A midlife crisis
India
Non-life industry well on course for double digit growth
Advanced technology transforming agriculture insurance in India
Insurers need to reshape themselves for the growing silvers
Reinsurers can help expand insurance reach and awareness
Rising air pollution needs insurers to get proactive
Brokers' role is crucial to achieve 'Insurance-for-all-by 2047'
DPDP framework and implications for the Indian insurance sector
Regulator's proactive steps are a gamechanger
Nurturing talent for an insured India
InsurTechs hold the key to insuring every Indian by 2047
Reimaging and realigning product innovation
From triggers to payouts: Flood resilience through parametric insurance
Amended insurance act should give a boost to Indian insurance
Business no longer 'above' politics
AI and infrastructure drive political risk insurance demand in Asia
MAPFRE Re sets sights on Asian expansion
Global Insurers, new products and AI to redraw India's general insurance map
Indian life insurance industry is entering a new era
Protection gap in Asia to drive specialty growth
The CIO Outlook: From experimentation to focus
A glimpse of history
General
Insurers shift to private markets
Why rated infrastructure debt is a solution for APAC insurers in an evolving regulatory environment
Expanding the CAT models for Asia Pacific
Insurance needs capital markets, not just premiums: From promises to portfolios
Settings sights on Southeast Asia
Life & health
Breaking the cycle: A holistic approach to musculoskeletal and mental health risks
Mental-health injury claims in Hong Kong: Why insurers must prepare for multi-policy exposure
Modernising APAC's legacy systems
Lessons from Antarctica - managing long-tail environmental claims
Economic slowdown, technology and emerging risks for the Asian insurance industry
Asian
Australia: Reinsurance pool implements updated postcode allocations
India: Regulator highlights need for a more policyholder-centric approach in insurance ecosystem
Hong Kong: Insurers see 10% rise in total gross premiums in 2024
Japan: Public health insurance to cover childbirth costs
South Korea: Health and auto insurance premiums set to rise in 2026 amid surging claims and losses
Products and alliances
People on the move
We recently sat down with Guy Carpenter’s Head of Retro, Global Specialities, Asia Pacific, Ben Dunnett. We had a frank discussion about the current state of the retrocession market and what it might look like in the coming years.
Asia Insurance Review sat down with Guy Carpenter CEO, Asia Pacific, Tony Gallagher, to get his thoughts on the market dynamics in the APAC region, the most pressing risks facing the industry, the April renewals, and the impact of evolving regulations.
Three severe hail events in the past 3 years have shined a spotlight on this risk in Japan. Historically overshadowed by typhoons and earthquakes, hailstorms can generate insured losses of billions of dollars. Insurers are now seeking ways to lower hail risks in Japan through the development of high-resolution hail mapping technology and mitigation measures to safeguard portfolios against future hail events.
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.