Spring in the air does add a lilt to our step and lift our spirits. Despite the volatile stock markets, some say the bull is still not done. Yet others are caving in to fears of inflation raging again. Rising interest rates is a real bogey for many.
But overall there is greater business confidence among insurers as Asia is seeing real developmental growth all around with economic momentum.
Many reinsurers, however, are reeling from the spiralling effect of Hurricanes Harvey, Irma and Maria with the M&A scene abuzz with prowlers in tow looking for targets to gobble up.
Asia and the world have changed. The Belt and Road Initiative (BRI), a dream of development strategy just five years ago, is today real with China being the strong man of not just Asia. The BRI connects almost 60 countries, accounts for 60% of the global population and 30% of world GDP, with infrastructural investments at a salivating US$250 billion just in Asia alone. There is something in the air for everyone as companies around the world queue up to explore and exploit its potential. In response to readers’ request, AIR is on queue too, to host an Insurance Summit on BRI looking at it from the outside in Singapore where ASEAN is expected to be one of the key beneficiaries of this project.
Our Country Profile this month is on Hong Kong where, aside from an active slew of regulations and preparations for RBC, the BRI is a key propeller of general insurance and life companies also see the lure of business from China.
Our Cover Story is on healthcare where the solutions seem to be a-coming. Heads turned as the big boys Amazon, Berkshire Hathaway and JPMorgan teamed up to set up a healthcare company to fix healthcare issues for their employees banking on technology. Will this trend permeate to Asia where trading in health spells a storm brewing with health evangelists and health management firms on the rise? Can the spirit of compassionate capitalism be invoked to achieve a more inclusive, sustainable and affordable healthcare industry for Asia? What can insurers do?
This Spring, we return with a bumper issue. Our Guest Editorial from RIMS’ President goes for the jugular in attracting the next generation to the business immediately. We also have Lloyd’s CEO calling for a sustainable pricing for all. Then we have new InsurTech launches, birthdays and coming-of-age stories in business as well as our own Asian, Shuzo Sumi, Chairman of Tokio Marine named the IIS Hall of Fame Laurette. Congratulations to Mr Sumi-san who will be feted at the Global Insurance Forum in Berlin this July. Mark your dates.
Our bumper issue also brings you tips to be IFRS-ready, the WEF’s Top 10 future shocks (so belt up) and top connected risks trends in technology where the investment in robotics, AI, Cloud services, IoT and e-commerce is booming.
Motor is making headlines again with reinsurers excluding terrorism from this class of cover. So what gives for IoT in motor, the rise of the connected vehicle and regulators across Asia that favours motorists more than insurers?
With the Brokers Summit in KL this month, we salute the role of brokers in the digital era as entrenched rather than marginalised, and offer you tips on survival strategies.
It is Spring. Get that spring back into your gait. Live life to the fullest and seize the day full of opportunities to make your business shine.
Sivam Subramaniam
Editor-in-Chief
Asia Insurance Review