Kathmandu. Recent outbreaks of Ebola and Hantavirus are forcing insurance companies to rethink how they cover rare infectious diseases. <\/p>\n
None of these viruses pose an immediate global threat to COVID-19, according to a new report by credit rating agency AM Best, while the World Health Organization (WHO) warns that rising cases and deaths of Ebola indicate a potential major outbreak. “Insurance companies are now better prepared to deal with the direct financial impact of these disasters,” the report said. \u2019<\/p>\n
“Post-pandemic, insurance companies have increased investment in areas such as telehealth and digital or automated processes. “In addition, they have addressed policy issues through re-underwriting,” said Sridhar Manyem, senior director of industry research and analysis at AM Best, in the report. <\/p>\n
Companies are reworking contracts to remove vague language about coverage gaps and system vulnerabilities. According to a separate report, the personal health insurance market in the Asia-Pacific region is projected to grow at a CAGR of 5.91 percent by 2030, driven by a rapid rise in post-pandemic health awareness and rising medical expenditure. <\/p>\n
According to Grand View Research, the regional industry was valued at $1.63 trillion in 2022. Consumer data shows a significant change in people’s attitudes toward comprehensive medical coverage after the COVID-19 pandemic. <\/p>\n
A survey by Max Bupa Insurance found that before the pandemic, only 32 percent of people had bought comprehensive plans and 41 percent intended to do so. Since the pandemic, this figure has increased to 55 percent for buyers and 60 percent for willing ones. <\/p>\n
Rising medical expenses and the expansion of government initiatives are also fueling the market growth. However, AM Best said the health crisis could still slow the global economy. At a time when geopolitical conflicts are already raising fears of a recession. The economic impact could be even worse in areas already affected by conflict in the Middle East. \u2019<\/p>\n
In addition, the Ebola outbreak comes at a time when many African countries are facing a growing debt burden and a decline in international donor funds for the health crisis. AM Best warns that even if these viruses are localized, they could seriously damage tourism-dependent economies. \u2019<\/p>\n
Modern global dynamics will allow diseases to spread more quickly, and this will make local control difficult without international coordination, AM Best concluded. “For this reason, insurers are being advised to regularly stress-test their portfolios against unrecognizable risks rather than relying solely on geographic diversification,” AM Best said. \u2013Agency<\/p>\n","protected":false},"excerpt":{"rendered":"
Kathmandu. Recent outbreaks of Ebola and Hantavirus are forcing insurance companies to rethink how they cover rare infectious diseases. None of these viruses pose an immediate global threat to COVID-19, according to a new report by credit rating agency AM Best, while the World Health Organization (WHO) warns that rising cases and deaths of Ebola […]<\/p>\n","protected":false},"author":16,"featured_media":301207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[45044,45159],"tags":[],"class_list":["post-301209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international-news-en","category-news-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/comments?post=301209"}],"version-history":[{"count":1,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301209\/revisions"}],"predecessor-version":[{"id":301210,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/posts\/301209\/revisions\/301210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media\/301207"}],"wp:attachment":[{"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/media?parent=301209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/categories?post=301209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/english.insurancekhabar.com\/ikbrapi\/wp\/v2\/tags?post=301209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}