Geopolitical tensions can help boost insurance
SIRC Connect
DEI continues to be a focus in recruitment
Change is a constant for the reinsurance industry
APAC life market to see increasing demand for financial stability
General
As ESG risks rise, D&O covers need a new look
Life & health
Sri Lanka's life industry bucks the trend with growth
Agency still most profitable channel in Sri Lanka life
Structural growth factors for life insurance in Asia Pacific
Vietnam
New regulations spur interest in Vietnam non-life market
Stricter regulations for bancassurance
New regulations will improve Vietnam life insurance
Vietnam insurance market sustains growth momentum
Thailand
Thai insurers cope with ageing population and increasing healthcare demands
Changing demographics present Thai life sector with opportunities and challenges
New regulation offers scope for M&A in Thailand
Synchronising technologies for insurance claims management
Personal pensions rolled out across China
Insurers in talks with Vanke on non-standard debt
Complementing offerings from conventional operators
Technical due diligence needed to insure AI
Adopt and adapt to AI
Digital platforms democratising insurance
Lack of women in top leadership despite diverse workforce
Insurers and banks combating climate change together
Trending: TPAs as a growth engine for customer experience
Partners in compliance
Asian
Asia Pacific: Insurers will focus on investment risk as economic growth slows
China promotes basic health insurance for children
India: 'Missing middle' may be covered by universal health insurance
Taiwan: FSC to allow more channels for insurers to raise capital
Risk
Air pollution is the fastest growing protection gap
Asian CROs worry most about operational resilience
Insurers taking on more risk for their investment portfolios
Extensive evidence of second-hand trauma amongst claims handlers
Great Eastern Singapore launches single premium plan with 100% capital guarantee
Etiqa Malaysia launches two new term and CI family plans
PICC, Ping An and China Pacific units jointly launch disability income insurance plan
Transamerica Life (Bermuda) launch upgraded indexed universal plan for HNW customers
Etiqa Insurance Singapore launch CI plan with mental health support
People on the move
By Cheng Xin Yap, Tharan Ganesan, and Tananya Santipinyolert
Recent floods in major cities around Southeast Asia and other parts of the world have reopened the conversation on flood coverage in insurance products. This year alone Malaysia, Pakistan, and South Korea have all witnessed the worst floods to hit their shores in decades. As it stands, it is estimated that only 18% of all economic losses from floods in the past decade were insured.
A specially curated webinar led by Milliman US-based data analytics specialists
Well-managed actuarial outsourcing offers a viable solution to meet the increasing demand for actuarial resources
By Subhash Khanna and Shamit Gupta
No insurance product has been as adversely affected by the COVID-19 pandemic as travel insurance. Travel and social restrictions both within and without countries were introduced and are still in force in an effort to curb the spread of the virus. With the lack of travel came a precipitous drop in travel insurance premium volumes. However, global vaccination rollouts have provided a glimmer of hope for worldwide travel, sparking a conversation on the evolution of travel insurance in a post-pandemic world. In this brief article Milliman consultants explore how ASEAN countries have been gradually opening up their borders, along with the progress shown by insurers in the region to adapt to the evolving situation and its repercussions for the travel insurance products of tomorrow.
Over the past two decades our lives have been transformed by the information-rich Internet. At the hearts of digital giants like Google, Facebook, Amazon, Airbnb and Netflix we often find some ranking and filtering algorithms that use customer attributes to improve and customize predictions.
By Lalit Baveja, Principal and Senior Healthcare Management Consultant, Milliman
Last year, Milliman developed a Hong Kong fulfillment ratio index to understand the gap between illustrated non-guaranteed benefits at point of sale and actual non-guaranteed benefits declared by life insurance companies in Hong Kong.
Milliman’s annual study on reported year-end 2019 embedded value (EV) and value of new business (VNB) results for 53 major multinational and domestic life insurers across Asia was released in August 2020.
Medical inflation is a key driver of health insurance costs which in turn lead to premium increases. Health insurance companies are continuously looking for ways to manage medical inflation better to keep premiums competitive for customers and to mitigate lapses.
The first edition of Milliman’s Life insurance capital regimes in Asia: Comparative analysis and implications report was published in July 2019. Well received by the market, as the first of its kind, the report has been referred to and cited several times over the last year. In view of the pace of change in, and increasing focus on, regulatory (and economic) capital across the region, Milliman has compiled an updated report a year later.
In Indonesia, insurance compliant with Syariah principles can be sold through either a Syariah business unit or “window” of a conventional insurance company or, less commonly, through a standalone Syariah insurance company. Insurance Law 40, enacted in 2014, mandates insurance companies to separate their Syariah windows from their conventional business into a separate entity, to “spin-off,” when:
Insurers and reinsurers have been outsourcing actuarial work to captive units or third-party service providers for several years. Recently the industry has witnessed renewed interest in actuarial outsourcing, with an increasing number of companies either setting up new outsourcing units or expanding their existing ones. This trend is especially true for life insurance companies, especially in light of increasing regulatory and reporting requirements, including International Financial Reporting Standard (IFRS) 17, long-duration contracts targeted improvements (LDTI), and new risk-based capital regimes in Asia