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Indian
India’s insurers face potential profitability and solvency margin pressures as health segment grows:AM BEST
The health segment has posted some of the weakest underwriting results in India’s non-life industry over the past decade; the 10-year average loss ratio of the health insurance business is approximately 98% (FY2010-FY2020). Although this has abated in recent years, the loss ratio remains unviable at 88% in FY2020.
Another major cause of non-life companies’ poor underwriting results is the prevalence of group health insurance with limited rate adjustment capacity.
Suspension of scheduled international passenger flights extended till May 31 due to Covid-19: DGCA
Scheduled international passenger services have been suspended in India since March 23, 2020, due to the coronavirus pandemic.
But special international flights have been operating under the Vande Bharat Mission since May and under bilateral “air bubble” arrangements with selected countries since July.
India has formed air bubble pacts with around 27 countries including Kenya, Bhutan and France.
Take steps to reduce cost of COVID-19 treatment: Kerala HC to govt
Expressing concern over exorbitant amounts charged by the private hospitals, the court directed the government to discuss the matter with the managements of the hospitals and inform its decision to the court by next Tuesday.
Counsel for the government informed the court that it would consider further reducing the rates.
Govt invites applications for IRDAI chairman post
Subhas Chandra Khuntia, 63 will be completing his three year term on May 7.
Applicants should have at least 30 years of work experience, should have worked as secretary to Government of India or its equivalent level in Government of India or State Governments or other institutions, and should have had a proven track record of leadership and authority in decision-making.
The applicant should have minimum of two years of residual service as on 7.5.2021, i.e., the applicant’s age should not exceed 63 years on said date.
International
Strong earthquake rattles Indonesia’s Java island; 2 dead
Prudential Hong Kong introduces digital claims, AI platform
eClaims is Hong Kong’s pioneering electronic claims submission system that covers all types of individual hospital claims. It is a new self-service customer platform that enables customers to both submit their hospital claims electronically and get instant claims status updates, making insurance claims an easier and hassle-free experience.
Consumers want govts to do more to protect their data from AI: Survey
In the consumer research released, only 12 percent of people surveyed say they would prefer to be served by a chatbot, even if the service they receive is faster and more accurate than that of a human. Yet over three times more executives (38 percent) think their customers will prefer service by a chatbot in three years, according to Genpact’s senior management study.
Swiss Re effects changes in Group Executive Committee,inducts new members in Board
Swiss Re’s two positions Group Chief Financial Officer and Group Chief Strategy Officer will be merged. Swiss Re’s Board of Directors proposes to elect Karen Gavan, Eileen Rominger and Larry Zimpleman as new, non-executive and independent members at the upcoming Annual General Meeting on 20 April 2018.
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