COVID-19 has shown that pandemic-related business interruption (BI) is directly linked to the decisions of governments to implement lockdown measures, making it impossible for insurers to model and price such a risk. As such, BI risk is uninsurable by insurers alone, said a report from the Geneva Association.
Life insurers in India reported high individual APE growth of 90% y-o-y in March 2021 on a low base translating to 40% y-o-y growth in the fourth quarter of financial year 2021 and 8% y-o-y for financial year 2021.
HSBC Life, HSBC Group's insurance business, has appointed Ying Teoh as global head of customer proposition, HSBC Life and Insurance Partnerships, based in Hong Kong.
Willis Towers Watson has announced the appointment of Jennifer Tiang as regional cyber leader in Asia. In this new role, she will lead the company's cyber insurance business in Asia, together with a team of 10 other cyber champions across the region. She will drive business growth and implement new and innovative cyber ideas and solutions to help organisations mitigate rapidly evolving cyber risks.
The Asia Pacific Life Insurance Virtual Congress was held on 23 March 2021 in Singapore and streamed 'live' to more than nine countries, 3,000 delegates and partners, as well as Presidents of APFinSA member associations. Here's a round up of the event.
ASX-listed Steadfast Group, the largest general insurance network in Australasia, has increased its shareholding in unisonSteadfast, the largest global network of independent insurance brokers, to a majority stake of 60%.
Singtel associate director Kenneth Boey has been named Risk Management Institute of Australasia's (RMIA) Asia Risk Leader of the Year. The award was sponsored by Asia Insurance Review.
Paris-headquartered global reinsurer SCOR says that it posted gross premiums of EUR600m ($719m) at the 1 April renewal season, representing year-on-year growth of 14.3%. Pricing rose by 4.3%.
Lower-for-longer interest rates have a number of implications for the credit profiles of Asia-Pacific (APAC) insurers, with the overall impact dependent on existing product mixes and investment portfolios according to a Fitch Ratings report published in April 2021.
Mental health problems caused by the COVID-19 infections will be the next pandemic according to a new study published by the Barcelona Institute for Global Health (ISGlobal) in March 2021.