DeepSeek AI is helping Chinese insurers enhance their operational efficiencies.
A majority (71%) of financial services professionals participating in a recent survey expect the risk of financial crime to increase in 2025. The survey findings also highlight concerns among respondents around the use of AI, regulatory complexity, geopolitics and sanctions when it comes to the fight against fraud and financial crime.
The property insurance industry has always been characterized by a "winner-takes-all" situation in China, with leading insurers dominating the majority of the market share. In this market environment, ZhongAn Online (ZhongAn) has emerged as a groundbreaking force in recent years, with rapid growth in total premiums and a quick rise into the top 10.
These are the highlights for all events and updates across the industry this week.
AI is projected to contribute up to $1.1tn in annual value to the global insurance sector, with its positioning as a key driver of productivity and growth, according to Truong Hoang Phuc, FPT Software managing director of Global Insurance & Finance, FPT Corporation.
Ping An Good Doctor has released its 2024 annual results, marking its first full-year profit. The company reported total revenue of CNY4.81bn ($664.98 m), with an adjusted net profit of CNY158m. Revenue from its comprehensive financial client (F-end) and corporate client (B-end) businesses grew 17.2% year-on-year.
Prudential has launched its first fully owned facility in the Indian city Bengaluru. This represents a strategic investment in the Indian market.
Bank Negara Malaysia (BNM) has received encouraging interest from various parties in submitting applications for Digital Insurers and Takaful Operators (DITO) licence(s), just three months into the start of the two-year application window that began on 2 January 2025. Planned consultation sessions with interested applicants are currently underway.
The Federation of Egyptian Insurance Companies has sounded the need for insurers to cooperate with real estate developers and technology providers to create insurance products for smart homes.
Ping An Insurance (Group) Company of China has entered a flood maps licensing agreement with UK-based flood scientists JBA Risk Management to support its underwriting and risk management capabilities. The move by the technology-powered financial services group reflects the increasing importance of flood risk assessment in China, amid a rise in both the frequency and severity of flood events.