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Here is a masonry blog layout with no sidebarIRDAI directs insurers to settle all COVID 19 claims in 2 hrs
– Decision on authorization for cashless treatment shall be communicated to the network provider (hospital) within two hours from the time of receipt of authorization request and last necessary requirement from the hospital either to the insurer or to the TPA whichever is earlier,
-Decision on final discharge shall be communicated to the network provider within two hours from the time of receipt of final bill and last necessary requirement from the hospital either to the insurer or to the TPA whichever is earlier,
– Insurers have to issue appropriate guidelines to their respective Third Party Administrators.
Govt plans“Pandemic Pool” covering income loss of vulnerable section of the economy
The proposed “Pandemic Pool’’ will facilitate the transfer of the loss of income risk to the extent possible and can guarantee a regular pay-out for a specific time frame to these affected individuals so that liquidity can be maintained in the economy and people of the lower strata can sustain the crisis.The state government concerned at its level can sort insurance protection for this vulnerable section of the society. The economic risk associated with such outbreaks can thus be transferred to the insurance.
The concept such a Pandemic Pool has recently been mooted by the Axa Re,the French multinational insurance company, said the central government sources.
Amazon deploys thermal cameras at warehouses to scan for fevers faster
The use of cameras, previously unreported, shows how America’s second-biggest corporate employer is exploring methods to contain the virus’ spread without shuttering warehouses essential to its operation.
U.S. states have given Amazon the green light to deliver goods with nearly all the country under stay-at-home orders.
World economy bound to suffer ‘severe recession’: IMF
“The global coronavirus outbreak is a crisis that is like no other and poses daunting challenges for policymakers in many emerging market and developing economies (EMDEs), especially where the pandemic encounters weak public health systems, capacity constraints, and limited policy space to mitigate the outbreak’s repercussions,” IMF chief Kristalina Georgieva said.
India’s automakers seek tax cut to boost demand after coronavirus hit
WHO unsure antibodies protect against COVID, little sign of herd immunity
“A lot of preliminary information coming to us right now would suggest quite a low percentage of population have seroconverted (to produce antibodies),” Mike Ryan, the WHO’s top emergencies expert, said.
“The expectation that … the majority in society may have developed antibodies, the general evidence is pointing against that, so it may not solve the problem of governments.”
Global coronavirus death toll hits 150,000
The first death came in the central Chinese city of Wuhan on Jan. 9. It took 83 days for the first 50,000 deaths to be recorded and just eight more for the toll to climb to 100,000. It took another eight days to go from 100,000 to 150,000.The death toll is still far short of the so-called Spanish flu, which began in 1918 and is estimated to have killed more than 20 million people by the time it petered out in 1920.
COVID-19 Pandemic:Wave of class action lawsuits against insurers in US for denial of business interruption claims
The suits represent the broadest effort yet to compel insurance companies to fulfill promises made to hundreds of thousands of U.S. businesses that purchased insurance coverage to protect against precisely this situation.
Lloyd’s of London, Aspen American Insurance, Auto-Owners Insurance, Society Insurance, Oregon Mutual Insurance, and Topa Insurance Company are Named in Lawsuits
Some life insurers hit pause on older Americans during coronavirus crisis
Some insurers are also suspending applications for people in their 60s who previously may have been eligible for coverage despite common health problems such as diabetes or asthma.
Insuring older Americans can be a big risk for U.S. life insurers under the best of circumstances, but it brings in hefty premiums. A healthy 40-year-old woman pays about $180 annually for a $250,000 15-year term life policy, while a healthy 70-year-old woman pays $2,244, or 1,146% more, according to online brokerage Policygenius.
Govt approval must for all FDIs from neighbouring countries including China
The note states: “A non-resident entity can invest in India, subject to the FDI Policy except in those sectors/activities which are prohibited. However, an entity of a country, which shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen of any such country, can invest only under the Government route.”
The new rules will also apply to ‘the transfer of ownership of any existing or future FDI in an entity in India, directly or indirectly,’ the DPIIT has said.
COVID-19 Pandemic:China’s claim payments amount to $17.4 million as of April 10
At the direction of the Chinese government, domestic insurers started selling business interruption insurance to cover Chinese enterprises against disruptions from the coronavirus outbreak,
The policies are aimed at supporting the resumption of production and work within the Chinese economy after a lockdown to contain the spread of the coronavirus, said Fitch
U.S. announces $19 billion coronavirus aid for farmers, food buys for poor
COVID-19 presents insurers with an opportunity to rebuild consumer trust, says GlobalData
Beatriz Benito, Senior Insurance Analyst at GlobalData comments: “The lockdowns imposed in many countries around the world has left a large proportion of the population housebound. Therefore, a reduction in claims presents insurers with an opportunity to give something back to customers and rebuild consumer trust. Currently, several insurers in the US are refunding policyholders as the lockdown will lead to a significant reduction in miles driven.”
Covid-19:India wants AIIB funding for its $500-million healthcare project
India is implementing a $500-million project to purchase equipment and detection capacity and strengthen its national health systems.
Requests for funding from member countries, numbering 102, of AIIB have substantially exceeded the $ 5 billion originally allocated for emergency relief, said press release by AIIB on Friday.
The AIIB is doubling available funds under its COVID-19 Crisis Recovery Facility to provide USD5-10 billion due to high client demand. This follows AIIB’s announcement to make $5 billion available to help public and private sector clients manage through the COVID-19 pandemic.
Allianz CEO says virus hit insurers like ‘Meteorite’
Germany sets up protective shield for credit insurers
India’s central bank surprises with reverse repo rate cut in bid to spur bank lending
Doubling rate of COVID-19 cases in India reduced with imposition of lockdown: Health Ministry
The number of novel coronavirus cases in India rose by 1,007 and 23 deaths were reported in 24 hours, taking the tally of total infections to 13,387 and fatalities to 437, the joint secretary in the health ministry said, adding 1,749 people have been cured of the infection so far, which is 13.06 per cent of the total patients