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U.N. chief urges business to take the lead on COVID-19, climate and global recovery

by | Jan 29, 2021 | , , , , ,

“We count on businesses to play an important role by themselves and to put pressure on governments to do the right thing,” he said. “We need you more than ever to help us change course, end fragility, avert climate catastrophe and build the equitable and sustainable future we want and we need.”

India needs a healthcare regulator, will facilitate premium reduction:Economic Survey

by | Jan 29, 2021 | , , , , , ,

The mitigation of information asymmetry, that will be ensured by the proposed healthcare regulator,would also help lower insurance premiums, enable the offering of better products and help increase the insurance penetration in the country,said the pre-Budget document tabled in Parliament on Friday.

Accord ”strategic sector” tag to pharma: Par panel

by | Jan 29, 2021 | , , ,

In its report, tabled in Parliament on Friday, on the review of loss-making central public sector enterprises, the Committee on Public Undertakings chaired by Meenakshi Lekhi observed that the indigenous awareness of healthcare facilities is of paramount importance of any nation.

The Committee said it was of the strong opinion that pharma sector plays a very important role to keep the nation healthy and strong, and this has been quite apparent during the current pandemic when the need for strong indigenous pharma companies has been realised with more intensity.

India’s Insurance penetration rises to 3.76%,density at around $78 in 2019-20:Eco Survey

by | Jan 29, 2021 | , , , ,

As of 2019, the penetration for life insurance in India is 2.82 per cent, the penetration for non-life insurance is much at 0.94 per cent.

During 2019-20, the gross direct premium of non-lLife insurers was  Rs 1.89 lakh crore, as against  Rs 1.69 lakh crore in 2018-19, registering a growth of 11.45 per cent. Within non-life category, motor and health segments primarily are the main contributors to industry to report this growth.

Life insurance industry recorded a premium income of  Rs 5.73 lakh crore in 2019-20 as against Rs 5.08 lakh crore in the previous financial year, registering a growth of 12.75 per cent.

While renewal premium accounted for 54.75 per cent of the total premium received by the life insurers, new business contributed the remaining 45.25 per cent

NGT junks Punjab govt plea to recover penalty from defaulting farmers for burning crop residue

by | Jan 29, 2021 | , ,

The plea sought to recover the amount of environmental compensation (pending dues and future liabilities) from the payment of sale proceeds of food grains of the defaulting farmers who have burnt paddy residue.

The NGT had in 2015 directed state governments to take coercive and punitive action against persistent defaulters of its crop residue burning order and asked them to withdraw the assistance provided to those farmers.

COVID-19: India records 11,666 new cases, 147 districts record no new COVID-19 infections in last 7 days

by | Jan 28, 2021 | , , , ,

The number of people who have recuperated from the disease surged to 1,03,73,606 pushing the national COVID-19 recovery rate to 96.94 per cent. The COVID-19 case fatality rate stands at 1.44 per cent.
“We have completed 42,674 sessions of vaccinations all over the country. As many as 23,55,979 people have been administered the COVID-19 vaccines so far and 3,26,499 health workers have received the vaccines in the last 24 hours,.”said Harsh Vardhan, Union Minister of Health and Family Welfare.

Insurers face ‘mind-blowingly’ large loss if Olympics cancelled

by | Jan 28, 2021 | , , , , , ,

The IOC and Japanese organizers have been adamant that another postponement isn’t an option. So it appears more likely the Games would have to be canceled, rather than postponed again, if they weren’t able to go ahead in Tokyo this summer.

Analysts at Jefferies have estimated the Tokyo Olympics is insured for around $2 billion, plus a further $600 million for hospitality.

The IOC takes out around $800 million of protection for each Summer Games, which covers most of the roughly $1 billion investment it makes in each host city.

Investors sue AstraZeneca over share price drop on covid-19 vaccine testingprice drop on covid-19 vaccine testing

by | Jan 28, 2021 | , , , , ,

In the three days after the release of the test results in late November, AstraZeneca’s stock price dropped 5%, according to the lawsuit filed Tuesday by the public employees’ retirement system in Monroe County, Michigan.

Alleging “wrongful acts and omissions” by the company and its chief officers, the pension fund is asking to be allowed to sue on behalf of a class of all investors injured by the share price decline.