This, that and the other
SIRC 2022 open for registrations
It will be different this time
Insurance as a critical component of financial literacy
Sustained effort required to improve insurance literacy
The case for financial literacy in Australian schools
Better financial literacy and insurance awareness
Working towards more inclusive financial literacy
View from India
Surety insurance and the regulator
Adoption of Indian crop insurance remains low
Bancassurance faces the digital test
Insurance regulation for a mature market
A mature but shrinking life insurance market
Insurance market faces uphill battle amid worst COVID outbreak
Reinsurers achieve solid performance amidst uncertainty
Rising COVID claims stall non-life momentum
InsurTech boom incoming
Ageing Taiwan and insurance
Insurers turn cautious on real estate investments
Insurance implications of new private pension scheme
Gearing up for 'family doctors'
Pandemic: A look under the hood
Can parametrics unlock takaful's full potential?
Redefining climate modelling
Quantifying cyber risk
Insurance CFOs look at regulation and reporting standards
Bridging the insurer-customer gap through technology
Australia/New Zealand: Talent sought in underwriting and broking
Indonesia: Life insurance premium income dips in 1Q2022
Pakistan: Regulator to develop risk-based capital regime for insurance sector
Utilities struggle to insure new coal power
Mental health support to be part of climate action plans
Industrial cyber security spending will hit $36bn
Australia: Broker urges review of people risk strategies
Hong Kong: Chubb launches new insurance plans for individuals and groups
Hong Kong: OneDegree launches home insurance covering traditional and LGBTQ+ families
Singapore: AIA introduces shariah-compliant funds to ILPs
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