“The premium valuations which HDFC Bank used to enjoy because of the erstwhile CEO, the risk management and its consistent higher than market growth, no longer exists.”
US inflation data came slightly lower than expected and confirms the Fed thesis that inflation is transitory. The positive response of Dow and S&P to the inflation numbers and the decline in the Dollar index will strengthen the bulls, said an analyst.
Life insurance companies see 5-10x surge in Covid claims in April
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Life insurance companies see 5-10x surge in Covid claims in April
TNN / Updated: Jun 14, 2021, 09:01 IST
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MUMBAI: The second wave of Covid has pushed up claims for life insurance companies by 5-10 times for April 2021. This follows 1.9 lakh Covid-related deaths since April 1, 2021, which is 17% higher than lives lost to the pandemic in the entire FY21.
“Life insurers, while making Covid reserves last year, assumed 50–100% higher Covid-related deaths for FY22. Our analysis shows that reserves made by them can cover 1.5–2x the Covid-related deaths in FY21,” said a report by Macquarie.
Life insurers paid out covid-related claims worth Rs 1,986 crore in 2020-21. In 2019-20—a normal year—aggregate death claims paid by life insurers stood at Rs 18,042 crore. The total death claims paid for in 2020-21 are not known yet, but numbers reported by individual insurers reveal a lot.