Hong Kong's resurgence
Hong Kong
Expanding insurance ambitions
Hong Kong bets on marine insurance to strengthen maritime hub ambitions
Balancing global competition and structural strengths
Brokers squeezed by rising healthcare and talent crunch
GBA links, AI and wealth demand fuel next phase of growth
Demand for W&I coverage strong, but breaches uncommon
Hong Kong's marine insurance market: It's time to close the gap
Rising climate risk events forcing insurers to restrategise
Energy-stressed households may trigger emerging property risks
Alternative methods of cooking not a higher risk, regardless of behavioural shift in energy crisis
Philippine insurers urged to tighten war risk rules amid Middle East tensions
Geopolitical risks reshape aviation insurance in APAC
Flying through headwinds
Extreme weather and the route ahead in aviation insurance
Operational losses a balance sheet risk rather than insurance issue
Ten years of WiRE: How women in reinsurance reshaped the industry
India's Maritime Insurance Pool to facilitate uninterrupted maritime insurance coverage
General
Manual checks may mitigate rising spoofing threats
Parametric's push across Asia
AVs in Singapore face an underwriting conundrum
Insurance AI adoption still lags despite investment surge
View from India: Enabling MGAs is the right approach
Regulatory push to drive general insurance market in Cambodia
Life & health
Vietnam's income boom sets stage for life insurance evolution
Asian retirement ecosystems need a fundamental shift
Using reinsurance strategically in Japan's dynamic market
Long-term care insurance will now be available across the country
Vietnam's Insurance Business Law, the journey so far
Asian
China: Chinese insurers to reinsure Russian LNG supplies to China
Japan: General Insurance Association of Japan updates compliance guide amid regulatory changes
New Zealand: Financial and insurance services are among those facing the weakest competitive pressure
Singapore: Life insurers record highest first-quarter payouts since 2021
Vietnam: National health insurance coverage will be expanded
Products and alliances
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