Volatile markets again
Reinsurers manage profitable second quarter
General
View from India - Can public-sector insurers give up motor and health portfolios?
IT outage may impact APAC insurers hard
Pakistani farmers benefit from takaful
Life & health
Japan: Opportunities for insurers in the grey area
Role of environmental and social data in underwriting
New and eradicated diseases keep health insurers on their toes
Hong Kong
Hong Kong's RBC regime signals a new era
Life insurance: Promising and positive performance
Hong Kong citizens struggling with living expenses
Cyber attacks on Hong Kong regulator, insurers and agencies
Nat CAT concerns remain among general insurers in Hong Kong
Hong Kong reinsurance market builds on underwriting discipline
What new regulations and developments mean for Hong Kong
Sanctions: Top marine compliance risk that moves in real-time
Navigating marine and hull insurance
Aviation reinsurance contracts for treaty negotiators, claims managers
Evolving risk spells more turbulence for aviation
More NEV manufacturers in China to join motor insurance
Can insurance intermediaries survive China's harsh winter?
China gets a new reinsurer
Chinese government supports insurance, macroeconomic concerns remain
Australia
Australia's first insurance broker for indigenous peoples
Training insurers to deal with vulnerable customers
Beyond business: Australian insurer's unique corporate culture fuels success
Barriers to financial advice remain high in Australia
Australian InsurTechs driven by incumbents and foreign investors
Australian insurers must engage more with superannuation
Actuaries on AI
Responsible AI and workforce upskilling imperative for insurers
Understanding the nuances of generative AI
Asian
Australia: Cyber incidents return as biggest worry for businesses
India: Life insurers to seek more time to comply with new policy surrender rules
Japan: Demand for insurance heats up under searing sun
Pakistan: Regulator promotes risk sharing through insurance pools
Philippines: Regulator reviews rules for selling insurance to overseas workers
Vietnam: Infrastructure spending likely to boost non-life insurance demand
Allianz and HSBC launch new life insurance plan
AIA Singapore launches free holistic insurance coverage
AXA and Trip.com introduce custom travel insurance product
ICICI Lombard launches AI-powered health insurance product
OneDegree offers the first CI coverage for pets in Hong Kong
New China Life and Huize partner to provide new annuity insurance product
People on the move
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.