Magazine
Insurance industry predictions
2024
Next year promises to be a very interesting one for the insurance industry. Short-term interest rates are likely to remain at or close to current levels for at least the first half.
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Current trends in the life insurance industry will continue into 2024.
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The year 2024 is poised to usher in a transformative era for the insurance industry in Asia. Driven by the convergence of AI and data analytics, insurance providers face a pivotal juncture in meeting evolving consumer expectations for digital services. In this landscape, embracing AI and technological transformation is not just an option but an essential strategic imperative for success.
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Taiwan’s life insurance industry has been shrinking in the past couple of years driven by the pandemic, regulatory changes, industry de-risking and recent spikes in interest rates globally.
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Heightened reinsurance credit risk and potential pressure on underwriting margins owing to rising reinsurance costs and more-restrictive coverages have led AM Best to maintain a negative outlook on the Indonesian non-life insurance segment.
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The reinsurance industry is on a more sustainable footing as we head into 2024. But an evolving risk landscape and a widening protection gap in Asia will require cedants and reinsurers to work more closely together, building more meaningful relationships through deeper dialogue.
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In 2024, the Indian general insurance industry expects to be driven by factors like technological advancements, climate change, emerging risks, evolving customer expectations and regulatory developments as it progresses to achieve ‘insurance for all’ by 2047.
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In the ever-evolving landscape of reinsurance, it is vital to maintain a clear-eyed view of the industry’s enduring challenges and opportunities as we transition from 2023 into 2024. The challenges are still relatively unchanged as we look to 2024.
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A business operating in Sri Lanka needs to be agile to survive and grow, more so than in many other countries.
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For Australia’s life insurers, 2024 will mark a year of deep connection with the people they serve.
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Insurers in Asia are aligning their strategic priorities with customer centricity, data security, collaboration, sustainability and compliance.
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With massive infrastructure investments across the country, the insurance industry in Maldives has the potential to grow rapidly in 2024.
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Risks such as an imminent global recession, escalating geopolitical tensions, economic uncertainty and elevated interest rates is expected to hover over the life insurance industry in Singapore in 2024.
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The year 2023 was challenging for the reinsurance market in Asia Pacific. Here are some headwinds and tailwinds currently shaping markets in the region.
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Insurance customers from mainland China are no doubt a big group of customers for the Hong Kong insurers but there are several other cohorts that contribute to the rise of the territory as an international insurance hub.
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While the hard market visited the global reinsurance industry a few years ago, it has only just reached the Indonesian (re)insurance sector.
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It has been a conservative market deeply rooted in traditions, however, adoption of technology and simple regulatory interventions will continue to guide the changes in Japanese insurance industry in 2024.
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The world is in a state of flux – climate change, COVID-19, trade tensions, political shocks, and high-profile conflicts in Europe and the Middle East.
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Insurance brokers need to do a lot to adapt to the changing industry and capitalise on the opportunities that present themselves.
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There are various challenges and considerations for insurance brokers in Asia, and we find out what solutions might exist for them in 2024.
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Ongoing rising climatical, macroeconomic and geopolitical risks have led to significant price corrections and adjustments in global reinsurance terms and conditions in 2023, something that looks likely to continue into 2024, both in the reinsurance and retrocession markets.
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While reinsurance renewal rates have hardened to a level not seen before, non-life insurers in Philippines still have a bright outlook for the future. Philippines Insurers and Reinsurers Association’s (PIRA) Ms Junephrey Ocampo spoke to PIRA chairperson Ms Eden Tesoro on what 2024 will hold for the industry.
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Customer service in insurance will be the true differentiator for insurers.
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The year 2024 is expected to be the year when the Indian insurance industry lays down the blueprint to achieve ‘Insurance for All by 2047’.
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The Australian insurance sector is not alone in facing rising and evolving risks against a backdrop of cost pressures and increased counterparty expectations. S&P Global Ratings discusses some big themes for 2024 around product affordability, disaster resilience, disability and metal health claims and technology spend.
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Climate change, inflation and cyber will continue to create significant challenges for reinsurers in 2024.
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The Global Asia Insurance Partnership looks at protection gaps across all risk types and assesses that there are three categories of solutions to address protection gaps which should be considered holistically.
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As we stand on the verge of 2024, the InsurTech sector finds itself at pivotal crossroads, where it faces a multitude of challenges.
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