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Here is a masonry blog layout with no sidebarIndia’s June services activity shrinks at fastest rate in 11-months
“PMI data for June showed quicker declines in new business, output and employment that were sharp but much softer than those recorded in the first lockdown.”
Muted demand sank the new business sub-index to its lowest since July 2020.
As a result, firms shed headcount for a seventh straight month, with the fastest reduction rate recorded in June. A Reuters poll taken around a month ago showed the job crisis may worsen over the coming year.Asia’s third largest economy, which has already recorded more than 400,000 COVID-19 deaths, is still reporting over 40,000 coronavirus cases per day, taking the total number of infections to over 30.5 million.
Increase in household debt stress is worrying: SBI report
Household debt — after taking into account retail loans, crop loans and business loans from financial institutions like commercial banks, credit societies, NBFCs and HFCs — has sharply increased to 37.3 per cent of GDP in FY21 from 32.5 per cent of GDP in FY20.
“The decline in bank deposits in FY21 and concomitant increase in health expenditure may result in further increase in household debt to GDP in FY22,” said the report. India’s household debt to GDP ratio is still lower than other countries, though there is need to supplement wage income as a percentage of GDP that has been declining.
Rural Thrust: Indian Insurance Penetration
Private insurers, mostly confining their operations to urban India, aim at making hefty profits while as public sector insurers, currently struggling for their survival, both defeating the actual purpose of delivery of insurance services to the public. Lack of trained manpower at rural level with unaggressive marketing strategy
AXA XL appoints Marine Ress as Chief Underwriting Officer, Casualty for APAC & Europe
Etienne Champion, Chief Underwriting Officer, APAC & Europe, said: “The casualty insurance market has seen increased frequency and severity of losses in recent years and is undergoing transformation due to the emergence of new risks, notably those associated with new technologies. Our clients and brokers turn to us to help them navigate these developments.”
Reliance Nippon Life declares Rs 306.8 cr bonus for policyholders
COVID-19 recovered with one/two doses of vaccine have higher protection against Delta variant: Study
“The high transmissibility associated with Delta variant led to second wave of the pandemic in India which affected millions of people. Besides this, variant of concerns have been reported to show lower neutralisation to several approved vaccines. This has led to breakthrough infections after completion of vaccination regimen,” it said.
India to make CoWIN available to all countries: PM Mod
Hackers demand $70 mln to restore data held by companies hit in cyberattack
Monsoon to reach remaining parts of north India by July 10: IMD
Israel sees steep drop in Pfizer vaccine efficacy rate: Report
Researchers find how plants become good neighbours in times of stress
Covid-19: IRDAI penalises Salasar Services Insurance Brokers Rs 8 lakh for misleading its customers on BI claims
The information brochure by Salasar Services Insurance Brokers clearly advised its clients, to lodge the business interruption claim and also stated that insurer prima facie may deny the claim which can be contested later.
This statement may give a hope to the clients that the denial of claim can be successfully contested at a later date. This is a wrong and misleading advice and the broker, being a professional should not issue such a misleading advice to their clients, said the IRDAI..
Airlines can operate maximum of 65 pc pre-Covid domestic flights: Gov
DoT for Rs 10k fine on every call, SMS by pesky callers after 50 violations
The Department of Telecom (DoT) has proposed to make the norms more stringent by reducing the slabs for levying penalty to Rs 1,000 per violation for 0-10 breaches, Rs 5,000 each for 10-50 violations and Rs 10,000 each for more than 50 violations.
Besides, the DoT’s Digital Intelligence Unit (DIU) will check violations at the device-level as well.
The DIU will send a system generated message to suspected numbers for verification.
Stock exchanges, other officials liable to face penalties for tech glitches: Sebi
Stock exchanges, clearing corporation and depositories will have to pay in the range of Rs 1 lakh each working day to Rs 2 crore for flouting Standard Operating Procedure while Managing Director (MD) and Chief Technology Officer (CTO) of the MIIs concerned will have to cough up 10 per cent of their respective annual pay.
To avoid technical glitches, Sebi has suggested that MIIs should have Business Continuity Planning, disaster recovery policies and system audit processes in place.
9 trends to watch as aviation readies for post Covid-19 takeoff
Says Cristina Schoen, Global Head of Aviation Claims at AGCS,”Covid-19 has not been a direct driver of aviation claims over the past year .
As a result of the significant reduction in commercial airline travel during the pandemic we saw fewer attritional claims than we would during a typical year. However, the insurance sector was not immune to larger losses during the course of the pandemic, with different regions seeing tragic accidents, emergency landings and hull losses to name a few. As air travel begins to return to pre-pandemic levels we expect claims volume to rise accordingly”