Magazine
Insurance 2025 predictions
Invaluable insights from the region’s C-suite
As the Asian insurance industry steps into 2025, it remains one of the fastest growing in the world, principally because incomes have risen, risk awareness has grown and there has been strong economic growth overall, says Bajaj Allianz General Insurance’s Mr Tapan Singhel.
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As medical inflation continues, insurers may achieve sustainability through product innovation and healthcare resource allocation optimisation, says Boston Consulting Group’s Ms Yamin Gröninger.
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Over the past few years, the reinsurance market in Asia has been witnessing hard market conditions and tighter renewal terms, resulting in discipline and growth in the industry, says GIC Bhutan Re’s Mr Arun Kumar.
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Sri Lanka’s insurance industry has a major role to play as the country recovers from the worst economic crisis in its history and the impact of the COVID-19 pandemic, says Ceylinco General Insurance’s Dr Jagath Alwis.
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The global InsurTech industry has yet to experience a breakthrough, but that doesn’t mean there isn’t potential for meaningful transformation. Covergo’s Mr Adrit Raha says that the insurance industry has long needed change, disruption and innovation.
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As risks in areas such as the marine, aviation and renewable energy industries continue to develop, challenges for insurers in Asia will also grow more complex, says DAC Beachcroft’s Ms Summer Montague and Mr Ross Risby.
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As 2025 approaches, embedded insurance is set to transform the insurance landscape by integrating coverage options seamlessly into everyday transactions. discovermarket’s Mr Patrick Bu¨hler outlines three trends shaping the future of embedded insurance.
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Digital adoption, sustainable practices and diversity and inclusion are three trends the insurance industry in Singapore can look forward to in 2025, says Etiqa Insurance Singapore’s Mr Raymond Ong.
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InsurTechs are gaining traction in marketing, distribution and claims, however for start-ups pioneering adoption of technology, profitability remains elusive. HSBC Global Insurance’s Mr Swapan Khanna says the two need to develop a symbiotic relationship.
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InsurTech is navigating a pivotal phase in its evolution, mirroring the 20-year transformation seen in other industries like retail and banking. As it diversifies into life and health segments, the APAC region shows resilience and steady growth, says InsurTech Asia Association’s Mr George Kesselman.
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Australia’s InsurTech scene expects a rebound in capital funding and continued interest in AI-driven solutions in the insurance industry, says Insurtech Australia’s Ms Simone Dossetor.
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The evolving landscape of capital regulations and accounting standards in Asia is transforming insurers’ strategies, emphasising risk-based capital frameworks and IFRS17, says JP Morgan Asset Management’s Mr Rick Wei.
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Myanmar’s life industry has witnessed phenomenal growth over the past four years, but major economic and political challenges are likely to impact the industry in 2025, says KBZ Life’s Mr Myint Htay Win.
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Embracing digital innovation and reforms, India’s insurance sector is poised for growth, tackling climate challenges and expanding access to financial security for millions, says Lockton Insurance Brokers India’s Dr Sandeep Dadia.
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In 2024, Asia’s commercial and specialty insurance market continued its strong transition with a focus on local talent and capital spurring onshore risk retention. Markel’s Mr Christian Stobbs explores how regional expertise, rising demand for specialised cover and a commitment to societal resilience are shaping 1.1 renewals.
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As captives in Labuan are being formed to address complex risks, there will be demand for reinsurance coverage in areas like excess-of-loss, says Mekong Re’s Mr Rajguru K.
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Regulatory changes, climate change, inflation and ESG compliance are just some challenges Malaysia’s general insurance faces, says Persatuan Insurans Am Malaysia’s Mr Chua Kim Soon.
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The InsurTech industry is poised for significant advancements driven by innovation and collaboration. With a continued focus on digital transformation, companies are expanding their offerings beyond traditional property and casualty insurance into life and health segments, says Rey InsurTech’s Mr Evan Tanotogono.
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Small enterprises in India are largely uninsured. This is a sector that has immense latent potential and also plays an important role in the development and wellbeing of the country’s economy, however, is largely ignored as far as insurance is concerned, says SecureNow’s Mr Kapil Mehta.
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Insurer responsiveness to demographic shifts, economic volatility and demand for sustainable investment can help organisations achieve financial resilience and sustainability while also allowing customers to protect their health and wealth, says Singlife’s Ms Helen Shen.
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The Asian insurance markets continue to grapple with low penetration despite enormous potential. The years ahead could bring significant growth. Sun Life Asia’s Mr Jay Sala shares some thoughts.
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As the changing business environment in Asia places more demands on primary insurers, organisations will need to exercise more scrutiny in the selection of partners in order to adapt, adjust and respond to challenges and opportunities, says UIB Asia Reinsurance Brokers’ Mr Francis Savari.
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As the industry evolves with the introduction of new technologies, it also has to grapple with regulation, an uncertain economic climate and geopolitical tensions across the globe. WTW’s Mr Mehul Dave takes a look at what this might mean for insurers in 2025.
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The commercial insurance landscape in APAC is entering 2025 with a renewed focus on adapting to increasingly complex risks. Continued economic growth across the region, combined with rising energy needs and environmental challenges, has placed the spotlight on resilience and proactive risk management, says Zurich Insurance’s Mr Sean Walker.
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