Geopolitical tensions can help boost insurance
SIRC Connect
DEI continues to be a focus in recruitment
Change is a constant for the reinsurance industry
APAC life market to see increasing demand for financial stability
General
As ESG risks rise, D&O covers need a new look
Life & health
Sri Lanka's life industry bucks the trend with growth
Agency still most profitable channel in Sri Lanka life
Structural growth factors for life insurance in Asia Pacific
Vietnam
New regulations spur interest in Vietnam non-life market
Stricter regulations for bancassurance
New regulations will improve Vietnam life insurance
Vietnam insurance market sustains growth momentum
Thailand
Thai insurers cope with ageing population and increasing healthcare demands
Changing demographics present Thai life sector with opportunities and challenges
New regulation offers scope for M&A in Thailand
Synchronising technologies for insurance claims management
Personal pensions rolled out across China
Insurers in talks with Vanke on non-standard debt
Complementing offerings from conventional operators
Technical due diligence needed to insure AI
Adopt and adapt to AI
Digital platforms democratising insurance
Lack of women in top leadership despite diverse workforce
Insurers and banks combating climate change together
Trending: TPAs as a growth engine for customer experience
Partners in compliance
Asian
Asia Pacific: Insurers will focus on investment risk as economic growth slows
China promotes basic health insurance for children
India: 'Missing middle' may be covered by universal health insurance
Taiwan: FSC to allow more channels for insurers to raise capital
Risk
Air pollution is the fastest growing protection gap
Asian CROs worry most about operational resilience
Insurers taking on more risk for their investment portfolios
Extensive evidence of second-hand trauma amongst claims handlers
Great Eastern Singapore launches single premium plan with 100% capital guarantee
Etiqa Malaysia launches two new term and CI family plans
PICC, Ping An and China Pacific units jointly launch disability income insurance plan
Transamerica Life (Bermuda) launch upgraded indexed universal plan for HNW customers
Etiqa Insurance Singapore launch CI plan with mental health support
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.