Magazine

Aug 2019

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

Editor's Message

Source: Asia Insurance Review | Aug 2019

There is so much happening in Asia in August, though the European summer break does beckon the holidaymakers.
 
We just announced the 13 winners, from a nomination pool of 400 candidates across 15 markets, at the 4th Asia Trusted Life Agents & Advisers Awards gala dinner in Bangkok where the important role of agents and advisers in the insurance value chain was heralded with pomp and passion. Despite digital and technology, the human touch in insurance brought via agents and advisers is just mind-boggling. We salute them for they are both the face and the heart of insurance.
 
Late in August, we will see another set of awards presentations – to the leading stars in the Australian market, seen as being on the cutting edge of innovation and inclusiveness. 
 
Awards play a healthy role in boosting excellence and professionalism in the market despite stirring friendly competition though there are still sceptics who can weigh us down with negative diatribes and pessimism. I believe in the goodness of the world and the talent of our fellow men and the power of recognition to motivate people.
So watch this space for our Asia Insurance Industry Awards!
 
Our cover story this month is on China, hailed by the latest sigma world comparative insurance statistics, as the market that is leading the global insurance industry’s tilt to Asia. There is much happening in China along with the 36 new critical appointments by the China Banking and Insurance Regulatory Commission.
 
Many markets are affected by the trade spat between China and the US, such is the mighty influence of China regionally and globally. Yet with all the infrastructure projects, be it through the Belt and Road Initiative or the Greater Bay Area, the insurance penetration in a country exposed to Nat CAT, and the cyber exposures in a leading tech centre, China remains an attractive market with its sheer size. Everyone wants to be part of the action in China.
 
The China Rendezvous is coming back in November in Shanghai given the demand and burning need for it. There is a line-up of key Chinese and international speakers. The Rendezvous will take stock of the insurance and reinsurance needs of the giant China market with a promise of a great future in life, general and digital. There is something for everyone at this Rendezvous. Mark your dates now – 5-7 November.
 
With so much talk of natural disasters affecting smallholders, and the need to ensure food supplies for the growing population, AIR is pushing the cause with the theme, ‘Feeding the world with SMART Agritech’ and the search for a resilient agri-insurance system at the 6th Asia Agriculture Insurance Summit, in Delhi next month. This is not a pipedream but a win-win for insurers and the 700m smallholders across the globe with an estimated agri-insurance gap of $8-15bn in premiums alone. The search is on for a sustainable insurance solution for farmers, be it parametric or indemnity-based. Who knows? It might be time to reboot the current agriculture insurance system. Are you game?
 
In August it is always good to review your targets and adjust your business plans accordingly. It is a tough environment out there and everything seems so unpredictable with just a click or Twitter.
 
Take heart and have a great August.
 
Sivam Subramaniam
Editor-in-chief 
Asia Insurance Review
 
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