Total Asia Pacific catastrophe limit purchased in 2013 increased for the 10th year in a row, but failed to keep pace with strong GDP growth in the region, according to a recent report, Asia Pacific Catastrophe Report 2013 by Guy Carpenter.
The five BRICS countries of Brazil, Russia, India, China and South Africa are looking into the possibility of setting up a reinsurance company that would serve their interests in an increasingly hostile commercial environment.
No region in Eastern Asia is immune to the threat of flooding, said Dr Peter Höppe, head of Munich Re's Geo Risks Research unit. The global reinsurer also said that floods and typhoons are expected to increase in frequency in Eastern Asia.
The microinsurance sector in Asia and Oceania has reached 172 million lives and properties covered, representing a 40% annual growth rate between 2010 and 2012, according to research released by the Munich Re Foundation and GIZ. Despite these encouraging achievements, the microinsurance sector today covers less than 5% of the people living in Asia and Oceania.
Agaping savings hole between the expected savings and actual retirement needs of Asian investors points to financial hardship in retirement for many, according to a recent Manulife Investor Sentiment Index.
By 2030, the world's urban population will reach five billion, with China and India leading the way in the growth of rapid growth in urbanisation and urban populations in the coming decades, according to Swiss Re's latest sigma study, "Urbanisation in emerging markets: boon and bane for insurers".
While most insurers recognise that they need to change in order to boost shareholder returns, Asian firms are much more focussed on using a tactical asset allocation framework to boost shareholder returns than their global counterparts.
SCOR has the tradition every year to reward the best academic work in the field of actuarial science with prizes in various European countries, France, Germany, Italy, Spain and the United Kingdom.
The Risk Management Institute of Australia (RMIA) aims to focus its efforts on education and accreditation for risk professionals, according to its President.
Insurers in Brunei have formed the Brunei Insurance and Takaful Association (BITA) which was inaugurated in a soft launch on Takaful and Insurance Day on 14 November 2013.
The newly established Shanghai Free Trade Zone (FTZ) will be positioned as a testing ground for China's offshore insurance market, and will challenge existing international insurance centres for business, according to the head of the Shanghai bureau of the China Regulatory Insurance Commission (CIRC), Mr Fei Guang.
Two recent major natural disasters in the country - Cyclone Phailin and flash floods in Uttarakhand - have prompted the Government to consider a universal insurance cover for people and properties affected by such events.
The Insurance Regulatory and Development Authority (IRDA) plans to set up an Insurance Clearing House (ICH) that will ensure timely and effective reconciliation of inter-company reinsurance and coinsurance balances and settlement of these balances.
Insurers and reinsurers will soon be able to fully understand the financial impact and threats that stem from rioting in Indonesia with the launch of Impact Forecasting's riot modelling tool which analyses the threat within the country.
Bank Negara Malaysia's recently announced concept paper on family takaful and life insurance could be a "catalyst" for greater insurance penetration, said RHB Research.
Takaful operators in Pakistan have worked out a compromise settlement with conventional insurers in the market, which will allow the latter to run Shariah-compliant insurance business through parallel window operations.
The life insurance sector in Singapore posted strong results for the first nine months of 2013, hitting S$2 billion (US$1.6 billion) in weighted new business premiums, a 27% increase over the same period in the previous year.
Most financial service sectors in Taiwan will remain active in pursuing new business opportunities in China over the next two to three years, said Taiwan Ratings' Credit Analyst Eunice Fan.