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Associated Press
21-05-2025
- Business
- Associated Press
Ping An's EagleX Risk Mitigation Platform Provides Early Warning of Beijing Hailstorm, Company Streamlines Claims Settlement
HONG KONG and SHANGHAI, May 21, 2025 /PRNewswire/ -- On May 13, Beijing was hit by a severe storm in multiple areas, with reports of hailstones exceeding 3 cm in diameter. Ping An P&C, a subsidiary of Ping An Insurance (Group) Company of China, Ltd. ('Ping An', the 'Company' or the 'Group', HKEX: 2318; SSE: 601318) launched its major emergency response plan, coordinating resources across risk control, claims, and product departments. The Company mobilized over 2,000 personnel from 38 branch offices for remote support and swiftly dispatched 43 claims experts from Hebei, Shandong, Henan, Liaoning, and other provinces to Beijing for disaster relief. As of 9 a.m. on May 19, Ping An P&C received 31,000 claims reports, settled 10,400 cases, and paid out RMB62.15 million in compensation. EagleX issued alerts two hours before the storm Ping An P&C's proprietary risk mitigation platform, EagleX, played a critical role. The system detected risks two hours before the hailstorm arrived and sent warnings, disaster prevention guides, and safety tips to 3.17 million individual customers and over 20,000 corporate clients via apps such as Ping An Auto Owner. The alerts helped some customers move their vehicles and secure their properties in time, effectively reducing potential losses. EagleX is an AI-powered risk mitigation service platform developed by Ping An P&C to address climate-related disasters. It integrates cutting-edge technologies such as big data, satellite remote sensing, and machine learning to monitor, assess, and provide early alerts for nine types of natural disasters. It also displays natural disaster risk maps. The system has been widely applied across various insurance products, including agricultural insurance, property insurance, and auto insurance. Claims settlement streamlined to respond quickly to customers' needs Faced with numerous customer claims after the hailstorm, Ping An P&C ensured that reporting channels remained open around the clock, with over 90% of affected customers receiving callbacks on the same day. The Company collaborated with rescue teams and repair shops to prioritize services for damaged vehicles, offering towing, emergency repairs, and direct supply of auto parts, while committing to '1-hour rescue response and 48-hour repair completion'. In the claims process, Ping An P&C introduced 'streamlined claims settlement', which waives proof of accident or weather event. No on-site inspection is necessary, and rescue services are offered for free. For cases involving damages of less than RMB10,000, photo or video evidence is sufficient for claims settlement. In cases of hail damage, the Company is offering specialized services such as instant on-site glass replacement and 'traceless repairs' for minor auto damage. Additionally, customers who have made no claims in the past three years can receive direct approval for expenses under RMB2,000. Ping An P&C will continue to advance claims processing in an orderly manner and, leverage EagleX to further enhance pre-disaster alerts, emergency responses during disasters, and post-disaster claims settlements. The Company aims to help customers reduce losses, enhance risk management capabilities, and safeguard the property of businesses and individuals. About Ping An Group Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services. Under the technology-driven 'integrated finance + health and senior care' strategy, the Group provides professional 'financial advisory, family doctor, and senior care concierge' services to its nearly 240 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of December 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 29th in the Forbes Global 2000 list in 2024 and 53rd in the Fortune Global 500 list in 2024. For more information, please visit and follow us on LinkedIn - PING AN. View original content: SOURCE Ping An Insurance (Group) Company of China, Ltd.
Business Wire
16-05-2025
- Business
- Business Wire
AM Best Affirms Credit Ratings of Ping An Property & Casualty Insurance Company of China, Ltd
HONG KONG--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of 'a+' (Excellent) of Ping An Property & Casualty Insurance Company of China, Ltd (Ping An P&C) (China). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Ping An P&C's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management. Ping An P&C's balance sheet strength assessment is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). The company has maintained steady growth in its consolidated capital and surplus (C&S) over the last decade. By the end of 2024, its C&S was RMB 136.7 billion (USD 18.7 billion), a 9.0% growth from the prior year. Its investment portfolio maintains steady growth in 2024, continuing to consist of mainly fixed-income assets. Ping An P&C's financial flexibility is proven by its track record of issuing capital supplementary bonds in domestic debt markets. The issuance also enhances the company's solvency position. Ping An P&C's operating performance is assessed as strong. The company has consistently delivered a double-digit return on equity (ROE) over the last decade, except for 2022 and 2023, due to unfavorable underwriting experience. In 2024, ROE recovered to 11.5% with a net profit after tax of RMB 15.0 billion. Given the company's size and domicile, its underwriting profitability is better than the domestic peer average. The motor line remains a significant source of its insurance service revenue and underwriting profit. Despite increasing premium proportion from new-energy vehicle (NEV) policies due to escalating new NEV sales in domestic market, leverage on its competitive edge including granular operating model and pricing techniques, Ping An P&C continues to deliver a stable underwriting margin in its motor book. The negative impact from the credit and guarantee line in 2022 and 2023, was considered one-off, and Ping An P&C has already ceased underwriting new policies since November 2023. The company's net income is also supported by its stable income from investments, interest and dividends, as well as realised and unrealised gains from investments. Ping An P&C's favourable business profile is supported by its sizeable insurance portfolio, diversified distribution channels and geographic span in China, as well as its strong brand recognition. The company has been the second-largest property/casualty insurer in China since 2009, and has maintained a domestic market share of around 20% over the last decade, in terms of property/casualty direct premiums written. In 2024, its insurance service revenue reached RMB 328.1 billion. Despite relentless efforts to grow its non-motor lines, Ping An P&C remains well recognised in the domestic market for its motor insurance, which contributed around 70% of the company's top line for the last five years. Additionally, Ping An P&C's investment in new technologies has yielded positive outcomes, evidenced by improvements in operational efficiency and enhancements in risk management. Ping An P&C is well-positioned at its current ratings level. Positive rating actions could occur if the company demonstrates a strengthening trend in its footprint in the global market, while maintaining its current balance sheet strength and solid operating performance. Positive action could also occur if the company demonstrates sustainable enhancement in its balance sheet strength. Negative rating actions could arise if there is a sustained deteriorating trend in Ping An P&C's underwriting and operating performance. Negative rating actions also could occur if the company's balance sheet strength were to weaken significantly, for example, due to materially heightened underwriting leverage or investment exposure to risky assets. Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication. This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
Yahoo
17-03-2025
- Automotive
- Yahoo
Ping An P&C, FAW Hongqi partner on intelligent driving coverage
Ping An Property & Casualty (P&C), part of Ping An Insurance Group of China, has joined forces with FAW Hongqi Auto Sales to introduce an insurance service for intelligent driving. This collaboration aims to provide travel protection for drivers and enhance the intelligent vehicle industry. Ping An P&C utilises intelligent connected vehicle (ICV) data to analyse risks in various scenarios in collaboration with automakers. The company has now unveiled what it claims is the 'industry's first full-scenario solution' for intelligent driving. The service encompasses protection for intelligent driving liability, addressing eight common scenarios in intelligent driving assistance. These are automated parking; enhanced urban traffic lane cruise control; highway navigation; highway traffic lane cruise control; remote control parking; urban navigation; urban traffic vehicle lane cruise control; and valet parking. This initiative represents the first intelligent driving protection service launched by Ping An P&C in partnership with FAW Hongqi. The two companies are jointly exploring insurance models for intelligent driving. These include establishing a risk database, optimising service processes and enhancing protection solutions to deliver risk coverage for users. Ping An P&C can customise compensation plans for losses incurred due to power battery failure in FAW Hongqi's Hongqi Tiangong 08 all-electric SUV, which can be triggered by low temperatures. The plan also covers the cost of a replacement vehicle during the repair period. Ping An P&C also teamed up with Seres Automobile in November 2024 to offer a customised intelligent driving protection service. This encompasses protection needs in various scenarios including automated parking and driving. Earlier this month, Ping An Group initiated its 2025 Spring Campus Recruitment, offering more than 2,000 positions. This recruitment drive is powered by the Ping An Talent system, an in-house platform that integrates AI for job matching, interviews and salary negotiations. "Ping An P&C, FAW Hongqi partner on intelligent driving coverage " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
17-03-2025
- Automotive
- Yahoo
Ping An P&C and FAW Hongqi Launch Intelligent Driving Insurance Services to Safeguard Drivers
HONG KONG and SHANGHAI, March 17, 2025 /PRNewswire/ -- Ping An P&C, a subsidiary of Ping An Insurance (Group) Company of China, Ltd. ("Ping An" or the "Group", HKEx: 2318 / 82318; SSE: 601318) has partnered with FAW Hongqi Auto. Sales Co., Ltd. (FAW Hongqi) to launch Hongqi Intelligent Driving Protection Services, offering safer and more convenient travel protection for drivers and promoting the development of the intelligent vehicle industry. Intelligent driving spurs new insurance demand Most auto insurance products are designed based on the risks related to of traditional vehicles. However, intelligent vehicles have different risk characteristics. Ping An P&C is exploring innovation in insurance to address the risks associated with the rapidly developing intelligent driving technology. Collaborating closely with automakers, Ping An P&C analyzes the risks in different scenarios based on intelligent connected vehicle (ICV) data. It is continually optimizing insurance product design and now, it has launched the industry's first full-scenario solution for intelligent driving. It offers protection for intelligent driving liability and other new risks, covering eight high-frequency scenarios in intelligent driving assistance, including automated parking, remote control parking, valet parking, urban traffic vehicle lane cruise control, enhanced urban traffic lane cruise control, highway traffic lane cruise control, urban navigation and highway navigation. Ping An P&C and FAW Hongqi Create New Model for Intelligent Driving Protection This is the first intelligent driving protection service offered by Ping An P&C in collaboration with FAW Hongqi. Together, they are exploring innovative insurance models for intelligent driving, including building a risk database, optimizing service processes and upgrading protection solutions to provide users with more precise and comprehensive risk protection. For example, the Hongqi Tian Gong 08 is a new energy vehicle model equipped with ultra-low-temperature battery cell technology, which can maintain a 93% battery energy retention rate in a low-temperature environment up to -10 degrees Celsius. Based on this scenario, Ping An P&C has customized a compensation plan for losses due to power battery failure in the vehicle due to low temperatures, including the cost of a replacement vehicle during the vehicle repair period, giving drivers a sense of security during the winter. Ping An leading innovation to promote high-quality development of intelligent vehicle industry In addition to the partnership with FAW Hongqi, Ping An P&C and also jointly launched a customized intelligent driving protection service with Seres Automobile Co., Ltd. in November 2024, covering protection needs in scenarios such as automated parking and driving. This plan provides car owners with more comprehensive risk protection. Ping An P&C will adhere to a customer-centric approach, continue to deepen technological empowerment, and provide more comprehensive and efficient insurance protection support for new energy vehicle companies and customers. Ping An P&C is committed to innovation in financial service models and working with industry partners to improve intelligent driving insurance and provide safer and more reliable protection. About Ping An Group Ping An Insurance (Group) Company of China, Ltd. (HKEx:2318 / 82318; SSE:601318) is one of the largest financial services companies in the world. It strives to become a world-leading provider of integrated finance, health and senior care services. Under the technology-driven "integrated finance + health and senior care" strategy, the Group provides professional "financial advisory, family doctor, and senior care concierge" services to its 240 million retail customers. Ping An advances intelligent digital transformation and employs technologies to improve financial businesses' quality and efficiency and enhance risk management. The Group is listed on the stock exchanges in Hong Kong and Shanghai. As of the end of September 2024, Ping An had more than RMB12 trillion in total assets. The Group ranked 29th in the Forbes Global 2000 list in 2024 and 53rd in the Fortune Global 500 list in 2024. For more information, please visit and follow us on LinkedIn - PING AN. View original content: SOURCE Ping An Insurance (Group) Company of China, Ltd. Sign in to access your portfolio
