Political risk and governance
Reports of the death of InsurTech are greatly exaggerated
Where do InsurTechs go from here?
InsurTech needs to evolve with generations
InsurTechs need to be laser focused
InsurTechs in for a tough time
Has InsurTech lived up to the hype?
Insurers and InsurTechs can combine their strengths
InsurTech funding goes through cycles
InsurTechs must show profitability amid shrinking investments
The InsurTech solution
InsurTechs are integral to insurance
Emerging trade credit and marine risks in 2023
Insurers begin experimenting with generative AI
Third-party tools pose major cyber insurance risk
New rules of court for liability insurance
View from India - ESG and insurers
Life & health
Healthtech: New innovations, new risks
Employers must address Gen Z's poor mental health
Cambodia, Laos, Myanmar, Vietnam
Vietnam insurance market back to pre-pandemic growth trajectory
Macroeconomic turbulence impacts Myanmar growth
Weak currency shrinks motor insurance coverage in Laos
Health insurance reforms cause unease in the market
New regulatory body for financial industry oversight
Life insurers can help seniors stay healthy
Building a far better industry
Powerful AI platforms bring powerful risks
Better insurer peer comparisons in riskier operating environments
Lessons from Silicon Valley Bank
Sri Lanka political crisis is not a one-off
Moving away from the annual cycle of pain at renewals
Asian insurers bear the brunt of rising interest rates
Pakistan economic crisis will singe insurance too
Asia: Outlook positive for demand for transactional risk insurance in 2023
SVB collapse highlights critical lessons for insurance industry
Umbrella insurance body stresses need to address protection gaps
Cyber threats to IT supply chains and geopolitical targets escalate further
Political violence to heighten, civil unrest to increase
AI drives 62% of insurers to cut staff levels
Malaysia: Zurich appointed official provider for MYAirline
Singapore: AIA and Whitecoat launch digital mental health solution
Singapore: FWD launches cancer insurance, partners MiRXES to encourage early detection of cancer
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