People are the cornerstone of any organisation, serving as its pillar and backbone. At Allianz Asia Pacific, we place our people at the centre of everything we do, fostering a culture of care that extends from today into the future. Our employees are our greatest assets, and we prioritise building and maintaining trust with them, just as we do with our clients. Through open communication channels, our employees feel confident in sharing their views and feedback. Their constructive input helps us understand their challenges and enables us to create the right environment for our employees to thrive and find satisfaction in their work.
A record number of close to 1000 delegates from 45 countries have registered for the 18th India Rendezvous that kicks off in Mumbai today.
The number of major accidents and resulting fatalities in China in 2024 saw a significant year-on-year decline of nearly 50% according to the ministry of emergency management.
Hong Kong life insurance sales in the first nine months of 2024 set a record mainly driven by local customers. According to Insurance Authority (IA) Hong Kong new life insurance sales in the January -September 2024 period were HKD169.7bn ($21.8bn), the highest since the authority was set up in 2016.
The Philippine Health Insurance Corporation (PhilHealth) continues to be in sound financial position despite being given zero subsidies for 2025.
On 10 January, the Insurance Association of China (IAC) convened a meeting of the Life Insurance Liability Reserve Assessment Rate Expert Advisory Committee to analyze the current macroeconomic environment, capital markets, and interest rate trends. Industry experts discussed assumed interest rates for life insurance products, concluding that the research value for the current assumed interest rate of standard life insurance products is 2.34%.
On 10 January, China Life announced that its cumulative original premium income for 2024 reached approximately CNY671.7bn ($94.04bn), representing a 4.7% year-on-year increase.
As 2025 begins, regulatory announcements continue to highlight the closure of insurance branches, reflecting the ongoing trend of streamlining operations across the industry.
For the life insurance agency channel, 2024 was a challenging year marked by transformation and survival efforts. Faced with macroeconomic adjustments, pressure from "unified commission reporting," and declining product interest rates, many agencies had no choice but to adapt to avoid stagnation and decline. Without changes, they risked shrinking market share, high attrition rates, and structural instability.
These are the highlights for all events and updates across the industry this week.