Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Feb 2024

Contents

February-Home
Editor's Letter
Magazine article aboutJobs-for-life

Jobs for life

Reinsurance
Magazine article aboutSmoother-renewal-period-spells-good-news-for-industry

SIRC Connect

Smoother renewal period spells good news for industry

Insurance
Magazine article aboutRising-claims-for-high-net-worth-insurance-products

General

Rising claims for high-net-worth insurance products

Boosting insurance and takaful in Pakistan

Japan's 2024 earthquake losses expected to reach $3.3bn

Investment-linked insurance policies in Singapore

Hong Kong: Meeting mainland Chinese consumer expectations vital

Surge in demand for EV insurance in Singapore

Parametric insurance still nascent in Southeast Asia

Life & health

Health insurers review to manage rocketing medical inflation

View from India - India needs digitally-empowered agents

From protection to prevention - driving down costs of critical illness

Market Profile
Magazine article aboutLess-volatility-expected-in-Philippine-reinsurance-market

Philippines

Less volatility expected in Philippine reinsurance market

Financial literacy and digitalisation should improve insurance density and penetration

New indemnity programme to cover public assets

Philippines life shows resilient growth

Broking
Magazine article aboutTransactional-business-models-no-longer-sustainable

Transactional business models no longer sustainable

Asian broker market continues to mature despite pressures

Australia
Magazine article aboutA-vibrant-InsurTech-market-down-under

A vibrant InsurTech market down under

China
Magazine article aboutChina-s-first-wholly-foreign-owned-P-C-insurer

China's first wholly foreign-owned P&C insurer

Huiminbao: Falling numbers spur reforms

Notebook
Magazine article aboutThis-is-India-s-time-for-insurance-growth

This is India's time for insurance growth

Winning at IFRS17

Engineering out data centre risk to boost sustainability

AI can breathe new life into Singapore insurance

Claiming a critical role in insurance

News

Asian

Asia Pacific and Africa: Small fraction of disaster losses in 2023 are insured

Australia: Major insurer places $7bn catastrophe reinsurance programme

South Korea: Insurance market expected to rebound in 2024

Risk

Forests in Southeast Asia can weather climate change better if left undisturbed

Risks, regulation in focus as AI boom accelerates

Supply chain biggest challenge for cyber security

Product Bites

Zuno General Insurance launch customisable health insurance plan

AIA Singapore launches booster CI coverage

Indonesian FinTech launches pioneering insurance cover

AIA launches new product offering high returns and extra flexibility

AXA Insurance Indonesia launches SmartMedicare

Diary
People on the move

People on the move

Insurance

General

Rising claims for high-net-worth insurance products

Increasing demand for high-net-worth insurance products has led to a spike in claims in recent years. Risks associated with assets such as yacths, art and jewellery collections are also evolving due to widespread digitalisation.
 
 

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Boosting insurance and takaful in Pakistan

Pakistan’s insurance sector has remained largely ignored for some time. It is mentioned as an afterthought despite playing an imperative role for individuals and corporates in the development of economy by protecting life.
 
 

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Japan's 2024 earthquake losses expected to reach $3.3bn

On 1 January, a 7.6 magnitude earthquake rattled the Ishikawa prefecture in Japan, resulting in an estimated economic loss of $5.6bn and insurance industry loss of $6.4bn. Insured property losses are projected to reach $3.3bn.
 
 

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Investment-linked insurance policies in Singapore

As awareness of investment-linked (insurance) policies increased in Singapore, the Monetary Authority of Singapore refined regulatory guidelines on the products to enhance transparency.
 
 

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Hong Kong: Meeting mainland Chinese consumer expectations vital

Post-pandemic changes in consumer behaviour among mainland Chinese buyers have contributed to a drop in policy sales in the Hong Kong insurance market.
 

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Surge in demand for EV insurance in Singapore

In Singapore, the demand for electric cars is on the rise, which is being fuelled by government climate policies and consumer demand. More car owners will start making the switch from petrol cars to EVs.
 

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Parametric insurance still nascent in Southeast Asia

There is a disconnect between market risk transfer demand and capacity supply and it is expected to impact underwriting for parametric solutions. Demand for such products in Southeast Asia is also slower than other regions.
 
 

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Life & health

Health insurers review to manage rocketing medical inflation

Medical costs in the Asia-Pacific region are expected to rise further in 2024. There is also an increase in non-communicable diseases and a large critical illness gap in many markets.
 
 

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View from India - India needs digitally-empowered agents

Indian insurance agents have plenty of opportunities in a vast unexplored market ahead of them. They only need to adopt technology and adapt to the evolving insurance ecosystem in the country.
 
 

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From protection to prevention - driving down costs of critical illness

Rising costs and the significant critical illness protection gap represents one of Singapore’s biggest healthcare problems.
 

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