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

Mar 2024

Editor's Message

Source: Asia Insurance Review | Feb 2016

How quickly the days are rushing by with each day bringing new dimensions to the angst-ridden investment market buffeted by cheap oil prices; ruinous commodity prices; rising political tensions and terrorism; the European refugee crisis; pervasive youth unemployment; and the impact of China on the world stage. Then there is also climate change, rising frequency of Nat CATs and increasing fears of cyber risks that reach through the whole gamut of life as we know it.
 
   Will the advent of the Year of the Monkey in its fiery form make a difference? It is intelligent and dominant and should bring cheer. As the hyper-positives say: “Things are so bad, it can only get better.” But watch the surprises this mischievous ape might have in store for us.
 
   As we go to print, world business leaders are meeting in Davos at the World Economic Forum with the upbeat theme of the 4th Industrial Revolution zeroing in on technological changes. 
 
   Our Cover Story to “insurancify” that global trend looks at re-imagining insurance to see if it can rise to tap into technology to emerge “tech-sexy”. We have been saluting the good that insurance does to people and society, yet there are no refrains of the chorus. So we need to look at insurance from a whole new perspective – bring in the unicorns, let us dare to dream. And our cover picture goes that extra mile to inject innovation into that re-imagination with a Black Unicorn. We believe the insurance sector will see the various CEOs ready to make the difference and not be sitting ducks. Many are still seeking the “right chord” to make that appeal. 
 
   With the Asia CEO Summit on the same theme of “Reimagining insurance” and finding the next Uber in insurance held in Hong Kong this month, our Country Profile is on the territory. We bring an insurance perspective of this market renowned for tech-savvy and discerningly sophisticated consumers. Are Hong Kong insurers way up there on the innovation curve? Hong Kong even has a Commissioner for Innovation – Ms Annie Choi, the immediate past Insurance Commissioner. We bring you the innovation brewing there. As the McKinseys of the world will say, innovation is about strategy and organisation to aspire and mobilise, and then there is the whole range to be bridged.
 
   But innovation is the key – it is not just to get ahead, but to survive. Hence Asia Insurance Review is hosting an Innovation in Insurance Summit in April in Singapore, looking at innovation in product, process and distribution to get everything right from A to Z. It is a must-attend event as without innovation, one sinks.
 
   We hope you are enjoying our new format, and feel guided in reading the articles of your choice. In our general insurance coverage, we look at the threat of floods in Asia and zero in on the Chennai floods where the economic losses have totalled up to US$3 billion. The city is now in full recovery despite moans of poor urban planning and public apathy. We also have a special must-read Risk Management take on “when fibres are hit by floods”. 
 
   On the life and health side, we swing to the rich-retired who need help in managing their health and funds. They are the crème de la crème but are left unguided. Insurers with genuine good karma should swoop in to help these “poor” rich seniors before the fund managers get them. With our Aviation Risks Conference tied in with the Singapore Airshow this month, we bring you a curtain raiser on how 2015 was a good year for aviation underwriters and the cutesy take on: “Is flying a risky business?” especially with cyber threats being all pervasive. 
 
   With all that is happening, hang in there with hope, and find your own way through this maze.  
 
   I take this opportunity to wish you all a great Lunar New Year believing in the Good of the Monkey.
 
Sivam Subramaniam
Sivam Subramaniam
Editor-in-Chief
Asia Insurance Review
 
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