2025 stands out for the insurance industry because of the sheer number of substantive changes in policy and government priorities that domestic and international entities will have to navigate, according to Mr Matt Andrews, APAC managing partner at the international law firm Kennedys.
Composite insurance rates in Asia dropped by 3% in 4Q2024, as compared to 4% in 3Q2024, according to Marsh's "Asia Insurance Market Rates: 2024 Fourth Quarter", published in February 2025. Of the countries surveyed, Korea's rates fell the most by 9%, while Taiwan's rates increased by 11%.
Climate risk "is systematic, with global effects", according to Ortec Finance investment solutions director Saiyan Raja.
Lockton has appointed Mr Tony Hardy as Asia CEO. In his new role, he will lead Lockton Asia into its next phase of growth and innovation.
Singapore's life insurance industry ended the year strong with a 19.7% growth, reaching a total of S$5.87bn ($4.34bn) in weighted new business premiums for YTD 4Q2024, compared to last year, primarily due to an increase in the annual premium business, said the Life Insurance Association of Singapore.
Prudential announced yesterdaythat it is evaluating a potential listing of ICICI Prudential Asset Management involving the partial divestment of its shares, subject to market conditions, requisite approvals and other considerations. It is intended that following the completion of such a divestment, the net proceeds would be returned to shareholders.
Initially scheduled to come into force in January 2025, the implementation of mandatory motor third-party liability insurance has been delayed.
Singapore is rolling out comprehensive cybersecurity training for about 500 board directors in 2025, as part of a nationwide initiative to strengthen corporate defenses against digital threats.
Sompo has appointed Ms Lily Claydon as CRO, effective 3 March 2025. In her new role, she will be responsible for leading Sompo's APAC risk management, governance and analytics, in addition to developing talent and capabilities across the region. She will also join the APAC executive team based in Singapore.
China's national financial regulator has issued the first-of-its-kind insurance guidelines for EVs and plug-in hybrids.