AI: Opportunity or threat?
SIRC Connect
Innovating insurance for a resilient future in Asia
Reinsurance is a very good solution to have
General
Steering maritime disputes towards mediation
Closing the protection gap for rangers
View from India - Indians are ready to adopt motor telematics
Why vehicle telematics are still not mainstream
Hard market opportunities for Hong Kong
Japan
Building resilience - the 2023 IAIS annual conference in Tokyo
Japan life sector helps in shift from savings to investment
Expanding the role of Japanese life insurance
Japanese premium income boosted by pent-up demand
Financial inclusion and customer-centricity in insurance
Life insurers find stability
Insurers adapt to cope with ageing Japan
Recovering market brings back old challenges
Steady route for Japan's reinsurance market in 2024
South Asia
Bangladesh industry thrives on favourable regulatory initiatives
Pakistan's non-life insurance sector
Maldives infrastructure push to drive insurance segment
Economic growth bodes well for Bhutan insurance industry
Takaful offers valuable alternative risk mitigation for South Asia
AI and the aggregation of risk
Critical disease claims from young Chinese on the rise
A year in review: P&C and life highlights and 2024 forecast
Insurers adapt strategies to economic cycle
Regulatory changes cause insurers to review investments
Multi-dimensional insurance investments in Asia
Indonesia: Bancassurance can improve customer literacy
Embracing tomorrow: Navigating the trajectory towards reinsurance 2030 - insights from India Rendezvous 2024
Charting the Future: Unveiling Insights from the 17th India Rendezvous 2024 Towards Reinsurance 2030
Shaping the Future: 17th India Rendezvous Drives Reinsurance Innovation Through Insightful Panels Discussions and Dynamic Networking Platforms
Asian
Australia: Actuaries support shift in superannuation policy focus to retirement
Bangladesh: Insurance sector may see liquidations and mergers
Singapore: MAS proposes to reduce customer info collected for some insurance products
South Korea: Affluent turn to insurance overseas, particularly HK
Asia: Japanese insurers rank among the top globally in environmental leadership
Pacific: Property rates stay flat in 4Q2023, for first time in 26 quarters
Risk
New code of conduct for insurance market using AI
Insurers must adapt to energy transition
India: Self-reporting of mental health disorders less than 1%
Deepfake fraud and deglobalisation among new insurance risks
Bottled water contains more plastic particles than previously estimated
Cyber insurance market growing dramatically
MSIG Singapore personal accident plan
SBI Life Insurance two new term plans with return of premium
WTW parametric insurance policy to protect South Pacific Ocean's coral reef system
Etiqa Insurance Singapore pet insurance policy
BigPay international travel insurance product
Guy Carpenter new cyber reinsurance product, CatStop+
WTW cyber insurance coverage for SMEs
bolttech travel insurance with FWD
People on the move
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.