A new dedicated InsurTech Asia Association is being launched to mark a milestone development in the regional insurance market.
The inaugural Asia Pacific Insurance Conference (APIC), a regional conference organised by a collection of major insurance-related organisations affiliated under the auspices of the International Insurance Law Association/Association Internationale de Droit des Assurances (AIDA), will be held on 18-20 October 2017 in Singapore.
The giant emerging markets of China and India will drive global life premium growth in the coming years, forecasts Swiss Re Institute in its sigma report titled “World insurance in 2016: the China growth engine steams ahead”.
Mr Tan Suee Chieh, a veteran in the insurance industry and previously Group Chief Executive of NTUC Enterprise, has been elected to the council of the Institute and Faculty of Actuaries (IFoA), the only chartered professional body dedicated to educating, developing and regulating actuaries based both in the UK and globally.
The rise of InsurTech has led insurers to change their approach to managing business. The large incumbents face competition from startups springing up across the globe, and need to decide whether to accept them as partners or rivals.
Fifteen members of the collaborative UNDP-FAO Integrating Agriculture in National Adaptation Plans (NAP-Ag) Programme from Nepal, the Philippines, Thailand and Viet Nam were involved in a recent peer-to-peer exchange to discuss how proper application of climate information and applied research could inform better decision making and reduce loss.
The pensions industry is facing a massive challenge. Across Asia, populations are ageing as genetics and technology add years of life, and emphasis is placed on their healthcare. Regulators are cognisant that the pension schemes of yesteryear are no longer sustainable and need to be overhauled. At the same time, affluence has created a higher demand for sophisticated retirement planning and solutions.
Life premiums in Oceania, including Australia, are expected to register moderate growth in 2017, supported by savings products as yields have improved slightly, says Swiss Re Institute’s sigma report, “World Insurance in 2016”.
More than 50 impressive nominees have been selected as finalists for the 2017 Australian Insurance Industry Awards, organised by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and founding partner, Asia Insurance Review.
Cambodia’s insurance industry saw a 24% surge in the first quarter of this year with gross premiums reaching US$36.2 million, driven by life business which shot up by 63.5% to $14 million, according to the Insurance Association of Cambodia (IAC).
President Xi Jinping has announced that China would set up a financial stability committee under the State Council to be responsible for the coordinated oversight of the insurance, banking and securities sectors.
The Insurance Authority (IA), which started operations on 26 June, will actively consider the streamlining of existing regulatory requirements, including the application of the concept of a “sandbox”, to help reduce the lead time for the launching of FinTech products.
Insurance policies covering various expenses relating to dementia have been launched in Japan as more people are suffering from the illness in the rapidly ageing country, reported Kyodo News Agency.
The IRDAI has effected a new regulation, which is seen as a big move towards protecting policyholders’ interests.
The government will seek a legal base to pressure private insurers to cut down medical insurance premiums to help alleviate the cost burden on subscribers amid coverage expansion of national health insurance.
Less than half (45%) of Malaysian small and medium-sized enterprises and large companies currently have business liability cover although 64% of businesses are aware of it, according to a survey by Australia’s QBE Insurance Group.
Regulatory pressures will drive sector consolidation in Malaysia in the short term, said Fitch Ratings.
Microinsurance has now begun to gain momentum in Nepal with the release of the microinsurance directives for Nepalese insurers by the Beema Samiti (Insurance Regulatory Authority of Nepal).
Beema Samiti (Insurance Regulatory Authority of Nepal) has reduced premiums for Riots, Strike Damage under Fire Tariff by 25% and for Malicious, Sabotage and Terrorism by 50%. The new premium rates came into effect from 16 July. Earlier, the regulator had also reduced private car own damage premium rate to the tune of 25% to 35%.
Five non-life insurers have decided to voluntarily exit the insurance business, mostly because they are unable to comply with requirements to increase net worth, said the Philippine Insurers and Reinsurers Association (PIRA). They are currently servicing existing policies, reported Rappler.
The Government is studying the possibility of taking over the running of ElderShield, following a proposal from a committee reviewing the national insurance scheme for long-term care.
Sri Lanka should develop a national disaster risk financing strategy and explore catastrophe risk insurance options for public assets given losses caused by recent natural disasters whose frequency is increasing, said the World Bank in its latest development update.
Carpool Insurance Broker, a Thai InsurTech firm, is aiming for THB100 million (US$3 million) of premiums during its first year of operations.
Businesses could face a much higher bill than they expect or are prepared for after falling victim to a cyber-attack, according to new research from Lloyd’s.
Swiss Re has been consistently integrating environmental, social and governance (ESG) considerations into its investment process since the start of 2017. It is among the first in the (re)insurance industry to do so.
Twenty universities from around the world have been designated by the International Insurance Society (IIS) as Global Centers of Insurance Excellence (GCIE) in the programme’s inaugural year. The certification programme recognises outstanding risk management and insurance programmes that play an integral role in promoting insurance knowledge and research.
Corporate Risk Management
The World Bank has launched specialised bonds aimed at providing financial support to the Pandemic Emergency Financing Facility (PEF), the insurance mechanism it introduced a year ago to rapidly disburse funding to developing countries facing pandemic risks.
E conomic losses from cyber events have the potential to be as large as those caused by major hurricanes, yet less than 20% of losses are covered by insurance, according to Lloyd’s in a report co-written with risk modelling firm Cyence.
The Pan-Asia Risk and Insurance Management Association (PARIMA) hosted its second regional conference of 2017 in Shanghai recently. Topics including China’s cyber regulation, captives, supply chain risks, project risks related to international expansion, product recall and safety management in construction projects were discussed.