The big issue(s)
In the service of reinsurance
Life & health
Man, machine or man machine
Climate change - the boiling frog syndrome
Top insurance risks in 2022
Increased awareness bodes well for life sector
Non-life faces the motor test
Brokers have a critical role
Reinsuring the future
What's essential to attract talent?
Know your health before your doctor does
Where does health insurance go from here?
Technology to transform crop insurance
InsurTech are in good health
Boomtime for InsurTech
Motor insurance in the fast lane
Driverless vehicles and auto insurance
Actuarial progress in Singapore
The key to fighting climate change is in our nature
Insuring zero-carbon growth
Protecting ourselves from the world
Tackling climate risk
Aviation and extreme weather
Calculating future risks
The Geneva Association - Antimicrobial resistance: The risk of undoing modern medicine as we know it
Hong Kong strengthens commitment to combat climate change
APAC continues to attract captives
Strategic thinking in the age of artificial intelligence
Infographics: Revealing insights from insurance industry leaders in Asia
Asia Pacific: Increased supervision, market volatility and low interest rates to continue to challenge life insurers in 2022
Asia Pacific: Region's advanced insurance markets to grow by more than 3% in real terms this year and next
South Korea: Majority of life insurance planners fail to survive their first year
One third of critical infrastructure organisations will experience a security breach by 2025
Climate change will push up property insurance costs
People on the move
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