Magazine

Dec 2019

Read the latest edition of AIR and MEIR as an Interactive e-book

2020 vision


Sneak preview of tomorrow

Asia Insurance Review decided to end the year for readers by asking some of the industry’s leading lights to talk about the big issues that will face the industry in 2020 – in insurance, reinsurance, broking, advisory, regulation and technology. The result is a collection of unique insights for strategic minds to mull over during the Christmas break – to inform and direct action and strategy in the New Year. 
 





The pivot east continues

Asia’s rapid growth, ageing populations and China’s presence in the region offer unique opportunities for (re)insurers to innovate and close the protection gap. Swiss Re’s Russell Higginbotham gives us his thoughts on what that may entail. 
 

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The importance of embracing technology

Technology has played a vital role in keeping the insurance industry resilient in the face of overwhelming adversity over the last few years. Lloyd’s Iain Ferguson believes it will continue to do so in the future.
 

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Big issues facing the industry in 2020

Changes in demographics have impacted the product mix in countries – whether that’s a growing ageing population looking to supplement retirement needs or wealth decumulation or a younger population looking towards protection and wealth accumulation. Singapore Life Group’s Varsha Bipinchandra provides some insights.
 

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Challenges between corporates and start-ups

InsurTech can expect bullish growth, despite uncertain global economic outlooks that stem from factors such as the US-China trade war. Global M&A transactions reached their lowest quarterly rate since 2016 in Q32019, says Plug and Play Japan’s Chang Li.
 

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Resilience for Asia's emerging middle-class

Asia’s fast-growing middle class has opened up new market opportunities for insurers and reinsurers alike. Peak Re’s Franz Hahn talks about how the industry can capitalise on it in light of potential economic headwinds.
 

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An enabler for Asian insurers

Asia’s insurance market offers significant growth opportunities, evidenced by the fact that premium growth in many areas across the region exceeds that of Europe and the US. Insurers in Asia are innovating in terms of products and distribution models, but face challenges in deploying effective investment strategies efficiently, says BlackRock’s Henry Ashworth.
 

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Data, technology integration and customer satisfaction

Despite potential challenges that the industry may face in the coming year, MetLife’s Kishore Ponnavolu believes that it needs to press on, and ramp up efforts in data use, integration of technology and customer satisfaction.
 

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Digital transformation and consumer behaviour

As the industry continues to face rapid changes, the need to focus on preventative solutions, using technology and closing the protection gap will only continue to grow, according to Cigna’s Patrick Graham.
 

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Growing Asia, greater challenges

Asia’s markets continue to grow, and they continue to change. Aon’s George Attard discusses what this means and what some of the challenges are. 

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Collaboration with InsurTechs

Collaborations between insurers and InsurTechs have been critical to helping the industry adapt and innovate, and is set to continue, according to Axinan’s Wei Zhu.
 

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Navigating in turbulent times

EY’s Grant Peters highlights some of the things industry leaders need to think about to prepare for the future.
 
 

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Risk management in 2020 and beyond

As the changing world throws up a host of new risks, the need to be resilient has never been greater. Generali’s Anthony Wong talks about the challenges faced by modern risk managers, and how going back to basics could be crucial to addressing complex problems.

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Growth opportunities in Asia

Asia’s strong economic growth has seen it become a focal point for reinsurers. Hannover Re’s Michael Marx talks about how reinsurers can take full advantage.
 

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Recurring themes, new challenges

The current economic volatility against the backdrop of Asia’s continued growth and ever-present cyber risks create many possible scenarios to prepare for in 2020, according to Marsh’s David Jacob.
 

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Seeking sustainability in a digital future

MSIG’s Alan Wilson gives his thoughts on how insurers can transform to stay relevant in the face of digital transformation, and help the world transition to a more resilient and sustainable future.
 

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Healthy and wealthy: Asia in 2020 and beyond

As people live longer and healthier lives and have more money to spend, Prudential’s Nic Nicandrou says that innovative, digital solutions will be crucial for insurers to meet the needs of their customers.
 

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Trendspotting for 2020

QBE’s Jason Hammond discusses how new regulations and evolving technology will impact insurers.
 

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Collaboration on the horizon

Symbo’s Laurens Koppelaar expects to see more collaboration between insurer and InsurTech to address changing market demands.
 

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Trends shaping the future

PwC Singapore’s Woo Shea Leen and Penny Ying lay out some of the trends we might see in 2020 that could shape the future of Asia’s insurance industry.
 

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Continued growth, but challenges ahead

Life insurers preparing for the new year would do well to pursue value growth by being nimble in distribution, optimising customer experience and being fully engaged in ecosystems, says McKinsey’s Bernhard Kotanko. 
 

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Reinventing to stay relevant

To stay relevant in the rapidly changing Asian economy, insurers will need to be forward-thinking and take many things into consideration as they seek to reinvent themselves. Zurich’s Jack Howell talks about some priorities.
 

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