AI: Opportunity or threat?
SIRC Connect
Innovating insurance for a resilient future in Asia
Reinsurance is a very good solution to have
General
Steering maritime disputes towards mediation
Closing the protection gap for rangers
View from India - Indians are ready to adopt motor telematics
Why vehicle telematics are still not mainstream
Hard market opportunities for Hong Kong
Japan
Building resilience - the 2023 IAIS annual conference in Tokyo
Japan life sector helps in shift from savings to investment
Expanding the role of Japanese life insurance
Japanese premium income boosted by pent-up demand
Financial inclusion and customer-centricity in insurance
Life insurers find stability
Insurers adapt to cope with ageing Japan
Recovering market brings back old challenges
Steady route for Japan's reinsurance market in 2024
South Asia
Bangladesh industry thrives on favourable regulatory initiatives
Pakistan's non-life insurance sector
Maldives infrastructure push to drive insurance segment
Economic growth bodes well for Bhutan insurance industry
Takaful offers valuable alternative risk mitigation for South Asia
AI and the aggregation of risk
Critical disease claims from young Chinese on the rise
A year in review: P&C and life highlights and 2024 forecast
Insurers adapt strategies to economic cycle
Regulatory changes cause insurers to review investments
Multi-dimensional insurance investments in Asia
Indonesia: Bancassurance can improve customer literacy
Embracing tomorrow: Navigating the trajectory towards reinsurance 2030 - insights from India Rendezvous 2024
Charting the Future: Unveiling Insights from the 17th India Rendezvous 2024 Towards Reinsurance 2030
Shaping the Future: 17th India Rendezvous Drives Reinsurance Innovation Through Insightful Panels Discussions and Dynamic Networking Platforms
Asian
Australia: Actuaries support shift in superannuation policy focus to retirement
Bangladesh: Insurance sector may see liquidations and mergers
Singapore: MAS proposes to reduce customer info collected for some insurance products
South Korea: Affluent turn to insurance overseas, particularly HK
Asia: Japanese insurers rank among the top globally in environmental leadership
Pacific: Property rates stay flat in 4Q2023, for first time in 26 quarters
Risk
New code of conduct for insurance market using AI
Insurers must adapt to energy transition
India: Self-reporting of mental health disorders less than 1%
Deepfake fraud and deglobalisation among new insurance risks
Bottled water contains more plastic particles than previously estimated
Cyber insurance market growing dramatically
MSIG Singapore personal accident plan
SBI Life Insurance two new term plans with return of premium
WTW parametric insurance policy to protect South Pacific Ocean's coral reef system
Etiqa Insurance Singapore pet insurance policy
BigPay international travel insurance product
Guy Carpenter new cyber reinsurance product, CatStop+
WTW cyber insurance coverage for SMEs
bolttech travel insurance with FWD
People on the move
By Cheng Xin Yap, Tharan Ganesan, and Tananya Santipinyolert
Recent floods in major cities around Southeast Asia and other parts of the world have reopened the conversation on flood coverage in insurance products. This year alone Malaysia, Pakistan, and South Korea have all witnessed the worst floods to hit their shores in decades. As it stands, it is estimated that only 18% of all economic losses from floods in the past decade were insured.
A specially curated webinar led by Milliman US-based data analytics specialists
Well-managed actuarial outsourcing offers a viable solution to meet the increasing demand for actuarial resources
By Subhash Khanna and Shamit Gupta
No insurance product has been as adversely affected by the COVID-19 pandemic as travel insurance. Travel and social restrictions both within and without countries were introduced and are still in force in an effort to curb the spread of the virus. With the lack of travel came a precipitous drop in travel insurance premium volumes. However, global vaccination rollouts have provided a glimmer of hope for worldwide travel, sparking a conversation on the evolution of travel insurance in a post-pandemic world. In this brief article Milliman consultants explore how ASEAN countries have been gradually opening up their borders, along with the progress shown by insurers in the region to adapt to the evolving situation and its repercussions for the travel insurance products of tomorrow.
Over the past two decades our lives have been transformed by the information-rich Internet. At the hearts of digital giants like Google, Facebook, Amazon, Airbnb and Netflix we often find some ranking and filtering algorithms that use customer attributes to improve and customize predictions.
By Lalit Baveja, Principal and Senior Healthcare Management Consultant, Milliman
Last year, Milliman developed a Hong Kong fulfillment ratio index to understand the gap between illustrated non-guaranteed benefits at point of sale and actual non-guaranteed benefits declared by life insurance companies in Hong Kong.
Milliman’s annual study on reported year-end 2019 embedded value (EV) and value of new business (VNB) results for 53 major multinational and domestic life insurers across Asia was released in August 2020.
Medical inflation is a key driver of health insurance costs which in turn lead to premium increases. Health insurance companies are continuously looking for ways to manage medical inflation better to keep premiums competitive for customers and to mitigate lapses.
The first edition of Milliman’s Life insurance capital regimes in Asia: Comparative analysis and implications report was published in July 2019. Well received by the market, as the first of its kind, the report has been referred to and cited several times over the last year. In view of the pace of change in, and increasing focus on, regulatory (and economic) capital across the region, Milliman has compiled an updated report a year later.
In Indonesia, insurance compliant with Syariah principles can be sold through either a Syariah business unit or “window” of a conventional insurance company or, less commonly, through a standalone Syariah insurance company. Insurance Law 40, enacted in 2014, mandates insurance companies to separate their Syariah windows from their conventional business into a separate entity, to “spin-off,” when:
Insurers and reinsurers have been outsourcing actuarial work to captive units or third-party service providers for several years. Recently the industry has witnessed renewed interest in actuarial outsourcing, with an increasing number of companies either setting up new outsourcing units or expanding their existing ones. This trend is especially true for life insurance companies, especially in light of increasing regulatory and reporting requirements, including International Financial Reporting Standard (IFRS) 17, long-duration contracts targeted improvements (LDTI), and new risk-based capital regimes in Asia