has asked the services of common service centres for providing telemedicine services, especially in remote parts, during this moment of crisis, as it will bring a much-needed relief to people who are finding difficulty in accessing medical services during this lockdown.
Vivek Nath to head Willis Towers Watson’s South & Southeast Asia operations
Scott Burnett, Head of Asia and Head of CRB Asia, said: “The South Asian countries including Singapore continue to be key markets in our Asia portfolio, and one where we hold significant opportunities for strategic growth. At the same time, we continue to grow our regional talent base and expertise by adding new leaders throughout our organisation in Asia.
U.S. coronavirus deaths top 47,000 after near-record increase on previous day
India battles supply snags in race to build affordable ventilators
Before the pandemic, hospitals invested less in ventilators as they are expensive and the devices were available mainly in some hospitals in bigger Indian cities, Bhowmick added.
But companies are now pushing to make affordable devices.
Dynamatic Technologies is making a $33 ventilator that does not need electricity to function, while AgVa is aiming to make 10,000 ventilators by mid-May, priced under $2,000.
AgVa is collaborating with automaker Maruti Suzuki and state-run Bharat Electronics to make parts.
Lockdown In India impacted 40 million internal migrants: World Bank
The Bank said governments would do well to consider short, medium and long-term interventions to support stranded migrants, remittance infrastructure, loss of subsistence income for families back home, and access to health, housing, education, and jobs for migrant workers in host/transit countries and their families back home.
More calibrated monetary, fiscal stimulus on the anvil, says Principal Economic Adviser
COVID-19 claims so far likely to be manageable; reinsurers de-risking:Willis Re Report
Reinsurers have showed that the systemic shock of COVID-19 is manageable so far, but the future strength of the sector depends on the severity of the pandemic’s continuing impact on health and economies. The industry retains sufficient capital buffer for extreme events, but the extent to which reinsurers can withstand continued asset-side volatility and increased claims emergence remains to be seen.
Reinsurers have started to de-risk their balance sheets by holding cash, which will have a significant impact on investment returns. Willis Re currently estimates a 5% hit to the global reinsurance capital base, roughly US$30 billion pre-tax.
‘Virus will be with us for a long time’, WHO chief warns
“Most countries are still in the early stages of their epidemics and some that were affected early in the pandemic are starting to see a resurgence in cases,” Tedros told Geneva journalists in a virtual briefing.
“Make no mistake we have a long way to go. This virus will be with us for a long time,” he said, while noting that epidemics in Western Europe appear to be stabilising or declining.
Caronavirus kills 32% of life insurance new premium growth in March, LIC improves its market shares in 2019-20
Due to the disruptions caused by the Covid -19 pandemic, the domestic life insurance industry, consisting of 24 players led by the state owned Life Insurance Corporation(LIC), has degrown by 32 per cent in its premiums collection to Rs 25 409 crore in the month of March, the most crucial month for the industry.
The LIC , with an agency force of 11 lakh , has grown its annual new premium by 25 per cent to Rs 1,77,977 crore in 2019-20.
The corporation, in many years, has improved its market share in terms of new premium income to 68.74 per cent in 2019-20 against a market share of 66.24 in 2018-29.
The private sector, again led by the HDFC Life, at Rs 80,919 crore has mopped up 11.64 per cent per cent higher premium in FY 2019-20.
Robots are playing many roles in the coronavirus crisis – and offering lessons for future disasters
Research laboratories and startups are creating new robots, including one designed to allow health care workers to remotely take blood samples and perform mouth swabs. These prototypes are unlikely to make a difference now. However, the robots under development could make a difference in future disasters if momentum for robotics research continues.
Insurers Hiscox and Beazley expect COVID-19 claims of up to $345 million
U.S. unemployment waves keep hitting with millions more claims
The massive government stimulus package provides an extra $600 per week in unemployment benefits and expanded coverage to self-employed and other “gig” workers, presenting additional challenges for the states. Providing the additional aid has been wrought with technical issues and increased the number of applications flowing in.
Global reinsurer capital rose by 7% to $625 billion in 2019,Net income of 23 large global reinsurers almost doubles to $18.2 billion
Mike Van Slooten, Head of Business Intelligence for Reinsurance Solutions, and author of the ARA report, said: “Reinsurers faced a challenging operating environment in 2019. On the underwriting side, carriers were confronted with higher retrocessional costs, adverse development of recent catastrophe losses, and deteriorating trends in US casualty business. At the same time, interest rates in the key US and UK markets went into reverse, as policymakers sought to address worsening prospects for global economic growth.”