Prudential Singapore has set up a S$1.5 million (US$1.07 m) PRUcare package to provide support to about one million customers and the community at large that are affected by Coronavirus Disease 2019 (COVID-19).
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Ping An Insurance Group Co of China, China's largest insurer by market value, said yesterday that the Wuhan coronavirus may have an impact on its business, reported Reuters.
Moody's Analytics has published a baseline scenario for the coronavirus epidemic, that it assesses has an 80% probability of taking place.
Moody's Analytics has a wider contagion scenario for the coronavirus epidemic, that it assesses has a 20% probability of taking place.
A World Bank bond designed to deliver funding to help the world's poorest countries to tackle fast-spreading diseases has lost half its value as the coronavirus outbreak in China has fanned fears that investors could face hefty losses, reported Reuters.
The insurance industry in China chalked up aggregate net profits of CNY313.3bn ($44.6bn) last year, according to data obtained by Securities Times. This would be the first time that the industry's performance has exceeded CNY300bn in aggregate profits.
Stimulated by the favourable opening-up policies in the insurance sector in China, foreign insurance companies have shown rapid development in the country.
The IRDAI has asked insurance CEOs to review their products annually and cull poor selling policies.
There must be recognition that additional meaningful industry cost savings and enhanced industry participation can only be realised through new government reforms, according to Medibank Private chief executive Craig Drummond.