Cyber risk is everyone's problem now
Taiwan
Regulations and digitalisation shape Taiwan's non-life market
Regulator manages in stride the need to juggle several insurance issues
Digital transformation a major player in non-life segment
Ageing demography creates opportunities amid challenges
Long-term care requires long-term strategy
Conservative investment strategies help life insurers get back on track
Insurance sector in flux
Lessons from Taiwan on asset-liability currency mismatch risk
APAC supply chains plagued by cyber vulnerabilities
The ins and outs of cyber policies
Cyber insurance moves from niche to critical
Unlocking India's SME cyber market
Securing digital identity in the deepfake era
Singapore: Cyber protection defined by exclusions
Cyber prevention a myth, resilience is the new reality
PI insurance yet to mature in India compared to other markets
Competition and softening conditions create challenges for professional indemnity
AI and data analytics are reshaping the (re)insurance industry
Parametric push: Climate risks reshape reinsurance in APAC
Cyclone resilience in focus
General
Navigating the unexpected
Climate change fuels rise in travel and turbulence claims
View from India: Intermediaries can bring back trust in livestock insurance
Weathering the oscillations: Indian agriculture in the face of ENSO and IOD
Life & health
Critical illnesses need proactive approach by health insurers
Singapore: Insurance can shield HNW wealth from volatility
Insurer earns honours in providing insurance for state student loans
AI moves to the core of strategy for China's top insurers
Bridging the basic health insurance coverage gap for gig workers
Asian
Australia's financial safety net pushed to limits due to mental ill health
Indonesia: OJK urges growth of protection products in Indonesia
Nepal: Health insurance services to be made more accessible and efficient
New Zealand: New research shows Kiwis insure cars, boats and gadgets but not themselves
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