Korea's insurance market has seen a lot of growth and innovation over the past few years, but there is still work to be done to improve the underlying health of the industry. Munich Re's Messrs Roland Eckl and Michael Hauer elaborate.
The food and beverage (F&B) industry "is exposed to a widening range of disruptive forces, from droughts and natural disasters to political unrest and trade disputes", according to WTW's Global Food, Beverage and Agriculture Risk Report 2024: How the industry is managing emerging risks and challenges.
A total of 50 finalists have been revealed for the 9th Asia Trusted Life Agents & Advisers Awards. The finalists emerged from 13 markets and 35 different companies across the region. The awards recognise the best in life insurance agents and advisory across Asia Pacific. The finalists were shortlisted by an expert panel of 12 judges comprising CEOs, association heads and industry experts through an exhaustive remote-judging process.
Among the top 300 broking groups globally, the Asia-Pacific/Australasia region is the base for 33 groups. China is the home country for 15 of the top 300 groups, according to Insuramore.
Across Asia, market conditions were mixed, with renewal outcomes varying by line of business. Natural catastrophe property risks remained challenged. Financial Lines saw a general softening, says Aon in its "Q1 2024 Global Insurance Market Insights Report" released last week.
Private equity-backed reinsurers' appetite for Asian life insurance assets is unlikely to be sated any time soon, as there are $2tn of assets/liabilities under management that are currently providing sub-par capital returns, says Guy Carpenter, the largest life reinsurance adviser in the Asia-Pacific region.
Pricing of insurance is continuing to moderate as rates decline, according to Marsh's May 2024 report, Asia Insurance Market Pricing: 2024 First Quarter. In Asia, rates in 1Q declined 2% after remaining flat for three prior quarters.
Factors such as growing amounts of data, changing customer expectations, competition from newer, non-traditional players in the insurance industry and risk management and mitigation are some drivers behind increased digitalisation and automation in insurers, according to SS&C Blue Prism - ASEAN and Greater China region vice president of sales James Lucas.
WTW has appointed Mr Conor Keating as regional cyber growth leader.
Crawford & Company has appointed Mr Scott Reichelt as president. In his new role, he will lead Crawford's operations in eight regions across Asia.