Taking Tiger Mountain by Strategy (again)
2022 MDRT executive committee assume roles for the new term
Hongkongers and Singaporeans more motivated to invest responsibly since COVID-19
Hong Kong: Regulator extends the validity of temporary facilitative measures
Rethinking motor insurance
Marine insurance insights
Data benefits for cargo market will require change
Insurance for ecommerce retailer liability
Life & health
Life in the next decade
On y va
Takaful market and retakaful solutions in Malaysia
Positive mood for reinsurance
Positive signs for general insurance
Persevering through the pandemic
InsurTechs radically changing the insurance landscape
Subscribing to assurance
Actuaries contribute to managing climate risk
Actuaries breaking through the glass ceiling
The actuarial approach to making healthcare sustainable
Putting online insurance on the right track
CPIC's transformation map
The Geneva Association: Digital entrepreneurship and the supportive role of insurance
Building resilient organisations
A future without risk is impossible
Cyber security - a strategic priority in an age of digitalisation
The narrowing gap between InsurTech and insurance
M&A in Asia slows down
View from India
Insurance more attractive for the young
The power of parametric insurance to propel APAC's renewable energy transition
China: Insured losses from Henan floods approach $2bn
India: HDFC Life to acquire Exide Life in biggest insurance deal
Malaysia: Regulator starts consultation on bancassurance
New Zealand: Lockton opens office in Auckland
Exposure to air pollution linked with increased mental illness
Threefold increase in targeted ransomware attacks in first half of 2021
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