Achieving resilience together
Reinsurance pricing moderates
ReinsurTech: Capacity, insurance and technology
General
Philippines' champions for microinsurance
Empathy lends a human touch to claims
What increasing air turbulence means for insurance
Climate change and talent shortage critical for Asia marine insurers
View from India- Heatwaves pose a challenge for insurers
Life & health
A brief history of Singlife
Acquisition opens opportunities for Sumitomo
Singlife looks to reach beyond Singapore
Sri Lanka: Digitalisation can drive life coverage
Demand for new products invigorates life insurance industry
Malaysia: Future of life industry bright despite challenges
Biodiversity risks in APAC call for parametric insurance solutions
How insurance can contribute to sustainability
Sri Lankan insurers address climate change and resilience
APAC insurers prioritise ESG in underwriting
China's first biodiversity insurance cover
Biodiversity and the case for insurance and resilience
Collective insurance solutions for a collective problem
Taiwan
Multi-pronged strategy to close the protection gap
Taiwan's super-aged society drives demand for protection-oriented products
Life industry expects major turnaround in 2024
General insurance grows in Taiwan, but headwinds remain
Engineering insurance tops premium growth in Taiwan
Australian cyclone response, readiness and mitigation
Focus on inclusive insurance in China
Insurance intermediaries adapting to reforms in China
Technological strategies to combat fraud
Analysing the data in claims
Asian risk management community enters 'new chapter'
Future lies in embracing the digital era
Anniversary celebrations in style
Asian
Australia: Zurich analysis finds mental health cases most prevalent in recent years
Cambodia: Growth of insurance market slows in 1Q2024
India: First phase of Bima Sugam to be launched around April 2025
Singapore: Insurance market adjusts to stay on top of risks
Manulife Singapore adds enhancements to income-generating product
Zurich and Loyalty Marketing partner to provide digital insurance
discovermarket and Globe Telecom launch embedded personal cyber insurance
Singlife launches digital short-term endowment plan
HL Assurance and AXS launch cyber fraud protection insurance
Prudential Singapore launches indexed UL insurance product for HNW individuals
People on the move
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.