...In 2018, typhoons Jebi and Cimarron "toppled over several turbines in Japan", according to an article published by Swiss Re, Climate Change and Wind Power: The Winds of Change....
Source : AIRPlus | 22 Jul 2024...The rapid development of new energy vehicle (NEV) insurance in China brings in new requirements for the country's motor insurance brokers. The traditional motor insurance brokerage model, which relies solely on providing basic intermediary services, has become insufficient to meet market demands. Facing this challenge, motor insurance brokers need to undergo self-innovation and actively involve in digital transformation....
Source : AIRPlus | 18 Jul 2024...Taiwan's National Health Insurance Administration (NHIA) has proposed to fund new cancer medicines by imposing a surcharge on alcohol....
Source : AIRPlus | 14 Jul 2024...The newest standalone Indian health insurer Narayana Health Insurance has unveiled its first health insurance policy, Aditi. It is India's first health provider-owned insurance cover....
Source : AIRPlus | 14 Jul 2024..."Over 70% of APAC insurers have already integrated ESG principles into their business models and policies or are doing so," said Income Insurance vice president and head of strategic communications and sustainability Shannen Fong....
Source : AIRPlus | 11 Jul 2024...An indigenous entrepreneur has launched Australia's first insurance brokerage specifically for First Nations organisations and communities. First Nations refers to indigenous Australians and includes both Aboriginal and Torres Strait Islander peoples....
Source : AIRPlus | 11 Jul 2024...The major ASEAN economies are grappling with the challenge of boosting insurance penetration rates. As Gen Z emerges as the dominant consumer segment of the future, it is crucial to engage them for the industry to prosper....
Source : AIRPlus | 11 Jul 2024...The increasing adoption of EVs in India is not only reshaping the India motor industry but also revolutionising the motor insurance segment in the country....
Source : AIRPlus | 09 Jul 2024...In recent years, the global reinsurance market has been influenced by changes in climate-related risks, rising catastrophic losses and economic uncertainties. The market continues to lean towards a hard market stance, and Taiwan is no exception. Reinsurers see opportunities arising from rate increases and improvements in terms and conditions in this hard market. Additionally, after P&C insurers paid over TWD270bn ($8.3bn) due to COVID-19, the demand for reinsurance increased as insurance companies aimed to protect capital from volatile underwriting result. According to statistics from Taiwan Insurance Institute, gross written premiums grew by 10.6% in 2023. Meanwhile, reinsurance premiums ceded grew by 20.8%, with the majority of the increase in fire insurance. The improved reinsurance conditions in recent years may attract new market participants and increase competition in the Taiwanese reinsurance market....
Source : AIRPlus | 09 Jul 2024...A parametric insurance plan helped 46,000 women across 22 districts in India tackle the extreme heatwave conditions that swept through vast swathes of the country in May and June this year....
Source : AIRPlus | 04 Jul 2024...A majority (76%) of IT and cyber security leaders have invested in cyber defences to qualify for cyber insurance according to a new global survey by Sophos, the cyber security solutions company....
Source : AIRPlus | 04 Jul 2024...In a bid to provide more opportunities for insurance companies and fintech firms to co-develop innovative insurance products, the Financial Supervisory Commission of Taiwan (FSC) now allows cross-industry collaborations....
Source : AIRPlus | 02 Jul 2024...Without insurance, businesses "will be unable to reach their net-zero transition goals or become resilient in the face of the changing climate", according to a whitepaper by Howden and BCG, titled The bigger picture....
Source : AIRPlus | 02 Jul 2024...Cost of medical care in Malaysia is rising, Etiqa Family Takaful CEO Zafri Ab Halim said....
Source : AIRPlus | 02 Jul 2024...The Asia Care Survey 2024, conducted by life insurer Manulife found physical wellbeing was considered the most important to respondents, with 39%. Financial and mental wellbeing came in second and third place with 32% and 29% respectively....
Source : AIRPlus | 26 Jun 2024...According to life insurer TAL's blog, "vaping is generally considered by insurers the same as smoking"....
Source : AIRPlus | 26 Jun 2024...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....
Source : AIRPlus | 06 Jun 2024...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....
Source : AIRPlus | 06 Jun 2024...Global Insurance Law Connect's Risk Radar 2024 identified cyber security and Nat CAT linked to climate change and cyber security as challenges facing insurers in India this year....
Source : AIRPlus | 06 Jun 2024...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....
Source : AIRPlus | 30 May 2024...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....
Source : AIRPlus | 30 May 2024...According to the PERILS Industry Exposure Database (IED) 2024, the impact of inflation on insured exposures "continues to be visible". For instance, the PERILS IED for wind Japan remained stable in terms of JPY with y-o-y growth in "low single digits". However, when compared to the USD, the sums insured represented a decline of 5.1% y-o-y due to the appreciating dollar....
Source : AIRPlus | 09 May 2024...Hong Kong's Insurance Authority (IA) published its consultation conclusions on six draft rules concerning the implementation of a risk-based capital (RBC) regime in April 2024. This action follows the Legislative Council passing the Insurance (Amendment) Ordinance 2023 and subsequent publishing of the six draft rules for public consultation in December 2023 and January 2024....
Source : AIRPlus | 09 May 2024...Out of seven insurers in China, outlooks for six were rated 'negative', according to Fitch Ratings, while t the seventh remained 'stable'. A 'negative' outlook "reflects a potential decline in the willingness and ability of the government to support insurers with weaker standalone credit quality, during times of financial stress", Fitch said....
Source : AIRPlus | 09 May 2024...Hong Kong's Insurance Authority (IA) held its Insurance-linked Securities (ILS) Conference earlier in April 2024. The conference, tailored specifically for institutional investors and related professional service providers, was the first of its kind....
Source : AIRPlus | 17 Apr 2024...In 2022, the Law on Insurance Businesses No 08/2022/QH15 came into effect, following the commitment agreed upon in the EU-Vietnam Free Trade Agreement in 2020, according to the Insurance Supervisory Authority (ISA) of Vietnam....
Source : AIRPlus | 17 Apr 2024...Insurance industry organisation, CRESTA, which provides a global standard for risk accumulation zones and natural catastrophe industry losses, has added the Japanese Noto Peninsula Earthquake in early 2024 to its CRESTA Industry Loss Index (CLIX)....
Source : AIRPlus | 04 Apr 2024...With the Prudential Standard CPS 230 coming into effect on 1 July 2025, Xceedance business leader - key accounts in Australia Prateek Vijayvergia said that Australian insurers and underwriting agencies should start planning for the "systemic change needed to ensure compliance"....
Source : AIRPlus | 04 Apr 2024...In 2023, the Monetary Authority of Singapore (MAS) named four 'domestic systemically important insurers' - AIA Singapore, Income Insurance, Prudential Assurance and Great Eastern Life Assurance....
Source : AIRPlus | 28 Mar 2024...Health and safety (84%) overtook cyber attack, including cyber extortion (69%), as the top risk for directors and officers (D&O) in APAC this year, according to the 2024 Global Directors' and Officers' Survey Report from WTW and Clyde & Co....
Source : AIRPlus | 28 Mar 2024...The Deloitte Insurance Outlook 2024 indicated that many life insurers are repositioning in order to drive sustained and predictable growth....
Source : AIRPlus | 25 Mar 2024...In early 2023, the prime minister of Vietnam's Decision 07/QD-TTg was issued, approving the strategy to develop the insurance market in the country until 2030. The application of technology in the insurance industry was covered in the document, with the prime minister requesting the formation of a regulatory sandbox in order to encourage companies to develop new digital products and services....
Source : AIRPlus | 25 Mar 2024...Generative AI, as a technology, caught many people off-guard with its power and flexibility. With the entire world scrambling to take full advantage of what generative AI can do, insurers must make surenot to lag behind in adoption and integration once again....
Source : AIRPlus | 20 Mar 2024...What sustainability could mean in insurance was the question Swiss Re head of life and health, APAC ex China Daisy Ning posed at the 2023 Global Insurance Forum....
Source : AIRPlus | 05 Mar 2024...A woman who falsely claimed that she had been seriously injured in a traffic accident and lost the ability to work, has been convicted for attempted insurance fraud by the district court, according to the Hong Kong Federation of Insurers (HKFI). She attempted to defraud the insurance company of HK$5.4m ($927,824)....
Source : AIRPlus | 05 Mar 2024...Singapore regulator MAS is set to formalise expectations for insurers to deal fairly with their customers, including persons with disabilities and persons with mental health conditions. The regulator is revising guidelines for board and senior management for delivering fair dealing outcomes to customers. The revisions are expected to be issued by the middle of 2024....
Source : AIRPlus | 05 Mar 2024...Due to increasingly unpredictable weather phenomena in Australia, parametric insurance is emerging as a "viable option for the nation's farmers", according to Descartes Underwriting....
Source : AIRPlus | 28 Feb 2024...In 2022, the Hong Kong authorities published the Development Roadmap for the Insurance Sector, with the aim of shaping the territory into a global risk management centre and insurance hub....
Source : AIRPlus | 28 Feb 2024...What is the propensity to commit fraud in insurance?...
Source : AIRPlus | 21 Feb 2024...The (re)insurance industry lacks young talent. There is a void at middle management and junior levels which does not bode well for future talent management from an industry perspective, UIB Asia Reinsurance Brokers CEO Francis Savari said....
Source : AIRPlus | 21 Feb 2024...In the next 12 months, advancements in data analytics may lead to a greater emphasis on personalised and on-demand microtakaful solutions in the Malaysian InsurTech space, PolicyStreet co-founder and group CEO Lee Yen Ming said....
Source : AIRPlus | 15 Feb 2024...The Asia Insurance Market Pricing: 2023 Fourth Quarter report, published by Marsh, showed that cyber insurance rates were flat, while those for property grew by 2%. The rate movements were the same as in the quarter prior....
Source : AIRPlus | 15 Feb 2024...According to WTW's Global Real Estate Risk Outlook 2024 - Smarter risk management: Navigating emerging challenges, risks and opportunities, 63% of businesses in APAC have "some cover for extreme weather events", although it was uncertain if the coverage would be sufficient....
Source : AIRPlus | 08 Feb 2024...The final estimate of insurance market losses from the New Zealand North Island floods is NZD2.2bn ($1.4bn), PERILS said in a press release. The floods occurred in January and February 2023. The floods were fuelled by extraordinarily warm and humid weather and damaged many properties and vital infrastructure....
Source : AIRPlus | 08 Feb 2024...According to The Boston Consulting Group managing director and senior partner Madrid Santiago Mazón, Asia should 'double down' on bancassurance....
Source : AIRPlus | 08 Feb 2024...In 2023, total economic losses due to Nat CAT in APAC were $65bn, according to Aon's 2024 Climate and Catastrophe Insight report. Of that amount, the protection gap was 91%, according to the report. Insured losses were "driven by events in New Zealand", the report said....
Source : AIRPlus | 05 Feb 2024...According to Swiss Re's January India's insurance market: Growing fast, with ample scope to build resilience report, regulatory support, innovation and an expanding middle class will drive the growth of total insurance premiums over the next five years....
Source : AIRPlus | 05 Feb 2024...Reinsurance premiums worldwide in 2022 reached $500bn according to recent updates by insurer Insuramore....
Source : AIRPlus | 05 Feb 2024...A new Global Insurance Law Connect (GLIC) report highlights international variations in response to product liability insurance as consumers demand greater protection....
Source : AIRPlus | 05 Feb 2024...Indian private player SBI general, under its corporate social responsibility initiative, plans to create safe roads across India through various road safety initiatives....
Source : AIRPlus | 05 Feb 2024