We expect the challenging market environment, defined by economic volatility, the war in Ukraine and geopolitical crisis, heightened cyber risks as well as natural catastrophes such as floods in Australia and the Philippines, to persist into 2023.
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In the APAC region, the insurance industry has seen an increase in demand for insurance products as individuals rethink their health and financial plans amid growing health-related concerns and financial vulnerability.
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Currently we are seeing a somewhat mixed economic sentiment for 2023 given concerns over inflation and rising interest rates.
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Asia Pacific is a diverse region, with each market facing its own unique healthcare challenges.
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It is no surprise that COVID changed many people’s lives, accelerating a more digital environment. Business models needed to adapt quickly. Consumers’ purchase behaviours have changed for good.
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Looking forward, the expectation is that throughout 2023 and into 2024, we will continue to operate in a heightened risk environment.
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Over half of the world’s population resides in Asia Pacific, a dynamic, ever-changing region that is culturally rich and demographically diverse.
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Mark Twain said that “prediction is difficult – particularly when it involves the future” and this truism is weighing heavily on our industry and our customers as we consider what 2023 will bring.
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There can be little doubt that the Singapore International Reinsurance Conference has become one of the most essential events in the calendar of many global industry professionals.
The Singapore International Reinsurance Conference returned as an in-person event this year and welcomed over 2,000 delegates to its various conference halls, meeting rooms and exhibition booths.
We caught up with Peak Re’s Mr Franz Hahn to get his thoughts on how current economic uncertainties will affect reinsurance in different Asian markets.
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General
Insurers are expected to face a hardening market due to higher credit risk exposure in the aftermath of COVID-19, according to speakers at the 26th Indonesia Rendezvous.
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M&A insurance has been a steady and profitable line of business over the years and its trajectory is set to continue to rise despite economic uncertainties.
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Property insurers are exposed to multiple risks in Asia, including Nat CAT and supply-chain disruptions.
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Life & health
In 2021, the Daido Sustainability Initiative was launched to encourage SMEs in Japan to take action on sustainable development goals.
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All health insurance products in India will now cover mental illnesses in accordance with the provisions of the Mental Healthcare Act, 2017.
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China
Tough supervisory norms and a slew of reforms for online insurance has not only led to a plunge in premium income but is also forcing P&C insurers to withdraw from the market.
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China’s insurance industry declined for six straight months in the first half of 2022. Cumulative GWP, however, was up for the third consecutive month in September – while investment income continues to trail.
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The outlook for insurers in China is uncertain as the country begins an unprecedented third term under President Xi.
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What do foreign reinsurers in China expect from the insurance regulator?
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With the approval of Sunshine Insurance Group’s IPO, China might soon see its 10th listed insurer.
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The InsurTech market in China is expected to grow rapidly as the country becomes more reliant on smartphones and advances digitally.
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To find out how the life insurance industry in mainland China is performing we spoke to McKinsey & Company’s Ms Charlene Wu.
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A recent Swiss Re Institute sigma report said that the Chinese non-life insurance market could see a rebound with premiums increasing by an estimated 3.6% in 2022 and by 4.7% in 2023.
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China continues to be one of the strongest economies in the world and the fastest growing insurance market, despite the current challenges it faces with its zero-COVID policy.
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Guy Carpenter’s Mr David Priebe spoke to Asia Insurance Review about the year ahead in APAC, the impending renewals – and what brokers need to do in order to remain relevant in a fast-changing world.
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Reinsurers and cedants will have to reach a common understanding amid capacity constraints and hardening markets.
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Earlier this year, Malaysia published its Financial Sector Blueprint 2022-2026, outlining the country’s strategy for financial sector development over the next few years.
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Insurers have had to adapt their investment strategies to uncertainties and volatility in the global economy which look set to continue in the near future.
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The risk landscape continues to evolve as the world grapples with inflation and geopolitical tensions.
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Think Tank
The ESG movement has grown from a corporate social responsibility initiative launched by the UN into a global phenomenon that is reshaping the asset management and the broader business landscape.
Winners of the 26th Asia Insurance Industry Awards share their thoughts on their accolades and what it means for the future of their company.
Singapore’s Income says it is changing the digital landscape of the domestic market with a focus on serving all consumer segments.
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Singapore FinTech Festival 2022 included a knowledge plenary session on insurance, pensions and wealth that explored the sustainable use of AI in insurance.
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Asian
Three in five (62%) Australians – equivalent to over 12m people – are concerned about not having enough money in retirement, according to new research by Finder, a personal finance comparison website.
The Insurance Development and Regulatory Authority (IDRA), the regulatory body for Bangladesh, has identified nine issues in the country’s non-life insurance sector.
The Indonesian non-life insurance segment is expected to exhibit higher growth in 2022, supported by the resumption of domestic activity and demand as the country transitions to treating COVID-19 as endemic and moves away from strict lockdowns seen up to 2021, said AM Best.
Risk
A new study by Cigna International has revealed that despite newfound workplace freedoms young people now face higher levels of stress, financial concern and reduced workplace satisfaction and growth.
The World Energy Outlook 2022 released by the International Energy Agency (IEA) reveals that Russia president Vladimir Putin’s invasion of Ukraine has accelerated the world’s transition to cleaner energy sources.
Ransomware remains a top cyber risk for organisations globally while business email compromise incidents are on the rise and will increase further in the ‘deep fake’ era according to a new report from Allianz Global Corporate & Specialty (AGCS).