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The global economy is expected to dip deep into a recession due to the
COVID-19 pandemic, low-interest rates, and the ongoing US and China trade war.
Globally, insurers are incorporating new technologies, such as artificial intelligence and telemedicine into their operations, and new solutions that go hand in hand with the current technology available.
As costs rise, insurers seek new solutions to remain competitive in the market and offer better value to consumers.
Insurers seek to reduce the chances of claims being made by helping clients live a healthier life. Poor lifestyle choices and an aging population contribute to the rise of NCDs.
Health insurers assist employers by offering wellness programs, so employees remain mentally fit and content.
Average international private medical insurance premiums for individuals and families have risen in all major markets, with the exception of China, which saw a decrease.
Source: 2019 Cost of International Health Insurance Report - Pacific Prime
Compliance and regulation heavily influence the ways in which business and insurance are conducted around the world.
Technology assists with fraud detection and the creation of innovative insurance plans and products.
A new wave of wellness initiatives and the rise of mental health coverage brings much hope to consumers and businesses.