Life imitating science
Mr Reynaldo de Dios, insurance pioneer, 1927-2024
SIRC Connect
Ensuring mental health wellbeing in reinsurance
Navigating through the volatility of natural catastrophes
General
Asia: Insurance for M&A rising in popularity
Facilitating the drive to electric vehicles
Insurance literacy disparity between Singapore and Malaysia
View From India - Floods call for collaboration between insurance and technology
South Korea
K-ICS implementation may jumpstart coinsurance transactions
Agriculture insurance is growing well
South Korean life rebounds with IFRS17 and K-ICS
South Korean premium income expected to grow
Tough renewals and regulations for smaller reinsurers in Korea
China
China's motor insurance woes
Strategic shifts in insurance investment amid market volatility
Chinese motor insurance accelerates
Disaster prevention and mitigation through insurance in China
Risk managers: Assuming the mantle of leadership
Claims still require a human touch
Business interruption claims continue to rise in Asia
Understanding cyber risk better is crucial for APAC insurers
Liability insurance when AI makes a mistake
Bridges can be protected from ship collisions
Three trends set to drive cyber attacks in 2024
Rising costs remain healthcare's biggest problem
Innovation in action
CFOs debate IFRS17 and AI in Singapore
Asian
SIRC announces Swiss Re incoming group CEO as speaker on first day
China: Ping An sells 5.65m HSBC shares for $50m
India: Health insurance premium rates rise by up to 50% in past year
New Zealand: Insurers to be given three-year grace period to adopt changes to insurance law
Singapore: SingRe chairman passes away
Risk
Climate change could become the main driver of biodiversity decline
Why are major cities in China sinking 'rapidly'?
Reinsurers urged to prepare for public sector cyber attacks
Almost 85% of supply chains can't respond to disruptions in 24 hours
Manulife HK launches new life insurance savings plan
Allianz Partners and SingSaver collaborate to form travel insurance product
Singlife and Doctor Anywhere launch health subscription plan for self-employed
Pru Life UK in the Philippines launch comprehensive life insurance coverage
Sun Life HK launch a new CI protection plan series
Policystreet and Kiddocare partner to launch insurance for babysitters
People on the move
We talk to Tony Gallagher CEO, Asia Pacific region for Guy Carpenter about the 1/1 renewals and what to expect at the April renewals, emerging risk in 2024 and which business lines have the most scope in the year ahead.
The global nature of the reinsurance industry has enabled the diversification of risk away from concentration in specific regions to the larger global market.
However, record catastrophe losses, inflation stemming from increased interest rates, geopolitical tensions and heightened climate risk are putting operating pressures on insurers and reinsurers. The increasing frequency of higher- magnitude natural disasters against the backdrop of a bearish market with rising interest rates sets up a perfect storm for reinsurers to harden their pricing to reflect a more prudent risk appetite.
In the next video of the series, we talk to Guy Carpenter Head of Structured Solutions, Asia Pacific Hussain Ahmad, and Partner with OIiver Wyman Jing Wei Jia about market trends and developments, business planning for insurers, the evolving market and optimising capital.
Macroeconomic Environment The investment environment is currently in turmoil. High inflation in many countries, driven by both supply-side and demand-side factors, has compelled central banks to raise interest rates in response. Interest rate hikes then flow directly into asset valuations. Additionally, recessionary expectations, the banking crisis and geopolitical issues are currently creating havoc in asset markets.
The next video in the series looks head at Guy Carpenter’s plans for the year 2023.
We talk to Guy Carpenter CEO, Asia Pacific Tony Gallagher about the company’s plans for 2023, Asian markets to look out for, as well as potential risks.
The next video in the series looks at the general impact of inflation - and how inflation is panning out in Asia Pacific. We talk to Guy Carpenter vice president, strategic advisory Asia Pacific Philip Doyle about how insurers should respond to inflation right now.
The insurance protection gap is generally defined as the difference between total and insured loss costs. Globally, 2021 total losses from natural disasters were estimated to equal approximately USD 280 billion, of which approximately USD 120 billion, or 43%, were covered by (re)insurance.(1) This gap was smaller than many previous years because a higher proportion of losses occurred in the US, which has one of the most developed insurance markets in the world, with high penetration.
Secondary perils represent a complex and nuanced challenge for the (re) insurance industry. In essence, these natural perils are “known, unknowns.” They are known to pose a risk, but our industry does not always have a full understanding of their potential impacts.
The next video in the series looks at how ESG is playing out in Australia and the opportunities and challenges that this will bring to the insurance industry.
The next video in the series looks at defining secondary perils, insuring against them, the importance of modelling – and the role of reinsurance in closing the protection gap.
The next video in the series looks at global systemic risks, climate risk, net zero planning and risk as it relates to ESG.
We talk to four leading risk-industry professionals - Mercer president of Asia, Middle East and Africa Renee McGowan, Guy Carpenter CEO of Asia Pacific Tony Gallagher, Oliver Wyman partner – head of APR public policy Jacob Hook and Marsh Asia head David Jacob.
The next video in the series looks at the impact of recent cyber events in Asia.
Guy Carpenter managing director, cyber centre of excellence leader Siobhan O'Brien talks to Asia Insurance Review about what insurers can do to mitigate the impact of these cyber events.
The next video in the series looks at the impacts of recent economic and regulatory changes on life and health insurance in Asia Pacific.
The next video in the series looks at the changing nature of risk management.
China Pacific Property Insurance Company chief actuary Chen Sen talks to Asia Insurance Review about why risk management is changing and what part technology plays in this – and how corporates can prepare for the change.
The first video in the series looks at the changing nature of risk.