...Hong Kong's Insurance Authority (IA) held its Insurance-linked Securities (ILS) Conference earlier in April 2024. The conference, tailored specifically for institutional investors and related professional service providers, was the first of its kind....
Source : AIRPlus | 17 Apr 2024...In 2022, the Law on Insurance Businesses No 08/2022/QH15 came into effect, following the commitment agreed upon in the EU-Vietnam Free Trade Agreement in 2020, according to the Insurance Supervisory Authority (ISA) of Vietnam....
Source : AIRPlus | 17 Apr 2024...Insurance industry organisation, CRESTA, which provides a global standard for risk accumulation zones and natural catastrophe industry losses, has added the Japanese Noto Peninsula Earthquake in early 2024 to its CRESTA Industry Loss Index (CLIX)....
Source : AIRPlus | 04 Apr 2024...With the Prudential Standard CPS 230 coming into effect on 1 July 2025, Xceedance business leader - key accounts in Australia Prateek Vijayvergia said that Australian insurers and underwriting agencies should start planning for the "systemic change needed to ensure compliance"....
Source : AIRPlus | 04 Apr 2024...In 2023, the Monetary Authority of Singapore (MAS) named four 'domestic systemically important insurers' - AIA Singapore, Income Insurance, Prudential Assurance and Great Eastern Life Assurance....
Source : AIRPlus | 28 Mar 2024...Health and safety (84%) overtook cyber attack, including cyber extortion (69%), as the top risk for directors and officers (D&O) in APAC this year, according to the 2024 Global Directors' and Officers' Survey Report from WTW and Clyde & Co....
Source : AIRPlus | 28 Mar 2024...The Deloitte Insurance Outlook 2024 indicated that many life insurers are repositioning in order to drive sustained and predictable growth....
Source : AIRPlus | 25 Mar 2024...In early 2023, the prime minister of Vietnam's Decision 07/QD-TTg was issued, approving the strategy to develop the insurance market in the country until 2030. The application of technology in the insurance industry was covered in the document, with the prime minister requesting the formation of a regulatory sandbox in order to encourage companies to develop new digital products and services....
Source : AIRPlus | 25 Mar 2024...Generative AI, as a technology, caught many people off-guard with its power and flexibility. With the entire world scrambling to take full advantage of what generative AI can do, insurers must make surenot to lag behind in adoption and integration once again....
Source : AIRPlus | 20 Mar 2024...What sustainability could mean in insurance was the question Swiss Re head of life and health, APAC ex China Daisy Ning posed at the 2023 Global Insurance Forum....
Source : AIRPlus | 05 Mar 2024...A woman who falsely claimed that she had been seriously injured in a traffic accident and lost the ability to work, has been convicted for attempted insurance fraud by the district court, according to the Hong Kong Federation of Insurers (HKFI). She attempted to defraud the insurance company of HK$5.4m ($927,824)....
Source : AIRPlus | 05 Mar 2024...Singapore regulator MAS is set to formalise expectations for insurers to deal fairly with their customers, including persons with disabilities and persons with mental health conditions. The regulator is revising guidelines for board and senior management for delivering fair dealing outcomes to customers. The revisions are expected to be issued by the middle of 2024....
Source : AIRPlus | 05 Mar 2024...Due to increasingly unpredictable weather phenomena in Australia, parametric insurance is emerging as a "viable option for the nation's farmers", according to Descartes Underwriting....
Source : AIRPlus | 28 Feb 2024...In 2022, the Hong Kong authorities published the Development Roadmap for the Insurance Sector, with the aim of shaping the territory into a global risk management centre and insurance hub....
Source : AIRPlus | 28 Feb 2024...What is the propensity to commit fraud in insurance?...
Source : AIRPlus | 21 Feb 2024...The (re)insurance industry lacks young talent. There is a void at middle management and junior levels which does not bode well for future talent management from an industry perspective, UIB Asia Reinsurance Brokers CEO Francis Savari said....
Source : AIRPlus | 21 Feb 2024...In the next 12 months, advancements in data analytics may lead to a greater emphasis on personalised and on-demand microtakaful solutions in the Malaysian InsurTech space, PolicyStreet co-founder and group CEO Lee Yen Ming said....
Source : AIRPlus | 15 Feb 2024...The Asia Insurance Market Pricing: 2023 Fourth Quarter report, published by Marsh, showed that cyber insurance rates were flat, while those for property grew by 2%. The rate movements were the same as in the quarter prior....
Source : AIRPlus | 15 Feb 2024...According to WTW's Global Real Estate Risk Outlook 2024 - Smarter risk management: Navigating emerging challenges, risks and opportunities, 63% of businesses in APAC have "some cover for extreme weather events", although it was uncertain if the coverage would be sufficient....
Source : AIRPlus | 08 Feb 2024...The final estimate of insurance market losses from the New Zealand North Island floods is NZD2.2bn ($1.4bn), PERILS said in a press release. The floods occurred in January and February 2023. The floods were fuelled by extraordinarily warm and humid weather and damaged many properties and vital infrastructure....
Source : AIRPlus | 08 Feb 2024...According to The Boston Consulting Group managing director and senior partner Madrid Santiago Mazón, Asia should 'double down' on bancassurance....
Source : AIRPlus | 08 Feb 2024...In 2023, total economic losses due to Nat CAT in APAC were $65bn, according to Aon's 2024 Climate and Catastrophe Insight report. Of that amount, the protection gap was 91%, according to the report. Insured losses were "driven by events in New Zealand", the report said....
Source : AIRPlus | 05 Feb 2024...According to Swiss Re's January India's insurance market: Growing fast, with ample scope to build resilience report, regulatory support, innovation and an expanding middle class will drive the growth of total insurance premiums over the next five years....
Source : AIRPlus | 05 Feb 2024...Reinsurance premiums worldwide in 2022 reached $500bn according to recent updates by insurer Insuramore....
Source : AIRPlus | 05 Feb 2024...A new Global Insurance Law Connect (GLIC) report highlights international variations in response to product liability insurance as consumers demand greater protection....
Source : AIRPlus | 05 Feb 2024...Indian private player SBI general, under its corporate social responsibility initiative, plans to create safe roads across India through various road safety initiatives....
Source : AIRPlus | 05 Feb 2024...The (re)insurance industry lacks young talent. There is a void at middle management and junior levels which does not bode well for future talent management from an industry perspective, UIB Asia Reinsurance Brokers CEO Francis Savari said....
Source : AIRPlus | 24 Jan 2024...What is the propensity to commit fraud in insurance?...
Source : AIRPlus | 24 Jan 2024...Growth of the South Korean insurance industry is expected to rebound in 2024, according to Fitch Ratings senior director, APAC insurance Terrence Wong. He said that insurance companies would continue to focus on more profitable products such as protection and health policies and bring in new business value and more sustainable growth....
Source : AIRPlus | 18 Jan 2024...According to Munich Re's Nat CAT 2023 report, overall losses in APAC in 2023 were $50bn, of which $7bn was insured. There were 11,900 fatalities. The number of fatalities in APAC in 2023 alone was higher than the global 10-year average of 11,700, the report said....
Source : AIRPlus | 16 Jan 2024...In its fourth paper, Promoting Ethical Culture and Conduct in Insurance Intermediaries (General), the Insurance Culture and Conduct Steering Committee (ICCSC) outlined best practices for general insurance (GI) intermediaries regarding customer protection....
Source : AIRPlus | 16 Jan 2024...In Asia, embedded insurance has developed into an integral part of many product life cycles, according to InsureMO chief revenue officer Rajat Sharma....
Source : AIRPlus | 06 Dec 2023...In September 2023, the International Institute for Environment and Development published a guide for governments, conservationist practitioners and insurers to promote coexistence between humans and wildlife through commercial insurance schemes....
Source : AIRPlus | 06 Dec 2023...Over the past few years, the insurance industry has become more dynamic with digital-only insurers entering the market with new business models offering consumers and potential policyholders personalised insurance plans and dynamic pricing, according to Kissflow CPO Dinesh Varadharajan....
Source : AIRPlus | 06 Dec 2023...The surge in inflation influenced much of 2022, resulting in a tightening of monetary policy - and in turn - capital market volatility and a depreciation of currencies in some emerging markets, according to a recent report by Malaysian Re....
Source : AIRPlus | 06 Dec 2023...Despite cyber attack or data breach being the top business risk, according to Aon's 2023 Global Risk Management Survey, the cyber insurance market still remains unstable....
Source : AIRPlus | 29 Nov 2023...The answer is 'yes', according to a Swiss Re report published in October 2023. Over the past few years, bancassurance has made significant contributions to the rapid expansion of insurance markets in Southeast Asia and is the source of an average 36% of total life and health (L&H) insurance premiums in six markets....
Source : AIRPlus | 29 Nov 2023...There were a number of things Singapore deputy prime minister Lawrence Wong spoke about at the Global Insurance Forum 2023. One of the topics he covered was the profound shifting in the global economy and risk landscape. "It is moving from a period of benign globalisation to a new era of great power competition," he said, referring to Russia president Vladimir Putin's invasion of Ukraine and the ongoing conflict in Palestine....
Source : AIRPlus | 28 Nov 2023...One of the issues the insurance industry tackled at the Global Insurance Forum 2023 was the importance and benefits of a diverse workforce and how the sector could work towards it....
Source : AIRPlus | 28 Nov 2023...Among Singaporeans, longer-term financial plans such as retirement planning and investment have been put on the backburner....
Source : AIRPlus | 15 Nov 2023...One in four people in Asia Pacific countries will be above the age of 60 by 2050 and more than half of them will be women according to United Nations Population Fund (UNFPA)....
Source : AIRPlus | 09 Nov 2023...That was the question CNN Philippines senior news anchor Rico Hizon posed at the recently concluded SIRC 2023....
Source : AIRPlus | 09 Nov 2023...As electric vehicle (EV) ownership continues to gain traction in Singapore, MSIG Insurance has enhanced its personal motor insurance plan with more benefits to cover green cars on the roads....
Source : AIRPlus | 02 Nov 2023...The Australian general insurance industry bounced back to 14% return-on-equity (ROE) in FY2023 largely driven by improved investment returns thus putting an end to a three-year run of low single-digit returns....
Source : AIRPlus | 02 Nov 2023...In yet another step towards developing Shanghai as a reinsurance hub, the Shanghai Insurance Exchange (SIE) has launched its international reinsurance business trading platform. SIE has also released the first batch of market rules for the new platform. The launch was done at the recent Shanghai International Reinsurance Conference....
Source : AIRPlus | 02 Nov 2023...Chinese insurance companies will now be allowed to develop and offer exclusive commercial pension insurance products....
Source : AIRPlus | 02 Nov 2023...The insurance industry is going through a period of great change. Climate change, shifts in technology and workforce challenges, coupled with macroeconomic and geopolitical volatility, have compelled insurers to relook at tried and tested strategies. The change has also continued to push insurers to reform businesses and organisational culture to adapt and remain relevant....
Source : AIRPlus | 02 Nov 2023...Reinsurance premiums worldwide in 2022 reached $500bn according to recent updates by insurer Insuramore....
Source : AIRPlus | 16 Oct 2023...The liability insurance industry in APAC is projected to grow from $39.4bn in 2023 to $61.7bn in 2027, in terms of written premiums, according to GlobalData....
Source : AIRPlus | 16 Oct 2023...Even as insurance consumers in Singapore increasingly opt for digital, they still regard advice from financial advisers to be more trustworthy and personalised. Life Insurance Association Singapore's Mr Dennis Tan says hybrid is the preferred choice of a life insurance customer....
Source : AIRPlus | 16 Oct 2023