A US intelligence report reiterates that American spy agencies remain divided over how the pandemic began. AP
A US intelligence report reiterates that American spy agencies remain divided over how the pandemic began. AP
A US intelligence report reiterates that American spy agencies remain divided over how the pandemic began. AP
A US intelligence report reiterates that American spy agencies remain divided over how the pandemic began. AP

US intelligence report finds no direct evidence of Covid-19 lab leak


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US officials released an intelligence report on Friday that rejected several points raised by those who argue Covid-19 leaked from a Chinese lab, instead reiterating that American spy agencies continue to be uncertain on how the pandemic began.

“The CIA and another agency remain unable to determine the precise origin of the Covid-19 pandemic, as both (natural and lab) hypotheses rely on significant assumptions or face challenges with conflicting reporting,” the Office of the Director of National Intelligence report said.

The report was issued at the behest of Congress, which in March passed a bill giving US intelligence 90 days to declassify intelligence related to the Wuhan Institute of Virology.

The report said that while “extensive work” had been conducted on coronaviruses at WIV, the agencies had not found evidence of a specific incident that could have caused the outbreak.

Intelligence officials during President Joe Biden's administration have been pushed by lawmakers to release more material about the origins of Covid-19. But they have repeatedly argued China's official obstruction of independent reviews has made it perhaps impossible to determine how the pandemic began.

The newest report is likely to anger Republicans, who say the administration is wrongly withholding classified information and researchers who accuse the US of not being forthcoming.

There was newfound interest from researchers following the revelation earlier this year that the Department of Energy's intelligence arm had issued a report arguing for a lab-related incident.

But Friday’s report said the intelligence community has not gone further. Four agencies still believe the virus was transferred from animals to humans, and two agencies – the Energy Department and the FBI – believe the virus leaked from a lab. The CIA and another agency have not made an assessment.

Located in the city where the pandemic is believed to have began, the lab has faced intense scrutiny for its previous research into bat coronaviruses and its reported security lapses.

The Wuhan lab genetically engineered viruses as part of its research. But the report says US intelligence “has no information, however, indicating that any WIV genetic engineering work has involved SARS-CoV-2, a close progenitor, or a backbone virus that is closely-related enough to have been the source of the pandemic”.

And reports of several lab researchers falling ill with respiratory symptoms in fall 2019 are also inconclusive, the report argues, saying some of their symptoms weren't consistent with Covid-19.

US intelligence, the report said, “continues to assess that this information neither supports nor refutes either hypothesis of the pandemic's origins because the researchers' symptoms could have been caused by a number of diseases and some of the symptoms were not consistent with Covid-19”.

Agencies contributed to this report

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Key changes

Commission caps

For life insurance products with a savings component, Peter Hodgins of Clyde & Co said different caps apply to the saving and protection elements:

• For the saving component, a cap of 4.5 per cent of the annualised premium per year (which may not exceed 90 per cent of the annualised premium over the policy term). 

• On the protection component, there is a cap  of 10 per cent of the annualised premium per year (which may not exceed 160 per cent of the annualised premium over the policy term).

• Indemnity commission, the amount of commission that can be advanced to a product salesperson, can be 50 per cent of the annualised premium for the first year or 50 per cent of the total commissions on the policy calculated. 

• The remaining commission after deduction of the indemnity commission is paid equally over the premium payment term.

• For pure protection products, which only offer a life insurance component, the maximum commission will be 10 per cent of the annualised premium multiplied by the length of the policy in years.

Disclosure

Customers must now be provided with a full illustration of the product they are buying to ensure they understand the potential returns on savings products as well as the effects of any charges. There is also a “free-look” period of 30 days, where insurers must provide a full refund if the buyer wishes to cancel the policy.

“The illustration should provide for at least two scenarios to illustrate the performance of the product,” said Mr Hodgins. “All illustrations are required to be signed by the customer.”

Another illustration must outline surrender charges to ensure they understand the costs of exiting a fixed-term product early.

Illustrations must also be kept updatedand insurers must provide information on the top five investment funds available annually, including at least five years' performance data.

“This may be segregated based on the risk appetite of the customer (in which case, the top five funds for each segment must be provided),” said Mr Hodgins.

Product providers must also disclose the ratio of protection benefit to savings benefits. If a protection benefit ratio is less than 10 per cent "the product must carry a warning stating that it has limited or no protection benefit" Mr Hodgins added.

Updated: June 24, 2023, 5:15 AM