Ping An Insurance (Group)'s Ping An Smart Healthcare, the smart health care team of subsidiary Ping An International Smart City Technology Company has launched a smart audio screening system for COVID-19 to strengthen epidemic control and prevention with artificial intelligence (AI) technology.
Seeking to strengthen epidemic control and prevention of coronavirus, Chinese insurance giant Ping An has utilised AI to identify more than 1,600 suspected cases for tracking.
Fitch Ratings has revised its outlook for the underlying fundamentals (sector outlook) of the global reinsurance sector to negative from stable. The sector outlook revision is due to increased concerns over COVID-19, the disease caused by the coronavirus, and related impacts on the credit quality of reinsurers.
A survey of 60 insurance executives conducted by the actuarial firm Finity has found that 62% of the participants believed their organisations were 'a long way behind' the best practices and a further 21% said they were 'doing nothing effective in this area.'
Lloyd's of London has asked its member firms to provide estimates of their potential current and final losses from coronavirus. This would help the insurance market understand its possible overall losses from the impact of the pandemic.
IT businesses from South East Asia (SEA) lost $1.10m on-average in rising cases of data breaches in 2019. The annual study from the global cybersecurity company Kaspersky has shown that aside from the monetary aftermath, victims also confirmed losing approximately $186m on business opportunities after an unfortunate attack involving their precious data.
Pan-Asia Risk & Insurance Management Association (PARIMA) chairman and group deputy director, risk management and insurance at International SOS Franck Baron has called upon risk managers to stress test their insurance programmes to assess how coverage may be triggered for losses caused by coronavirus (Covid-19).
Many general insurers in Vietnam are linking up with InsurTech firms in a trend aimed at leveraging the advantages of the different parties.
Major insurers and re-insurers are willing to embrace InsurTech when it comes to underwriting, sales, claims and routes to market, but have not yet been willing to address the need for innovative products.
With COVID-19 being declared a pandemic, fear and anxiety associated with it has also increased. The anxiety and fear will now increase the footfalls to emergency rooms and clinics.