Across Asia, market conditions were mixed, with renewal outcomes varying by line of business. Natural catastrophe property risks remained challenged. Financial Lines saw a general softening, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week.
Private equity-backed reinsurers' appetite for Asian life insurance assets is unlikely to be sated any time soon, as there are $2tn of assets/liabilities under management that are currently providing sub-par capital returns, says Guy Carpenter, the largest life reinsurance adviser in the Asia-Pacific region.
Pricing of insurance is continuing to moderate as rates decline, according to Marsh's May 2024 report, Asia Insurance Market Pricing: 2024 First Quarter. In Asia, rates in 1Q declined 2% after remaining flat for three prior quarters.
Factors such as growing amounts of data, changing customer expectations, competition from newer, non-traditional players in the insurance industry and risk management and mitigation are some drivers behind increased digitalisation and automation in insurers, according to SS&C Blue Prism - ASEAN and Greater China region vice president of sales James Lucas.
WTW has appointed Mr Conor Keating as regional cyber growth leader.
Crawford & Company has appointed Mr Scott Reichelt as president. In his new role, he will lead Crawford's operations in eight regions across Asia.
Kairos has appointed Mr Andre Siregar as CTO. In his new role, he will work closely with Mr Albret Lim, managing director SEA and Mr Stephen Lee, managing director, banking solutions.
The growth champion of global life insurance business over the next decade is likely to be India, with a growth rate of +13.6% p.a, says Allianz in its "Global Insurance Report 2024".
The maritime region formed by South China, Indochina, Indonesia and the Philippines was the global vessel loss hotspot, both over the past year and decade, according to Allianz Commercial in its annual "Safety and Shipping Review".
Aon has appointed Dr Wen Chen as head of agriculture in APAC. In her new role, she will continue to build upon Aon's successes in the dynamic agriculture sector, while exploring new reinsurance and retrocession opportunities and delivering differentiated capabilities across a range of dynamic and competitive market environments.