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May 2024

Editor's Message

Source: Asia Insurance Review | Feb 2020

It is February and we are still celebrating despite the grave natural disasters, trade spats and political tensions around us. Such is the power of the indomitable positive human spirit that thrives to be happy and progress no matter how tough the odds and ominous the portents. This is the real power of the humans against AI: the home truth about the triumph of instincts over data-driven doom predictions.
You will see more of this in this Year of the Rat – metal they say, which comes with radical positions and strange choices. Though start-ups and businesses will be more careful with new initiatives and ideas to measure the risks involved through all angles, they will still hungrily lynch forward to strike high, though be warned that the rodents see self before others.  
So we are at the start of the full circle of the Chinese zodiac cycle. Being Metal, there will be greater emphasis to earthy matters and hence global attention will focus on saving the earth. In tandem, we launch our Environment & Climate Crisis Summit this June to do our part to get insurers more actively involved in saving the Earth even as the industry steps up to environmental risks and rewards greener policyholders. Watch the space.
Rat brings more demand for insurance as people and businesses get more risk averse. So insurers will be in demand. Step up to it especially with the pull of Social Media. We actually see the immense role of social media in bringing insurance to the masses and boosting the image of insurance, enhancing customer centric service, streamlining processes and efficiency. But, most importantly, social media provides the check with its “going viral pull”.  
As our exciting and refreshing Cover Story on “how life and health products have evolved in the various markets” show, social media, genetic testing, ageing, medical discoveries are the key forces of change even for regulators. But using social media is like riding a tiger, you can never get off. So just keep enjoying the ride. Breathe deeply.
We just launched our 5th Asia Trusted Life Agents & Advisers Awards to salute the role of agents and advisers in promoting the value of insurance in the digital era. We remain convinced that agents & advisers are to most the only real face of insurance to the man in the street. Power to the Agents as we say.
Our Country Profile is on the Philippines where, even as we go to print, the toll of Taal is being assessed but the market remains very optimistic of its future as consolidation beckons and as reinsurers remain committed to help manage the risk exposures.
Even in India, at our 13th Rendezvous, there was a distinct greater confidence in the market being able to chart and shape its own future even as more foreign boys were rushing in to share or sell their expertise to the Indian clientele.
This February is special with its extra day. Make the leap year count. Do something special for yourself and your company this leap year. Commit that extra day to let your staff go off to work at their favourite charity or social cause! We can only suggest as we dream of that day when insurance is everyone’s favourite buzzword. 
With the roaring 20s, dreams are big even as climate crisis, cyber threats & regulatory risks rankle.
Sivam Subramaniam
Asia Insurance Review
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