Conference season chaos
Malaysia
Keeping L&H coverage affordable increasingly important
Foreign workforce in the country offers unique opportunities for insurers
General insurance sector poised for strategic growth
Malaysian Re sees stable renewal season for Asian reinsurance sector
APAC: Political risk is lower, but underwriting remains challenging
Beneath APAC's stability, local political risks loom large
Navigating headwinds to political risk insurance growth in Asia
India
Insurers are renewing themselves to insure rapidly growing renewable energy sources
GIC Re: Powering global expansion through strategic initiatives
New kid on the block to shake up India's reinsurance market
Current challenges and emerging risks in marine insurance
IFRS17 and market pressures reshape Indonesia's reinsurance sector
General
Solar farms: Balancing power amidst competing interests
Sovereign risk transfer: Insurance must speak the language of public finance
Marine war risks - A reality check for marine insurers in Asia
Life & health
Reimagining aging in Asia
Continuity or collapse: The silent risk in Asia's great wealth transfer
Universal health insurance eludes transgender people
Driving inclusive insurance
Advancing DEI practices as insurance workplaces diversify
As insurance ages, it must attract young talent
Can the GBA ease Hong Kong's ageing crisis?
Judicial interpretation of social insurance law stirs intense public debate
Singapore: Retiring well despite longevity risks
Asia's insurance industry urged to leverage climate data and risk management to close protection gaps
Asian
Australia: Around one fifth of Australians have increased their health insurance excess for cheaper cover
China: New law to enhance public health emergency response
Japan: Market sees huge hike in insurance premiums for solar power equipment
Vietnam: Bancassurance revenue hits record, market shifts
South Korea: Depression cases surpass 1.1m in 2024
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