A tale of two markets
Australia
APRA's new regulations to aid market discipline and sustainable growth
Australia's reinsurers navigate falling prices and rising climate stress
ARPC's cyclone pool passes its first real stress test
Favourable winds in general insurance and regulatory shifts in life segment define market
Siloed data unintentional, but make outsized impacts on insurers
Climate change driven complex risk scenarios require innovative solutions
Australia's InsurTech segment is maturing sustainably
AI continues to drive Australia's digital transformation
Brokers: Admirable performance and satisfactory service keeps them relevant
Satellite data transforms parametric (re)insurance solutions
Indonesia
Navigating Indonesia's reshaped reinsurance industry
Regulatory reforms are a game changer
Indonesia life insurers shift towards protection as unit-linked demand wanes
Indonesia's insurance brokers move towards advisory-led model
Indonesians redefine financial security as lifespans lengthen and costs increase
Parametric insurance and supply-chain partnership can close agricultural protection gap
Indonesia moves toward policyholder protection
ICIEC strengthening Indonesia's trade, investment and sustainable growth through Shariah-compliant risk solutions
Malaysia at critical transition point in motor and EV claim digitalisation
India's motor insurance being reshaped by increasing EV adoption
Philippine motor insurance's road to better protection
Life & health
Public-private partnerships crucial for individuals to live longer lives with purpose
Shifting to the centre of the financial planning conversation
General
Nepal: Agricultural and livestock losses from Bhotekoshi disaster rise to US$15m, and still counting
Continued hostilities in the Middle East drive proactive risk management in APAC
Redefining embedded insurance: Cover at the right place, at the right time
Interconnected climate risks mean insurers should adopt an integrated approach
AI adoption puts greater scrutiny on insured workflows
Asia's population map matters for insurers
Floods, urbanisation and the new geography of risk
New Maritime Law is reshaping marine, cargo and trade credit insurance
Interconnected aviation risks now intersect at multiple jurisdictions and capital markets
Insurance as an infrastructure for economic resilience
Emerging risks redefine actuarial domain
Asian
Hong Kong unveils first five-year plan as insurers welcome healthcare and insurance priorities
Singapore: Less than a fifth of respondents have coverage designed to protect against climate related risks
South Korea: Regulator launches consumer protection drive as complaints surge
Southeast Asia: WHO regional committee agrees to ramp up progress towards Universal Health Coverage
Digital footprint data seen to improve cyber claim prediction
Products and Alliances
People on the move
We recently sat down with Guy Carpenter’s Head of Retro, Global Specialities, Asia Pacific, Ben Dunnett. We had a frank discussion about the current state of the retrocession market and what it might look like in the coming years.
Asia Insurance Review sat down with Guy Carpenter CEO, Asia Pacific, Tony Gallagher, to get his thoughts on the market dynamics in the APAC region, the most pressing risks facing the industry, the April renewals, and the impact of evolving regulations.
Three severe hail events in the past 3 years have shined a spotlight on this risk in Japan. Historically overshadowed by typhoons and earthquakes, hailstorms can generate insured losses of billions of dollars. Insurers are now seeking ways to lower hail risks in Japan through the development of high-resolution hail mapping technology and mitigation measures to safeguard portfolios against future hail events.
We talk to Tony Gallagher CEO, Asia Pacific region for Guy Carpenter about the 1/1 renewals and what to expect at the April renewals, emerging risk in 2024 and which business lines have the most scope in the year ahead.
The global nature of the reinsurance industry has enabled the diversification of risk away from concentration in specific regions to the larger global market.
However, record catastrophe losses, inflation stemming from increased interest rates, geopolitical tensions and heightened climate risk are putting operating pressures on insurers and reinsurers. The increasing frequency of higher- magnitude natural disasters against the backdrop of a bearish market with rising interest rates sets up a perfect storm for reinsurers to harden their pricing to reflect a more prudent risk appetite.
In the next video of the series, we talk to Guy Carpenter Head of Structured Solutions, Asia Pacific Hussain Ahmad, and Partner with OIiver Wyman Jing Wei Jia about market trends and developments, business planning for insurers, the evolving market and optimising capital.
Macroeconomic Environment The investment environment is currently in turmoil. High inflation in many countries, driven by both supply-side and demand-side factors, has compelled central banks to raise interest rates in response. Interest rate hikes then flow directly into asset valuations. Additionally, recessionary expectations, the banking crisis and geopolitical issues are currently creating havoc in asset markets.
The next video in the series looks head at Guy Carpenter’s plans for the year 2023.
We talk to Guy Carpenter CEO, Asia Pacific Tony Gallagher about the company’s plans for 2023, Asian markets to look out for, as well as potential risks.
The next video in the series looks at the general impact of inflation - and how inflation is panning out in Asia Pacific. We talk to Guy Carpenter vice president, strategic advisory Asia Pacific Philip Doyle about how insurers should respond to inflation right now.
The insurance protection gap is generally defined as the difference between total and insured loss costs. Globally, 2021 total losses from natural disasters were estimated to equal approximately USD 280 billion, of which approximately USD 120 billion, or 43%, were covered by (re)insurance.(1) This gap was smaller than many previous years because a higher proportion of losses occurred in the US, which has one of the most developed insurance markets in the world, with high penetration.
Secondary perils represent a complex and nuanced challenge for the (re) insurance industry. In essence, these natural perils are “known, unknowns.” They are known to pose a risk, but our industry does not always have a full understanding of their potential impacts.
The next video in the series looks at how ESG is playing out in Australia and the opportunities and challenges that this will bring to the insurance industry.
The next video in the series looks at defining secondary perils, insuring against them, the importance of modelling – and the role of reinsurance in closing the protection gap.
The next video in the series looks at global systemic risks, climate risk, net zero planning and risk as it relates to ESG.
We talk to four leading risk-industry professionals - Mercer president of Asia, Middle East and Africa Renee McGowan, Guy Carpenter CEO of Asia Pacific Tony Gallagher, Oliver Wyman partner – head of APR public policy Jacob Hook and Marsh Asia head David Jacob.
The next video in the series looks at the impact of recent cyber events in Asia.
Guy Carpenter managing director, cyber centre of excellence leader Siobhan O'Brien talks to Asia Insurance Review about what insurers can do to mitigate the impact of these cyber events.
The next video in the series looks at the impacts of recent economic and regulatory changes on life and health insurance in Asia Pacific.
The next video in the series looks at the changing nature of risk management.
China Pacific Property Insurance Company chief actuary Chen Sen talks to Asia Insurance Review about why risk management is changing and what part technology plays in this – and how corporates can prepare for the change.
The first video in the series looks at the changing nature of risk.