Conference season chaos
Malaysia
Keeping L&H coverage affordable increasingly important
Foreign workforce in the country offers unique opportunities for insurers
General insurance sector poised for strategic growth
Malaysian Re sees stable renewal season for Asian reinsurance sector
APAC: Political risk is lower, but underwriting remains challenging
Beneath APAC's stability, local political risks loom large
Navigating headwinds to political risk insurance growth in Asia
India
Insurers are renewing themselves to insure rapidly growing renewable energy sources
GIC Re: Powering global expansion through strategic initiatives
New kid on the block to shake up India's reinsurance market
Current challenges and emerging risks in marine insurance
IFRS17 and market pressures reshape Indonesia's reinsurance sector
General
Solar farms: Balancing power amidst competing interests
Sovereign risk transfer: Insurance must speak the language of public finance
Marine war risks - A reality check for marine insurers in Asia
Life & health
Reimagining aging in Asia
Continuity or collapse: The silent risk in Asia's great wealth transfer
Universal health insurance eludes transgender people
Driving inclusive insurance
Advancing DEI practices as insurance workplaces diversify
As insurance ages, it must attract young talent
Can the GBA ease Hong Kong's ageing crisis?
Judicial interpretation of social insurance law stirs intense public debate
Singapore: Retiring well despite longevity risks
Asia's insurance industry urged to leverage climate data and risk management to close protection gaps
Asian
Australia: Around one fifth of Australians have increased their health insurance excess for cheaper cover
China: New law to enhance public health emergency response
Japan: Market sees huge hike in insurance premiums for solar power equipment
Vietnam: Bancassurance revenue hits record, market shifts
South Korea: Depression cases surpass 1.1m in 2024
Products and alliances
People on the move
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.