October is a super busy time for the industry even as several countries in North Asia take a nice long autumn break till the 10th. We add to the hive of activities with several important conferences, including our Takaful Rendezvous in KL where, amidst the tech craze, we call for a return to the basics of takaful, its USP.
In a futuristic vein, we host an insurance summit on how insurers need to step up their game to face the 4th Industrial Revolution where survival is only for the fittest. We chose Seoul as the venue since Korea is indeed one of the most advanced early embracers of technology, with 5G set to be launched next year.
And in the tech burst, we host an InsurTech Thailand event looking at Bangkok as another tech hub too. The world needs tech hubs all over. It is not a zero sum game.
Then there is our Inclusive Insurance Conference with a blockchain theme also in Bangkok. This will showcase what technology is actually doing in real terms - not just through analytics, AI and distribution - actually to bring insurance to the poor in remote areas.
All that tech is ONLY good for you if there is cyber resilience.
Suddenly, cyber is in vogue again, especially with reinsurers taking a decided stake in boosting cyber. At the Monte-Carlo Rendez-Vous, kick-starting the renewal season, cyber was hailed several times as the next growth wave for the insurance with the largest reinsurer offering an estimate that cyber premiums will grow by $5bn to $9bn by 2020 and to $20bn by 2025.
At the Asia Cyber Summit, post-Monte, there was great hope that cyber awareness will be boosted as at least one or two countries in Asia are set to pass cyber-sensitive laws. In the digital world, it is a no brainer that demand for cyber cover will explode. But sell ‘cyber resilience’ and be mindful of accumulation as some cyber threats are already silently in your books.
Back to our business for the month, our cover story on Nat CAT takes stock of the furious rains, winds and weather belting the region, namely Kerala floods, typhoon Jebi, and super typhoon Mangkhut.
Our country profile is on Indonesia as a curtain raiser to the 24th Indonesian Rendezvous in Bali with the call to move ‘from potential to reality’ with local reinsurers seemingly doing better.
On the life side, the focus is on disease management while in general, we look at marine where technology is also the Achilles’ heel. The good must come with the bad - and the ugly - as they say nautically. We also look at several tech initiatives allowing insurers to get more customer-centric and the need for insurance to get the right HR even in the digital era.
Lastly, October is also about the 15th SIRC, the biggest reinsurance event, with the numbers hitting the 850 mark. It is all about reinsurance reloaded to face the new tech era with the higher demands of insurers and their clients. Get all set for the 22nd Asia Insurance Industry Awards night too.
Being busy is good. There is much to celebrate in the industry.
Vive L’Assurance.
Sivam Subramaniam
Editor-in-Chief
Asia Insurance Review