We survived September with great volatility and chaos on a daily basis, be it climate, geopolitical, trade or markets related or just wondering what is next in technology and disruption.
As tech gets more powerful, it is coming under greater scrutiny from the privacy, data protection and abuse points of view. But on another level, tech is bursting forth with forces of change that even insurers and reinsurers are not spared despite the rigorous unique specificities of the business. Some dare to say ‘technology will drive the business’. Then there are the wiser ones daring to show their age to lament aloud if ‘insurers can drive the technology in the business’. Despite the divide, one must embrace tech and keep up to survive and look relevant. Keep asking: Is my business sustainable?
The Monte Carlo Rendezvous, the reinsurance world’s lead global event came with the sword of Dorian hanging over, and left silently. Somehow this year’s Monte seemed a quieter affair with most saying markets were hardening especially in loss-hit lines and even primary rates had increased. Risks were getting more complex and loss creep was getting bigger. There was much talk of disruption, cyber, waiting for ILS play and the rising protection gap as GDP expands faster than insurance. There was clarity that insurers and reinsurers must step up to deliver better product and services whose benefits were more easily transparent to the users. People are living longer and accumulating more assets in disaster-prone areas waiting for insurance as the knight in shining armour. Insurers rising?
Watch this space as we prepare for the next big event: The 16th SIRC that will take perfect measure of the winds of change to ensure sustainability of not just the business model but the environment altogether.
Our country profile is on Indonesia, a market of huge potential. The Indonesian Rendezvous each year draws a huge crowd of those committed insurers eager to serve the market in the Indonesian way, honouring its unique needs and wants even as the market tries to keep up with the new world with its own dizzying changes.
As a treat in this bumper issue, we bring you a close up on China and Australia. China, trade spats notwithstanding, is the driving force behind global non-insurance business as we bring back the China Rendezvous to Shanghai with the theme of ‘Brave New Era of reinsurance’. We also give you an insight into the blue ocean strategy on China’s health insurance.
With the Takaful rendezvous in Kuala Lumpur this month, we explore the innovative use of parametrics as shariah-compliant. In many ways takaful does have answers to the problems faced by traditionals. But the implementation is still on the wait-list.
There is so much happening that this edition comes with thought leadership pieces brimming with ideas for private public partnership, motor trials, investments pulls, growing life and insuring complex risks and AI as defining the future of insurance. The very essence of the true role of insurance is: To deliver a more sustainable future for the industry and the environment beyond shareholder values, maxim that should apply to all sectors in a globally connected world.
I end with a salute to all the finalists for the 23rd Asia Insurance Industry Awards and look forward to the gala dinner at the end of this month with the start of the 16th SIRC. Singapore looks forward to welcoming all delegates to the SIRC as the numbers have passed the 1,000 mark – another milestone reached.
Have a great October.
Asia Insurance Review