No one said it was going to be easy
Understanding emerging risks
Sustainable business growth for life insurers
A focus on health
Healthcare in a post-COVID environment
Trends to watch in life and health
Climate, digital and IFRS17
Heightened risk environment will continue
Climate change, ESG and cyber
Complex risk landscape makes prediction hard
Accelerating towards a new future of insurance
Reinsurers reconnected
Examining the critical role of reinsurance at SIRC
How economic headwinds will impact reinsurance in Asia
General
A hard market approaches for general insurers
M&A insurance in APAC
Property insurance and inflationary pressures
Life & health
Life insurance sustainability initiative in Japan
Mental ailments will now be insured
China
Increased supervision of online insurers decimates the market
Top five insurers see combined net profit plunge over 15%
Chinese insurers face volatile investment outlook
Foreign reinsurers and the regulator
The next listed insurance company in China
Insurers keep tech investments on a tight leash
Chinese life insurers are being tested to their limits
Health insurance expected to rebound
Chinese reinsurance market in transition
Pressure to address pricing globally
Common ground for reinsurance renewals
Inside Malaysia's five-year insurance regulation framework
Market volatility, sustainability top-of-mind for insurers
Supply-chain risks must be handled better
Think Tank
The Geneva Association - The role of insurance in promoting social sustainability
Victory lap
Personalising the insurance experience
Strategies to improve customer experience
Asian
Australia: 12m people anxious about inadequate savings for retirement
Bangladesh: Regulator cites nine issues impeding non-life sector
Indonesia: Insurance market likely to see higher growth this year
Risk
Higher stress and less work engagement afflicts young adults
Fossil fuel demand expected to peak soon
Despite new cyber threats, ransomware remains at the top
Hong Kong: New policy with flexible payment options
Philippines: yufin announces partnership with Gigacover
Vietnam: Liberty Insurance announces partnership with Prodima and introduces new digital tools
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