Asia Insurance Review > Magazine

Tag Search Result

Industry finds hope in the recommendations!
It looks like happy days are here again for the reinsurance fraternity in India, as the Reinsurance Expert Committee (REC) has recommended that after GIC Re, insurers should be allowed to obtain the best terms simultaneously from Indian reinsurers, foreign reinsurance branches, Lloyds India and cross-border reinsurers that satisfy eligibility criteria.

Source : AIR | 01 Jan 2018
Life industry on a roll
The life insurance industry in India, consisting of 24 companies, has seen robust growth in 2017, backed by new business models, better products, customer centric technological initiatives along with a growing trend of personal savings in India. The industry is poised for higher growth in the second half of the current financial year and private insurers are expected to lead the charge. We speak to Mr Amitabh Chaudhry, MD & CEO, HDFC Life, on some of the issues the market is grappling with and what the future holds for the industry.

Source : AIR | 01 Jan 2018
General Insurance Company of the Year - 21st Asia Insurance Industry Awards 2017: Apollo Munich Health - This Award inspires us to reach new milestones
Awards are great! They are a mark of recognition given in honour of an achievement! Awards enhance a company’s brand reputation, instil confidence in customers about the quality and professionalism, and help employees take pride in their work.

Source : AIR | 01 Jan 2018
Automotive industry most impacted by product recalls - AGCS
Product-related risk is one of the biggest perils facing businesses today, with recall exposures having increased significantly over the past decade. And it is the automotive sector that is most impacted by product recalls, followed by the food and beverage sector and then IT/electronics, said Allianz Global Corporate & Specialty (AGCS) in a recent report, based on analysis of claims.

Source : AIR | 01 Jan 2018
Product Bytes
- APAC: BHSI launches new PI Insurance for FIs and new Contractors Plant & Equipment (CP&E) policy
- Malaysia: Hong Leong Assurance’s policy serves the need of the 45-70 set
- Singapore: Income aims to plug protection gap of “sandwiched” generation
- Singapore: AXA announces two new life insurance products
Source : AIR | 01 Jan 2018
The future of life hinges on an overhaul of health, innovation and engagement - Notes from PIC 2017
To compete and win in the next five years, insurers will not only need an overhaul of their businesses, including engagement, distribution, products - underscored by data - but must also reaffirm their purpose to customers, said speakers at the recent 28th Pacific Insurance Conference held in Hong Kong.

Source : AIR | 01 Jan 2018
Events

Source : AIR | 01 Jan 2018
"I go for people over product," says InsurTech investor
Investors get pitched a lot of ideas from InsurTech aspirants but it is the people and not the ideas put forward that wins the day, said Mr Tony Hobrow, CEO of VenturesOne Asia.

Source : AIR | 01 Jan 2018
29th EAIC in Manila set to wow the industry
The 29th East Asian Insurance Congress (EAIC) will be held in Manila on 6-9 May 2018.

Mr Augusto Hidalgo, Chief Delegate of the Philippines, gives Asia Insurance Review a sneak peek.

Source : AIR | 01 Jan 2018
Managing a "VUCA" environment for Asian insurers
A VUCA environment is one which is volatile, uncertain, complex and ambiguous. Mr Hassan Scott Odierno of Actuarial Partners Consulting Sdn Bhd says this is quite an apt description of the environment facing insurers in Asia, whether from an economic, regulatory, accounting or competitive point of view.He elaborates.

Source : AIR | 01 Jan 2018
A turning point ahead: Asia shining
P&I clubs remain cautiously optimistic, observing the shipping recovery trend, as premiums still face pressure and some segments continue to struggle. They reported a mixed bag of results. But it is clear that Asia, more than ever, is rising in importance in the P&I world.

Source : AIR | 01 Jan 2018
Asia: Microinsurers cite profits, branding and CSR as goals
Most respondents to a recent survey on microinsurance in the Philippines, Indonesia and Sri Lanka, place more importance on “Business (profitability)” as their reason for entering this market, said FALIA (The Foundation for the Advancement of Life & Insurance Around the world). But most also gave some weight to “Branding” or “CSR” (corporate social responsibility) as a reason.

Source : AIR | 01 Jan 2018
Asia: Independent broker pinpoints talent as growth cornerstone
London-headquartered RFIB is the new kid on the block in Singapore, having received its licence there in August 2017.

Source : AIR | 01 Jan 2018
Launch of 3rd Asia Trusted Life Agents & Advisers Awards: Nominations open
The 3rd Asia Trusted Life Agents & Advisers Awards has been launched by Asia Insurance Review and Asia Advisers Network, together with co-organiser LIMRA.

Source : AIR | 01 Jan 2018
Belt and road initiative: Expansion has its challenges
China is expanding into new territories while developing new products and services. We spoke to Mr Wise Xu of Willis Towers Watson, China to understand the changing nature of risk.

Source : AIR | 01 Jan 2019
Retirement age is just another number
We consider the future of work in the 100-year life – extending retirement age, or scrapping it completely, as one insurer has done.

Source : AIR | 01 Jan 2019
Goodbye 2018, hello again in 2019
We swept the newsmakers and headline hoggers for 2018 and highlight some of the significant insurance disruptions, start-ups and InsurTech trends that will bear watching in 2019.

Source : AIR | 01 Jan 2019
Events

Source : AIR | 01 Jan 2019
Product Bites

Source : AIR | 01 Jan 2019
Cautious expansion
Taiping Reinsurance general manager Polly Ho gives us some insights into the company’s plans and strategies for the region and beyond.

Source : AIR | 01 Jan 2019
Moving into a high growth phase
The 24 life players in the Indian market have witnessed considerable growth in the past year and today the industry forms a significant part of the capital market in India.

Source : AIR | 01 Jan 2019
Plugging the protection gap for seniors
In response to a rapidly ageing society, Singapore’s largest composite insurer, NTUC Income, has recalibrated its underwriting process to suit seniors applying for life insurance.

Source : AIR | 01 Jan 2019
Creating an ecosystem of engagement
Newly-minted ReMark International CEO Na Jia elaborates on the dominant challenge currently facing the life industry and shares how insurers need to adapt in order to thrive.

Source : AIR | 01 Oct 2017
Asia: Typhoon Talim strikes Japan
Another major typhoon hit northern Asia last month. Typhoon Talim made landfall in Kagoshima Prefecture on the southern tip of Kyushu Island, Japan, on 17 Sept with maximum sustained winds at 111 km/h (79 mph)—the equivalent of a weak Category 1 hurricane on the Saffir-Simpson Scale, said catastrophe modeling firm AIR Worldwide. It maintained its intensity as it traveled northward across Shikoku, Japan’s main island of Honshu, and Hokkaido through 19 Sept.

Source : AIR | 01 Oct 2017
Asia: Website hues colour consumer trust in online insurance
Colours, shapes and sounds can directly influence trust in online insurance and banking services, in particular colour hue and symmetry, according to a study on how visual aesthetics and sound influence consumer trust in relation to online financial services.

Source : AIR | 01 Oct 2017
Asia: More than 750 delegates have registered for SIRC
As Monte Carlo ends, it is time to plan for the 14th Singapore International Reinsurance Convention (SIRC) billed as the Asian Monte Carlo where 750 delegates from 41 countries have registered. The event is well supported by the industry with 18 sponsors and some 125 private meeting rooms or tables booked.

Source : AIR | 01 Oct 2017
Asia: "Insuring an auspicious start to the winning side of 2018"
The foreign exchange reserves of major Asian economies have never been stronger. Yield hungry investors are chasing the attractive Asian combo of robust economic growth and still generous yields. The prospects of further liberalisation of economy in the region is further catalysing the investment scenario in Asia. This is despite the Fed-rates inching up gradually in recent times. Leading economists attribute this record surge in foreign exchange reserves on the back of sizeable investments, to the resilience and promise of the Asian economies.

Source : AIR | 01 Oct 2017
Growth is still the buzzword
Indonesia is ripe with the potential to become a major insurance market with its huge population and buzzing economy. The industry and regulator are working hand-in-hand to boost the potential including through insurance awareness of the public and technical sophistication of the industry itself. Experts within Indonesia’s insurance industry chime in on the challenges that face them today and what the future has in store for the nation.

Source : AIR | 01 Oct 2017
A Parade of Indonesia Rendezvous
For 23 years now the Indonesia Rendezvous has been held as an annual affair come rain or shine except when Bali also hosted EAIC in 2012. This year, the Rendezvous plans to look at fraud management as a priority. We bring you a quick tour of the milestones of the Rendezvous.

Source : AIR | 01 Oct 2017
Robotics and eldercare's future
In this second of a four-part series on ageing in Asia, Mr Greg Goodfliesh of RGAx Asia explores the growing impact of robotics.

Source : AIR | 01 Oct 2017
Disrupting the CIO
The role of the Chief Information Officer was brought into question at Asia Insurance Review’s 6th CIO Technology Summit. He now needs to be an instigator, an integrator and an innovator.

Source : AIR | 01 Oct 2017
Asia: Marine Insurance - 2016 is hardest year since financial crisis
According to the International Union of Marine Insurance (IUMI) Facts and Figures Committee, global premiums of hull, marine and cargo lines have decreased slightly from 2015 to 2016. Market conditions and a strong US dollar are the main causes of this decline, combined with massive political uncertainty.

Source : AIR | 01 Oct 2017
People on the move

Source : AIR | 01 Oct 2017
Environmental Insurance in Asia: Regulatory and public scrutiny will drive take up rates
With growing environmental consciousness worldwide, companies need to face up to the potential pollution impacts of their business activities on their surroundings and protect themselves from potential liabilities. We spoke with Mr Arthur Lu, Allianz Global Corporate & Specialty’s (AGCS) Head of Environmental Impairment Liability (EIL) on how this trend is shaping up in Asia.

Source : AIR | 01 Oct 2017
Engineering first
Commercial and industrial property insurer FM Global’s approach to business is different, says Mr David Johnson, newly-appointed Vice President, Regional Manager, Asia. Not only is it a mutual company for close to two centuries, in business, it is also very much focused on loss prevention engineering backed by science.

Source : AIR | 01 Oct 2017
Helping clients to grow in profitable areas
In the digital world, many intermediaries face a bleak future and so they would have to reinvent themselves. While reinsurance brokers have a professional and important role to play in the industry, they are not immune to the changes around them. We speak with Mr Tony Gallagher, recently appointed CEO of Guy Carpenter’s Asia Pacific region, about its growth in the retrocession business, what its clients want, its plan for technology innovation and market outlook.

Source : AIR | 01 Oct 2017
Cargo still sailing on rough seas - but land ahoy!
A year ago, the container shipping industry was in the doldrums with oversupply of capacity and lay-up of 7% of the global fleet in capacity terms. Predictions were that the market would only fully recover in 2018. One year on, we speak to some insurance players for their sentiments on the marine cargo market.

Source : AIR | 01 Oct 2017
Standard Club: A P&I perspective
We speak with Mr Akshat Arora, Senior Surveyor at the Loss Prevention division of the Standard Club in Singapore, for a P&I club perspective.

Source : AIR | 01 Oct 2017
Higher risk exposure in large container ships
A continual increase in the number of containers on board the new generation of large container vessels, coupled with a rise in the number of containers carrying very high-value goods, has resulted in a significant increase in high-risk exposure that is causing concern in the industry. Mr Michael Hauer of Munich Re discusses these new challenges and measures to mitigate the risks involved.

Source : AIR | 01 Oct 2017
SMEs still mostly an emerging business for insurers
SMEs, still uninsured or underinsured, and with minimal or little risk management strategies, are unaware of how precarious their survival is should the next big risk come along.

Source : AIR | 01 Oct 2017
It's time to join the cyber security conversation
Highly sophisticated cyber criminals are posing an increasing and significant threat to businesses. Mr Chris Moyer of DXC Technology discusses the steps insurers can take to manage these risks.

Source : AIR | 01 Oct 2017
Product Bytes

Source : AIR | 01 Oct 2017
Diary of Events

Source : AIR | 01 Oct 2017
East Asia Insurance Day marks its 11th year

Source : AIR | 01 Oct 2017
Index-based agri solutions can boost insurance penetration in Asia
Parametric solutions can help insurers propagate agriculture insurance in Asia, provided they can manage some of the tricky issues that come with it.

Source : AIR | 01 Oct 2017
Millennials: Get them on board
The insurance industry does not figure on any list of preferred employers. We speak to different stakeholders on how to win talent, especially the millennials, over.

Source : AIR | 01 Oct 2017
The legal clutch of cyber
With the 2017 Asia Pacific Insurance Conference (APIC) being held later this month in Singapore, we bring you AIR’s first ever legal roundtable where we look at insurance from the eyes of the legal eagles.

Source : AIR | 01 Oct 2017
The Future of Consumer Insurance: Diverse, embedded and driven by global data platforms
Mr Hugh Terry of The Digital Insurer urges insurers to create ecosystems of the future with consumer insurance being diverse, embedded and driven by global data platforms.

Source : AIR | 01 Oct 2017
China's Belt & Road Initiative: Opportunities and risks for ASEAN
The Belt & Road (B&R) Initiative will provide a boost for international trade and also for insurance. Dr Shen Yiming of Marsh explores.

Source : AIR | 01 Oct 2017
Disruptive digital - It's a bane but oh what a great boon too
Digital technology, cyber threats, and Internet of Things are all in the forefront of the changing marine cargo scene which now boasts its own blockchain platform too. We drill deeper into the period of upheavals with 2018 seen as bringing greater relief.

Source : AIR | 01 Oct 2017
Allocating Overseas: What Asia insurers can learn from insurers in developed markets
As a curtain raiser to our 5th Asia Investment Management Summit for Insurance in Hong Kong next month, we highlight the four key considerations PineBridge Investments think every insurer should review before setting up an overseas allocation.

Source : AIR | 01 Oct 2017
Scaling new heights: M&A integration in insurance
What are the key factors insurers need to consider if they want to realise and deliver on the full potential of a M&A deal? Mr Charlie Alexander of EY discusses.

Source : AIR | 01 Oct 2017
Making insurance more ubiquitous
Mr David A. Chan from Willis Towers Watson says we live in an inimitable age and this can help make insurance a more ubiquitous part of our daily lives.

Source : AIR | 01 Oct 2017
A national leader of the industry
The National Reinsurance Corporation of the Philippines got itself a new CEO in August when Allan Rossi Santos took over. Asia Insurance Review sat down with him to discuss the state of the Philippines reinsurance industry, and his plans for the company.

Source : AIR | 01 Oct 2018
Reinsurance maintains strong position
Indonesia’s local reinsurance industry has grown significantly over the past two years, owing largely to protectionist regulations implemented by the Indonesian regulator. As the initial effect of the mandatory domestic cessions slows down, the industry continues its upward trend as Indonesian insurers close the protection gap.

Source : AIR | 01 Oct 2018
Insurance: the future will be transformed by human capital
With lots of technological ‘disruptions’ happening in the insurance industry, it needs to look at how to ‘insure’ its own future. Asia Insurance Review speaks to some insurance HR professionals for their views on how best the industry can marshal its present and future human resource to its best advantage.

Source : AIR | 01 Oct 2018
The worst flood in a century
In August, Kerala was devastated by floods of biblical proportions, caused by torrential rains over a three-week period resulting in close to 500 deaths and economic losses amounting to $5bn. We look at the factors behind this unprecedented natural calamity and how the insurance industry can deal with such events in the future.

Source : AIR | 01 Oct 2018
Nat CAT- The 'calm' before the year-end storm
While the conversation this time last year was about hurricanes Harvey and Irma, Asia at this time is reeling from losses far closer to home. As we go to print, Mother Nature is wreaking havoc across multiple countries - with typhoon Jebi, super typhoon Mangkhut and Kerala grapples with its worst floods in a century. We take stock of the Nat CAT—prior to the upcoming deluge.

Source : AIR | 01 Oct 2018
No better time to buy cyber insurance
As ransomware and data breach incidents hit the headlines more frequently, the dangers of ‘silent cyber’ continue to lurk. Yet insurers are starting to get a handle on insuring cyber and are ever more enthusiastic about its potential, while the cyber insurance market continues to grow in tandem with an increasing awareness from clients.

Source : AIR | 01 Oct 2018
Swiss Re: Widening access to data makes risk management an easier sell
The ever-increasing access to data by both individuals and corporates will help boost awareness of risk and the need to manage it, says Ms Jayne Plunkett, Swiss Re’s Regional President & CEO Reinsurance in Asia.

Source : AIR | 01 Nov 2017
Reinsurance: Miles to go but on the right track
With Asia being the one region in the world with the most growth opportunities, reinsurers and RI brokers have a collective duty to do more, not less, to nurture the potential of the region. Using innovative digital technology, be it for new products, better processes or more effective distribution is the order of the day. These were the clear messages from Asia Insurance Review’s annual reinsurance roundtable to take the pulse of reinsurance in Asia this year. The Roundtable of nine – five brokers and four reinsurers – was upbeat about taking the industry forward with an emphasis on relationships and partnerships rather than just transactions, with a view to closing the penetration gap and facilitating a digital-led transformation. There was also an emphasis on cost drivers and cost control, as well as using the very precepts of reinsurance, being the free flow of ideas and capital, to forge a better tomorrow for clients.

Source : AIR | 01 Nov 2017
Recent catastrophes reveal cracks in reinsurance
Hurricanes Harvey, Irma and Maria and the earthquake in Mexico have shown that the narrowing profit margins of non-CAT reinsurance lines are not sustainable. Mr Rene Lamer, Chief Executive, Singapore Branch of Sompo International, elaborates.

Source : AIR | 01 Nov 2017
Reinsurance optimisation for capital efficiency of non-life insurance in Asia
Mr Ken Lai of Generali Asia advises on the benefits of deep diving into the traditional reinsurance programme to optimise one’s capital efficiency.

Source : AIR | 01 Nov 2017
XL Group: Looking for room amid regulatory restrictions
Asia Insurance Review caught up with XL Group’s CEO Mike McGavick at this year’s Rendez-vous de Septembre, where he shared his views on regulation in Asia and the company’s drive to innovate.

Source : AIR | 01 Nov 2017
Bridging the gap for retirement
Across Asia, the aged 60+ population is increasing at a tremendous pace – six to 10 times faster than population growth. In addition, life expectancy is increasing, with people in the region likely to live until 83 by 2050-55. The 13th Asia Conference on Pensions & Retirement Planning organised by Asia Insurance Review discussed the challenges for this rapidly ageing region.

Source : AIR | 01 Nov 2017
Insuring foreign direct investment
Even though the political risks & trade credit insurance is growing in Asia, Mr Alexander Holcroft of Markel says the product is still under-penetrated in the region and insurers need to work closer with clients to ensure their needs are met.

Source : AIR | 01 Nov 2017
Emerging risks to keep an eye on
The political risk sector today is uncertain. For most people, the situation can be distressing and lead to rash decisions. Yet, for (re)insurance companies specialising in Political Risk and Trade Credit, this uncertainty is their daily business. Mr Gregory King-Underwood from Guy Carpenter elaborates.

Source : AIR | 01 Nov 2017
Product Bytes
- APAC: Chubb launches innovative travel app for business travellers
- Australia: Chubb introduces new Business Pack Insurance for SMEs
- Malaysia: Allianz 3H Cover tackles the “3 Highs”
- Singapore Life launches suite of life insurance products
Source : AIR | 01 Nov 2017
Beyond the core: How insurers of the future can win with ecosystems
The 28th Pacific Insurance Conference takes place in Hong Kong this month with the theme “Our World from the Outside In”. With enormous advances driving innovation and commerce around the world, the industry’s mindset should be challenged to see clearly from the “outside in” to maximise the future. This extract from a Bain report reveals the growth of purchaser interest in ecosystem services from the policyholder’s “outside-in” perspective.

Source : AIR | 01 Nov 2017
UIB: Think global, operate local
UIB Holdings Chairman, Bassem Kabban, discusses their approach which encompasses partnerships, carefully selected hubs and recruiting the right people.

Source : AIR | 01 Nov 2017
Marine weathers the storm
With our Marine Insurance Conference in Hong Kong this month, we take stock of what IUMI achieved in Tokyo in September. Amidst numerous challenges, marine insurers are still hopeful with technology having a huge impact.

Source : AIR | 01 Nov 2017
The Geneva Association - Longevity Risk: Changing the environment to encourage solutions
Asia is ageing faster than the rest of the world. Solutions proposed at a recent conference in Taipei include investment in human capital, getting older people to work longer, encouraging increased fertility rates and more cooperation between regions in Asia. Mr Ronald Klein of The Geneva Association reports.

Source : AIR | 01 Nov 2017
People on the move

Source : AIR | 01 Nov 2017
AIA: For the greater good
Asia Insurance Review catches up with AIA Group Chief Executive Ng Keng Hooi in Hong Kong, where he shares the importance of a strong team and doing the right thing for the greater good.

Source : AIR | 01 Nov 2017
InsurTech: Hype or Substance?
Whether InsurTech is hype or substance remains to be seen. Particularly in Asia, the value that disruptors bring largely depends on the respective markets’ needs, says Mr Stephen Goldstein, Country Director of US Pivot Ventures, on the sidelines of the InsureTech Connect (ITC) 2017. Here he shares some of the key takeaways – from the world’s largest InsurTech gathering of technopreneurs, investors and insurance industry incumbents – that can be applied to the InsurTech ecosystem in Asia.

Source : AIR | 01 Nov 2017
EU Data Protection Rules - The impact on Asia
The EU’s General Data Protection Regulation (GDPR) will be enforced on 25 May 2018. Whilst firms in Europe have had access to information about what it means for their country or industry sector, firms in Asia have not had the luxury. Mr Darren Wray of Fifth Step shares five steps that Asian companies can take to comply.

Source : AIR | 01 Dec 2017
RMIA: Australasia's risk expertise aims to sail beyond its shores
Mr Scott Ryrie, as CEO of the Sydney-based Risk Management Institute of Australasia (RMIA), is all set to further develop the risk profession in the region and expand RMIA’s foreign membership. We sat down with him during the recent SIRC to find out more.

Source : AIR | 01 Dec 2017
Regional risk management associations to mutually recognise certifications

Five of the world’s largest risk management associations, including the Pan-Asia Risk and Insurance Management Association (PARIMA), have agreed to work together towards mutual recognition of their respective risk management designations and certification programmes.

Source : AIR | 01 Dec 2017
Product Bytes
Asia: Beazley launches financial lines products

Asia: FinTech policy unveiled

Hong Kong: Ironshore introduces legal expense cover

Hong Kong: AIG announces new cyber insurance products

Malaysia: New Allianz cover for diabetics

Singapore: Bandboo introduces new P2P excess protection for drivers

Source : AIR | 01 Dec 2017
Region's best lauded at the 21st Asia Insurance Industry Awards
Sixteen winners, the best of the best of the insurance industry, edged out hundreds of entries to the 21st Asia Insurance Industry Awards this year. On 1 November, they were cheered on in their moment of glory by some 500 guests who attended the Awards gala presentation dinner held in conjunction with the Singapore International Reinsurance Conference (SIRC).

The winners share their thoughts on their wins and the winning formula in insurance today.

Source : AIR | 01 Dec 2017
Health & Retirement: Personalised treatment - One size does not fit all!
Drugs are mostly prescribed on a “one-size-fits-all” basis, ignoring the fact that everyone is different. This was a key focus at the recent Singapore Actuarial Society’s Health and Retirement Conference.

Source : AIR | 01 Dec 2017
Takaful 2.0: Will we ever get there?
The takaful industry needs to transform business to assimilate disruptive forces, appeal to millennials and move towards the next phase of “takaful 2.0” which it has yet to arrive at, said speakers at the Takaful Rendezvous 2017 organised by Asia Insurance Review.

Source : AIR | 01 Dec 2017
Sustainability a risk & opportunity for business
PARIMA 2017 conference in Singapore last month highlighted that though sustainability is a growing strategic risk issue that could have financial impact on a business, it could prove to be an avenue of growth and opportunities.

Source : AIR | 01 Dec 2017
Events

Source : AIR | 01 Dec 2017
Echo Re targeting more Asian business
Dr Peter F Hugger is the man at the helm of Echo Re since February 2012. Having spent a considerable part of his 30-year professional life in Asia, with some of the top names in the reinsurance business, he is now ready to chart a new course for Echo Re in Asia, where the company already has a big presence and where he believes lies the opportunity for international players like his. He speaks to Asia Insurance Review on his new plans and strategy for the region, and the future ahead for his company.

Source : AIR | 01 Dec 2017
Samsung Re: Expanding beyond group business
Samsung Re has been keeping a low profile since its inception in 2011 but of late, the reinsurer has adopted a new strategy to expand its operations beyond its group business and into newer territories across Asia. We speak to Mr Tae Y Choi, CEO, Samsung Re at the SIRC, to find out the plans and strategies ahead for the company.

Source : AIR | 01 Dec 2017
Interview with the Nepalese Regulator: A proactive regulator bodes well for the market
In this exclusive interview with Mr Chiranjibi Chapagain, Chairman of the Beema Samiti (Insurance Board), he shares with us what he has done so far since he came on board in Jan 2017 and his thoughts and plans going forward.

Source : AIR | 01 Dec 2017
Nepal: New companies add lustre to market
The Finance Ministry of the government of Nepal granted operating licences to nine new life insurers and issued letters of intent to three non-life insurers which created a huge buzz in the market. Some of these companies have been waiting for almost a decade for approval from the government and this move has been seen as a bold step which experts believe will increase insurance awareness and penetration across the country. We speak to two senior level executives from the industry on the state of the market and the way ahead for the industry.

Source : AIR | 01 Dec 2017
Bangladesh: Insurance industry takes flight
Regardless of Bangladesh’s political and economic challenges, the insurance industry has huge potential for growth and shows no signs of slowing down in the year ahead. The market currently has two state-owned companies, 45 private non-life and 31 private life insurers.

Source : AIR | 01 Dec 2017
Bhutan: Industry maintains growth momentum
The insurance industry in Bhutan, which is among the smallest countries in the world, has been growing at an average of 20% in the past five years and is expected to maintain this momentum going forward. There are currently two insurance companies operating in the market. GIC Bhutan Re is the sole reinsurer in the market.

Source : AIR | 01 Dec 2017
Asia: ADB forms partnership with AFI to improve access to insurance and financial services
The Asian Development Bank (ADB) has signed a memorandum of understanding (MOU) with the Alliance for Financial Inclusion (AFI) to promote greater financial inclusion in the Asia and Pacific region including access to insurance and credit services.

Source : AIR | 01 Dec 2017
Asia: Termination of proposed ACR-Shenzhen deal "a mutual decision"
All parties involved in Asia Capital Re’s (ACR) US$1-billion sale to Shenzhen Qianhai Financial Holdings and Shenzhen Investment Holdings, have jointly decided to walk away from the deal, due to additional approvals required by the Chinese regulators.

Source : AIR | 01 Dec 2017
Asia Insurance Review launches the Asia Advisers Network to serve agents and advisers
The region’s premier insurance publication Asia Insurance Review (AIR) has launched the Asia Advisers Network (AAN), a dedicated platform to meet the information needs of advisers and agency leaders at www.AsiaAdvisersNetwork.com.

Source : AIR | 01 Dec 2017
Franz Hahn: Challenging renewals ahead for Asia

Source : AIR | 01 Dec 2017
Heightened consumer awareness a boost for product liability insurance
Asian companies tend to be reactive than proactive when it comes to product liability risks. Mr Gary Ow of HDI Global SE, Singapore, gives an overview of this insurance in Asia today.

Source : AIR | 01 Dec 2017
Airing dirty laundry
Mr Martin Lim of Ingenique Solutions Pte Ltd provides an overview of recent developments in the fight against money laundering and terrorism financing, with a specific focus on terrorism threats that Singapore faces, in the context of insurance companies.

Source : AIR | 01 Dec 2017
Reflecting on 2017, hoping on 2018
As we look back at 2017, what will you take from it? The past year is probably the most exciting one for the financial services industry yet, if we may say so ourselves. Despite the pool of plentiful insights gleaned from digital movers and shakers, we’ve seen both leaders and laggards; the latter, very much entrenched in legacy and preferring to stick with the “same old, same old” that have served them well since the start. But the question is: For how long more can the old model sustain, against the digital disruption at their doorsteps?

Source : AIR | 01 Dec 2017
High CAT risks, low penetration in Asia - only two ways out
Despite its continual efforts, Asia’s protection gap continues to stare the industry starkly in the face. Mr Roland Eckl, CEO Asia Pacific (Japan, Korea, India & Southeast Asia) of Munich Re believes there are only two key ways out of this conundrum.

Source : AIR | 01 Dec 2017
Six Steps to Improve Insurance Customer Engagement
Everyone knows the story: The more engaged a policyholder, the lower the churn. The lower the churn, the lower the costs – a boon for insurer and policyholder alike. RGA Japan’s Chief Marketing Officer Jaqui Wassenaar shares tips on engaging the customer.

Source : AIR | 01 Dec 2017
Seeking a buffer in a tough marine market
We speak to Munich Re Syndicte Singapore CEO Celine Ang about the company’s diversification efforts as it seeks to cushion the effects of a weak marine and energy insurance market.

Source : AIR | 01 Dec 2018
Stars of 2017 continue to shine bright
We look back at how some of the winners of the 2017 Asia Insurance Industry Awards fared in 2018.

Source : AIR | 01 Dec 2018
BI and cyber dominate Asian risk concerns in 2018 - Allianz
Business interruption (#1 with 42% of responses; #1 in 2017) and cyber incidents (#2 with 38% of responses; #4 in 2017) emerged as the top two risk concerns among corporates in Asia, mirroring the response of businesses globally, according to the Allianz Risk Barometer 2018.

Source : AIR | 01 Feb 2018
Institute of Risk Management expands footprint to Asia
The London-headquartered Institute of Risk Management has appointed its first “ambassadors” in India, as it seeks to expand its international footprint into Asia. It comes on the back of the organisation’s inaugural visit to China last month.

Source : AIR | 01 Feb 2018
Product Bytes

Source : AIR | 01 Feb 2018
RegTech embedded in insurance transformation
Insurers are often hindered by the need to address ongoing regulatory challenges and associated rising compliance costs. Mr Paul Brenchley and Mr Murray Raisbeck from KPMG look at this issue.

Source : AIR | 01 Feb 2018
Getting to know your customer with Big Data
A century ago, the world’s most valuable resource was oil. Today in the digital era, it is data. Harnessing the power of data as an asset has become one of the key strategies for insurers. Dr Yuhui Yao of FWD Group elaborates.

Source : AIR | 01 Feb 2018
Events

Source : AIR | 01 Feb 2018
Sharing the future of insurance
The advent of digital technology paved the foundation of the sharing economy. We canvassed three InsurTech startups for their views on the industry’s evolution and how it can stay sustainable.

Source : AIR | 01 Feb 2018
Asia - Data science to grow in importance for insurers
A recent research by Forrester revealed that 70% of enterprises expect to implement Artificial Intelligence (AI) over the next 12 months, up from 40% in 2016 and 51% in 2017.

Source : AIR | 01 Feb 2018
Asia - Healthcare expenses to reach US$1.96 tln by 2020
Healthcare spending in Asia and Australasia is expected to grow at a CAGR of 5% to top US$1.96 trillion by 2020, up from $1.54 trillion in 2015. Globally, this spending is expected to reach $8.7 trillion by 2020, from $7 trillion in 2015, according to Deloitte’s 2018 Global Health Care Outlook.

Source : AIR | 01 Feb 2018
Blockchain and insurance: Show me the customer benefit
There is a paradox with blockchain: Everyone is excited about it, but nobody is really sure how it should be used – experts from Simon-Kucher discuss.

Source : AIR | 01 Feb 2019
Successes and failures of blockchain proofs of concept
AIA has assembled a range of insight from testimonials, experience and aggregated intelligence and R3 has also amassed significant expertise. R3’s Kevin Rutter and AIA Group’s Georgio Mosis report.

Source : AIR | 01 Feb 2019
ILS potential within Belt and Road Initiative
Asia Insurance Review spoke with ECIS-focused Bermudian ILS specialist Phoenix CRetro chief executive Kirill Savrassov about insurance-linked securities as a risk transfer option for BRI.

Source : AIR | 01 Feb 2019
Using big data to monitor and forecast corporate insolvency
Data in the field of credit-risk modelling goes beyond traditional sources – financial statements, for example, can now be complemented in other dimensions with news or social media. Euler Hermes APAC’s Tricia Koh reports.

Tricia Koh

Source : AIR | 01 Feb 2019
Are you IFRS 17-ready?
Your existing IT system may not be enough to meet IFRS 17 regulations. Mr Kenneth Koh of SAS explains.

Source : AIR | 01 Mar 2018
The rise of the connected vehicle - and what it means for warranties
Motor car warranty needs to evolve as the automobile industry changes to one of connected vehicles. Mr Manfred Schmoelz of The Warranty Group says as more cars are connected, these cars will have the capability to identify components at risk of failure before it happens.

Source : AIR | 01 Mar 2018
Rajesh Sud: 17 going on 18!
Mr Rajesh Sud, Executive Vice Chairman & MD of Max Life Insurance Company, is among the rare breed of CEOs to have survived in the top management space for over 17 years in one of India’s leading life insurance companies. He has seen the development of the life industry from close quarters since its liberalisation in 2000 and gives us his perspective of the industry.

Source : AIR | 01 Mar 2018
Asia: InsurTech investments surging strong
InsurTech funding in 2017 rose 36% from the year before to reach US$2.3 billion, according to the latest data published by Willis Towers Watson.

Source : AIR | 01 Mar 2018
Australia: Some health insurers should consider mergers - APRA
Mergers should be at least under active consideration by health insurers with low or negative member growth, and which only have small membership bases to begin with, Mr Geoff Summerhayes, APRA Executive Board Member, has said.

Source : AIR | 01 Mar 2018
Bangladesh: New law makes insurance mandatory for shipbreakers

Source : AIR | 01 Mar 2018
Another Thai insurer eyes life in Cambodia
Thai Life Insurance, Thailand’s third largest life insurer, is studying the possibility of entering the Cambodian market as well as those of Laos and Myanmar. The studies will be completed this year.

Source : AIR | 01 Mar 2018
China: Insurance and financial industry regulation set to be discussed by lawmakers
Tighter supervision and continued risk prevention in the Chinese insurance industry are expected to be emphasised at the annual session of the National People’s Congress (NPC), the national legislature which will convene on 5 March.

Source : AIR | 01 Mar 2018
Indonesia: Insurers expect more than US$420 mln from insuring state assets
The potential premiums that can be generated from insuring state assets could reach IDR6 trillion (US$420 million) to IDR8 trillion, estimates the General Insurance Association of Indonesia (AAUI).

Source : AIR | 01 Mar 2018
CII aims to help bridge Indonesia's 'Insurance Gap''
The Chartered Insurance Institute highlighted the opportunity Indonesia’s ‘Insurance Gap’ presents to the insurance profession in Indonesia, if it can build greater capacity and awareness.

Source : AIR | 01 Mar 2018
Japan: More age-related insurance products expected
Insurance companies in Japan are likely to design more new products targeting age-related afflictions as the population ages further.

Source : AIR | 01 Mar 2018
India: Insurance mart could expand by 230% to US$280 bln in 3 years
India’s Vice President M Venkaiah Naidu has said that the domestic insurance industry is expected to grow to US$280 billion by 2020 from $84.72 billion in 2017 as the country is poised for higher economic growth.

Source : AIR | 01 Mar 2018
South Korea: Local insurers to play bigger role in corporate plans
The domestic insurance market is expected to continue to play an increasingly important role in large corporate insurance programmes, says Aon in its annual Asia Market Review.

Source : AIR | 01 Mar 2018
Pakistan: Infrastructure projects to generate additional premiums of up to US$600 mln
The China Pakistan Economic Corridor (CPEC), established in 2017, with a number of significant projects starting to kick off, is expected to generate up to US$600 million in additional insurance premiums in the coming years as China invests billions of dollars in creating new motor, rail, power, and energy infrastructure in the country. This estimate is provided by Aon in its Asia Market Review 2018.

Source : AIR | 01 Mar 2018
Macau: Most of Typhoon Hato losses were reinsured
The Macau non-life insurance industry’s ability to withstand 2017’s Typhoon Hato (Hato) shows that despite the market’s small size, it remains a healthy one, helped by strong capitalisation and earning capabilities as well as reinsurance plans, according to an A.M. Best briefing.

Source : AIR | 01 Mar 2018
Singapore: InsurTech newbie provides cover for Internet economy
Singapore-based InsurTech company Axinan is creating products that are easily integrated into online marketplaces and platforms. It is focused on building innovative, high frequency/low premium services for the Internet economy.

Source : AIR | 01 Mar 2018
Taiwan: Strong local currency a heavy drag on life sector's 2017 profits
The Taiwanese life insurance industry reported record net forex losses of NT$176.1 billion (US$6 billion) for 2017, as the local currency strengthened against the greenback, according to data from the Financial Supervisory Commission (FSC).

Source : AIR | 01 Mar 2018
Shuzo Sumi named as IIS' Hall of Fame Laureate
The International Insurance Society (IIS) has announced Mr Shuzo Sumi, Chairman of the Board of Tokio Marine Holdings, as the 2018 Insurance Hall of Fame Laureate. Mr Sumi will be honoured at the 9 July gala awards dinner taking place at the IIS Global Insurance Forum at the InterContinental Hotel in Berlin, Germany, 8-11 July.

Source : AIR | 01 Mar 2018
Thailand: Muang Thai Life eyes expansion beyond Indochina
Muang Thai Group, which is a holding company of Muang Thai Life Assurance, has set aside a budget of more than THB1 billion (US$31.6 million) a year from 2018-22 to expand its investments in new operations that relate to digital and insurance businesses, including startup ventures, said Mr Sara Lamsam, Muang Thai Life Assurance’s President and CEO. He is also a director of Muang Thai Group Holding.

Source : AIR | 01 Mar 2018
Cybercrimes make healthcare sick
Modern healthcare industry is highly evolved. However, with petabytes of sensitive and vital data, it has become vulnerable to cyber-crime prowlers. Employees have emerged as the weakest link in the chain. Continuous training and reskilling of human resource, at all levels can thwart at least 95% of cyber-attacks.

Source : AIR | 01 Mar 2018
New reinsurers are the flavour of the season!
Market participants in India have now transcended from finding the ideal reinsurance partner globally to having them in India itself! It is indeed ‘The New World of Reinsurance in India’.

Source : AIR | 01 Mar 2018
IFoA on UN sustainability goals
Asia Insurance Review speaks to Ms Marjorie Ngwenya, President of Institute and Faculty of Actuaries, UK, as she shares her views on IFoA’s new initiatives, her vision for the future of the profession, pricing and affordability of insurance, India and emerging risks.

Source : AIR | 01 Mar 2018
Insurance CROs under pressure from digital risks
Mr Sumit Narayanan of EY, who led EY’s APAC Insurance CRO survey 2017–2018: Empowering for transformation which interviewed the region’s leading insurers and reinsurers, looks at the biggest challenges facing chief risk officers (CROs) in managing radically different risks in a digital world.

Source : AIR | 01 Mar 2018
Look out for these what-if scenarios - WEF's 10 potential future shocks
The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.

Source : AIR | 01 Mar 2018
Top connected risks trends in 2018 - Russell Group
The relationship between public capital and private capital, macroeconomic risks and protectionism and data privacy are among the key connected risks trends that corporates need to be aware of in 2018, says a white paper from risk management and services software company Russell Group.

Source : AIR | 01 Mar 2018
Product Bytes

Source : AIR | 01 Mar 2018
Events

Source : AIR | 01 Mar 2018
Asia's Pandora's box
There is unfortunately no magic wand that can provide a solution to the healthcare woes of Asia: ageing demography, rising lifestyle/non-communicable diseases, environment and pollution related afflictions, galloping medical inflation and many more. Can the spirit of compassionate capitalism be invoked to achieve a more inclusive, sustainable and affordable healthcare industry for Asia? What can insurers do?

Source : AIR | 01 Mar 2018
Healthcare in Asia: A storm in the making!
Asia Insurance Review speaks to reinsurers, insurers, brokers, health evangelists and medical management solution providers to understand the healthcare problems in Asia and the way forward.

Source : AIR | 01 Mar 2018
Medix Global: More transparency needed to limit medical inflation
Authorities must focus on transparency of medical outcomes to influence provider behaviour and empower customers in their decision-making, Ms Sigal Atzmon, CEO of Medix Global, tells Asia Insurance Review.

Source : AIR | 01 Mar 2018
Not disruption, but continuous evolution
With a record 700 delegates from 38 countries, hectic networking, engrossing discussions and effective bilateral meetings, the 12th India Rendezvous, Reinsurance: Disrupted, in Mumbai from 22 to 24 January set important milestones.

Source : AIR | 01 Mar 2019
Legacy versus digital insurers - the lines are blurring
Can ‘new’ insurers could do well enough to prompt incumbents to move away from the traditional tack.

Source : AIR | 01 Mar 2019
The road to making history
We speak with Mr Joe Cheng, CEO of Group Agency Distribution, AIA Group, to find out the secret to the group’s continued success in producing top performing agents and why the industry needs to come together to salute excellence through platforms such as the Asia Trusted Life Agents & Advisers Awards organised by Asia Insurance Review and Asia Advisers Network.

Source : AIR | 01 Apr 2018
MDRT Experience: The magic of perspectives
The recent MDRT Experience Meeting in Bangkok was filled with inspirational stories of advisers, as well as key takeaways, such as how to overcome silo mentality in solving problems and how businesses and leaders can connect with a new generation.

Source : AIR | 01 Apr 2018
Going beyond ABC in Insurance
ZhongAn Technology CEO Chen Wei tells Asia Insurance Review why the industry should look beyond adopting new technologies such as AI, Big Data and Cloud Computing in silos.

Source : AIR | 01 Apr 2018
Pots of gold still abound in Asia
Insurance CEOs are having to deal with issues of change management, innovation and cultural shift alongside the perennial challenge of sustaining growth.

Source : AIR | 01 Apr 2018
Closing the gaps in customer centricity
The insurance industry is being disrupted by the same big wave of change and innovation that has rolled through the communication, entertainment, tourism, and retail sectors. Insurers have traditionally focused on strengthening technical product capabilities, but new technology-led players are accelerating the pace of change the industry faces. Mr Axel Roesner of Generali explores.

Source : AIR | 01 Apr 2018
Asia: Bancassurance still a "power" force for new business
Bancassurance has emerged as a critical distribution channel in Asia, especially in emerging economies where riding on the bank partnership is propelling growth in value of new business.

Source : AIR | 01 Apr 2018
Asia: CFOs need to be nimble and data-driven
The ability to adapt to the unexpected quickly and seamlessly is a major priority for today’s financial executives. In order to adjust course, decision makers must have a top-down perspective that makes it easy to account for every variable and hence be nimble and flexible.

Source : AIR | 01 Apr 2018
India's actuarial pioneers
K A Pandit Consultants & Actuaries is India’s oldest actuarial firm and it is celebrating its 75th Anniversary this year. The firm is today a major player in the Indian market where it operates in the life insurance, non-life insurance and employee benefits space, and is also a member of Abelica Global, a global consortium of actuaries. We speak to Mr Dharmendra K Pandit, partner, on the journey so far and the role of actuaries in today’s highly automated industry.

Source : AIR | 01 Apr 2018
AXIS Re: Committed to Asia
AXIS Re combines the agility of a mid-sized company with the sophistication of a global player. Set up in 2001, it is now emerging as a serious player on the Asian reinsurance turf as well. Asia Insurance Review speaks with the new CEO of AXIS Re, Mr Steve Arora, to understand more about the reinsurer’s Asian commitment.

Source : AIR | 01 Apr 2018
Go Big (data) or go home
The 3rd Asia Conference on Big Data and Analytics for Insurance heard industry experts exchange insights aplenty from strategy and case studies, to recruitment and even a take glimpse at the next data frontier. Here are our top 10 takeaways.

Source : AIR | 01 Apr 2018
The importance of surveyors in today's challenging hull insurance landscape
Mr Rama Chandran of QBE Insurance (Singapore) recommends that surveyors play a key role in investigating and offering greater analysis and insight into the deeper-seated issues in the marine industry so that it can operate more sustainably.

Source : AIR | 01 Apr 2018
Packaged policies for the customer
With the influx of capital and disruption looming over the horizon, Mr Matt Cannock of Markel says insurers need to focus on the customer first and introduce more packaged policies.

Source : AIR | 01 Apr 2018
Product Bytes

Source : AIR | 01 Apr 2018
Events

Source : AIR | 01 Apr 2018
Enhancing the risk management function in Asia
Mr Shoaib Javed Hussain of Milliman shares key findings from their study, which maps the journeys taken by leading multinational life insurers operating in Asia as they seek to make risk management a strategic partner to the business.

Source : AIR | 01 Apr 2018
Risk managers' perspective on the great leap forward
Risk management has been gaining wider visibility and appreciation in Asia. We speak to five risk managers – winners and finalists in the Corporate Risk Manager of the Year category of the Asia Insurance Industry Awards over the years – to get tips on making risk management a cutting edge and be a strategic difference to organisational success.

Source : AIR | 01 Apr 2018
What's next for InsurTech?
Most insurance companies have now come to accept the importance of digital and have sought to incorporate some form of InsurTech as support and enhancement for their operations. But is it sufficient? Can the transformation agenda from analogue to digital progress purely by incorporating digital as a business support function? Or should the concept of integrating InsurTech look beyond the current paradigm of performance metrics and utilise new, forward-looking ones to allow digital as a separate business unit to be judged on its own worth?

Source : AIR | 01 Apr 2018
CAT bonds can bridge the protection gap
Asia Insurance Review spoke with two insurance-linked securities experts to discuss the feasibility of CAT bonds as a risk transfer mechanism in China.

Source : AIR | 01 Apr 2019
Actuaries - time to chart a new path
Revealing insights from the Institute and Faculty of Actuaries immediate past president Marjorie Ngwenya.

Source : AIR | 01 Apr 2019
Incumbents and InsurTech: A symbiotic relationship
Asia Insurance Review was recently at the ANZIIF Insurtech Conference in Sydney to get a sense of the emerging scene in Australia.

Source : AIR | 01 Apr 2019
Asia: Overwhelming entries received for 2nd Asia Agents & Advisers Awards
The closing of nominations for the 2nd Asia Trusted Life Agents & Advisers Awards 2017 in April saw more than 350 entries from 25 companies in over 10 markets including Cambodia, China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, Sri Lanka, Taiwan, Thailand and Vietnam. The category of Agent of the Year led with the highest number of nominations, followed closely by Agency Leader of the Year.

Source : AIR | 01 May 2017
Bancassurance blockbuster partnership
Bancassurance is one of the main distribution channels for insurers in South Asian markets. We speak to some major players to get their perspective on the state of the market and the future for bancassurance.

Source : AIR | 01 May 2018
Creating a growth environment for health insurance in Asia
Willis Re’s Julia Aslett makes a strong case for speeding up the ‘natural cycle’ that many markets witness in developing from ‘over-regulation’ to ‘free market’.

Source : AIR | 01 May 2018
Implementing IFRS17 - A roadmap for survival
Actuarial Partners’ Hassan Scott Odierno gets technical about International Financial Reporting Standards - IFRS4 and IFRS17.

Source : AIR | 01 May 2018
22nd Asia Insurance Industry Awards calls for nominations
Asia Insurance Review has sounded this year’s call for the best and brightest of Asia’s insurance industry to take part in the 22nd Asia Insurance Industry Awards (AIIA) 2018. Nominations are now open till 31 May.

Source : AIR | 01 May 2018
Asia: Insurers must leverage China's Belt and Road Initiative projects
Asia Insurance Review is organising its inaugural two-day Insurance Summit on Belt and Road Initiative from 12-13 June 2018, in light of the tremendous opportunities arising out of what China’s President Xi Jinping called the “project of the century” which is tipped to be worth $900bn.

Source : AIR | 01 May 2018
Finalists for the 3rd Asia Trusted Life Agents & Advisers Awards 2018 announced
A total of 46 candidates from 11 markets have edged out 400 contenders from 50 companies and made it to the finals of the 3rd Asia Trusted Life Agents & Advisers Awards 2018. The awards offers a neutral platform to recognise the best in life insurance agency and advisory across the region.

Source : AIR | 01 May 2018
Asia: Region leads the way in IFRS 17 implementation
Asian companies have been among the first in the world to start preparing for the new International Financial Reporting Standard 17 (IFRS17) which will significantly change the way insurance contracts are measured and reported. Korean insurers are the most advanced in preparing for the implementation of the accounting standard.

Source : AIR | 01 May 2018
Bangladesh: Airline receives compensation for crashed plane
State-owned Sadharan Bima has paid $0.7m in the first tranche of the compensation payable for the US-Bangla Airlines plane that crashed in Kathmandu on 12 March.

Source : AIR | 01 May 2018
China: Central bank gives more details on liberalising insurance mart
The People’s Bank of China (PBOC) has announced 11 measures aimed at further opening China’s financial services sector, including the insurance market, to foreign participants.

Source : AIR | 01 May 2018
Hong Kong: Call for light touch in insurance broking regulation
Several hundred members of the Professional Insurance Brokers Association have urged Insurance Authority chairman Moses Cheng Mo-chi to refrain from introducing heavy handed regulation.

Source : AIR | 01 May 2018
India: Complaints mount at 'headless' Insurance Ombudsman offices
About 6,000-7,000 complaints have piled up at all 17 Insurance Ombudsman offices in India because the post of Ombudsman has been vacant in these offices for months.

Source : AIR | 01 May 2018
Indonesia: Non-life market forecast to grow by 5% in 2018
The General Insurance Association of Indonesia has predicted that non-life premiums would grow by at least 5% this year, based on robust performance seen in the early months of the year.

Source : AIR | 01 May 2018
Japan: MS&AD issues first CAT bond against flood and typhoon risks
Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance, which are subsidiaries of MS&AD Insurance Group Holdings, have jointly sponsored the first catastrophe bond in the non-life insurance industry to provide protection against flood risks as well as typhoon risks in Japan, according to a corporate statement.

Source : AIR | 01 May 2018
Malaysia: Growth prospects for insurance and takaful industry seen as positive
The insurance and takaful industry in Malaysia is improving given the ample room for growth, supported by proactive measures to innovate the industry taken by Bank Negara Malaysia (BNM), says MIDF Amanah Investment Bank’s research arm, MIDF Research.

Source : AIR | 01 May 2018
South Korea: Life insurers seen to invest more in foreign assets
Korean life insurers are expected increasingly to divest themselves from some of their longer-dated domestic bond holdings in favour of higher-yielding foreign assets, reports Bloomberg citing Mr Karan Talwar, Hong Kong-based investment specialist for emerging-market debt at BNP Paribas Asset Management.

Source : AIR | 01 May 2018
Taiwan: Shin Kong targets higher sales of foreign-currency insurance plans
Shin Kong Financial Holding, one of Taiwan’s largest financial services groups, aims to increase sales of foreign currency insurance policies and wealth management products by double digits this year as hedging costs remain a challenge.

Source : AIR | 01 May 2018
Thailand: Drunk drivers barred from lodging motor claims
Thailand’s Department of Disaster Prevention and Mitigation (DDPM) has reminded motorists that those involved in an accident while under the influence of alcohol cannot make an insurance claim.

Source : AIR | 01 May 2018
Vietnam: 25% of housing blocks in Hanoi covered by insurance
Only 179 or around a quarter of 718 multi-storey apartment buildings in Hanoi were covered by fire insurance as at 4 April, according to the Hanoi fire prevention and control police department. More than half of the 179 apartment buildings which are insured are high-class buildings, according to Vietnam News.

Source : AIR | 01 May 2018
Product Bites

Source : AIR | 01 May 2018
Singapore: University students get a taste of real-world risk management

Source : AIR | 01 May 2018
Philippines: Sun Life leads life market in 2017
Sun Life of Canada (Philippines) remains the top life insurance company in the Philippines with premium income of PHP32bn ($616m) in 2017, based on a data released by the Insurance Commission.

Source : AIR | 01 May 2018
Reinsurers: Good corporate citizens
National Reinsurance Corporation of the Philippines’ Mr Augusto Hildalgo illustrates how AI, digital transformation, climate change, talent crunch and pricing are playing out in this fast-developing market.

Source : AIR | 01 May 2018
Banc-ing on life growth
Bancassurance attracts some of the biggest insurers and banks with its allure of a strategic win-win, faster growth and scale economies – we look at the state of bancassurance in some Asian markets.

Source : AIR | 01 May 2018
News - Cyber risk management will be a major challenge in 'smart cities' of the future
Cities in Asia Pacific are getting smarter, but they must be ready for the cyber security risks that accompany the growing adoption of tech-enabled real estate and infrastructure, according to the Clicks and Mortar: The Growing Influence of Proptech study by real estate services company JLL and start-up community Tech in Asia.

Source : AIR | 01 May 2018
News - AI creates new risks, even as it brings benefits to businesses - Allianz
The widespread implementation of artificial intelligence (AI) applications brings many advantages for businesses, such as increased efficiencies, fewer repetitive tasks and better customer experiences. However, in the wrong hands, the potential threats could easily counterbalance the huge benefits, as AI is vulnerable to risks especially cyber, said Allianz Global Corporate & Specialty’s (AGCS) The Rise of Artificial Intelligence: Future Outlook and Emerging Risks report.

Source : AIR | 01 May 2018
Events

Source : AIR | 01 May 2018
Marketing at the forefront of revenue generation
One year into his role as group chief marketing officer of AIA, Stuart Spencer discusses the change he is driving and the impact the group’s major initiatives have had.

Source : AIR | 01 May 2018
Singapore: Insurance industry personnel attend ILAS event
A large group of members and friends of the Insurance Law Association Singapore (ILAS) turned up for its Networking Evening evening held on the 1 March.

Source : AIR | 01 May 2018
Agents adapt and survive
Insurance agents are finding that automation and advice are not mutually exclusive and that technology offers a chance for agents to be more understanding and responsive to customer needs.

Source : AIR | 01 May 2018
New roadmap needed for health insurers to survive
Some highlights from the recent Asia Insurance Review health insurance and healthcare conference.

Source : AIR | 01 May 2018
Takaful in Asia still struggling for scale
The takaful sector has not yet reached the scale that its advocates have dreamed of for the past 10 years. The causes and the remedy are not hard to identify.

Source : AIR | 01 May 2018
Dancing in the dark - AI fights the unknown unknowns
Darktrace’s Mr Sanjay Aurora digs deep into the use of artificial intelligence and machine learning to combat cyber threats that could have applications in the insurance sector.

Source : AIR | 01 May 2018
Data-driven innovation in life and health insurance
Data is one of the engines driving innovation in life and health insurance. RGA’s Marc Sofer discusses how the newest data sets are impacting the industry’s growth and development.

Source : AIR | 01 May 2019
From the Blog: WannaCry Alert!!!
The attack surface for cyber risk has been increasing for some time. This is especially in the area of expanding Internet of Things (IOT) device networks and also ransomware which has been tripling every month for some time, mainly in the USA but now global.

Source : AIR | 01 Jun 2017
Asia: China & Japan insurers top region by market cap in 1Q - S&P
Chinese and Japanese insurers dominated the list of the 20 largest insurance companies in Asia Pacific by market capitalisation in the first quarter of this year, splitting 13 spots between them, said S&P Global Market Intelligence.Ping An Insurance (Group) of China came in No 1, retaining the first spot from the 2016 fourth quarter.

Source : AIR | 01 Jun 2017
Roland Eckl: In tune with regional trends and client needs
Munich Re is streamlining resources in Asia to ensure greater agility and responsiveness to local markets. Mr Roland Eckl, who was appointed Chief Executive Asia Pacific in January and will relocate to Singapore later in September to head a newly formed regional centre, shares the reinsurer’s reworked vision for the region.

Source : AIR | 01 Jun 2017
Embracing the bright yet challenging future on renewable energy
Taiwan’s Renewable Energy Development Plan targets 20% of its power to be generated from renewable energy by 2025. Mr Patrice Nigon of Swiss Re discusses how they are supporting these endeavours to develop clean energy.

Source : AIR | 01 Jun 2017
"Disciplined softening"
Mr Jong-Gyu Won of Korean Re gives an overview of the April 2017 renewals in Japan, North America and India, highlighting the pressures on prices as reinsurance capacity remains affordable.

Source : AIR | 01 Jun 2017
Startup seeks to re-write tradition
Diabetic patients have traditionally been shunned by underwriters, but things are about to change – if they have not already started. Health2Sync’s proprietary platform empowers patients to manage their condition, while giving insurers a new way to assess risk and offer protection to a demographic previously considered uninsurable, says CEO Ed Deng.

Source : AIR | 01 Jun 2017
There's more to be done
A look at how the insurance industry is responding to the growing spectre of climate change as it brings in more devastating natural catastrophes.

Source : AIR | 01 Jun 2018
Asia health protection gap 10 times larger than forecast
Delegates at the Institute and Faculty of Actuaries Conference 2018 in Bangkok were treated to a sneak peek at Swiss Re’s soon-to-be-published health protection gap in Asia study. The forthcoming study, due to be published in July, will show that the overall size of Asia’s health protection gap is a massive $1.8tn.

Source : AIR | 01 Jun 2018
11 winners from seven markets at 3rd Asia Trusted Life Agents & Advisers Awards
Eleven winners were honoured at the 3rd Asia Trusted Life Agents & Advisers Awards presentation ceremony dinner held in Manila on 7 May with the Philippines’ insurance commissioner Dennis Funa as guest of honour.

Source : AIR | 01 Jun 2018
Asia Employee Benefits & Insurance Conference in July (3-4 Jul 2018, Mandarin Orchard Hotel, Singapore)
In the sharing economy with the empowered connected employee, the fight for talent is critical for success. Employee benefits is a game-changer in making companies become employers of choice. And many global MNCs have admitted that runaway employee benefits costs need to be controlled. A huge chunk of employee benefits is health costs and the recent headlines on Aetna, Apple, Amazon, JP Morgan Chase and Berkshire Hathaway moves in the healthcare arena is a sign of the times.

Source : AIR | 01 Jun 2018
Asia: Actuarial Partners accredited under the Quality Assurance Scheme
Actuarial Partners Consulting has become the first non-MNC firm of actuaries outside of the UK to receive accreditation under the Quality Assurance Scheme (QAS) from the Institute and Faculty of Actuaries UK. The award was presented during the IFoA Asia Conference 2018 in Bangkok in May.

Source : AIR | 01 Jun 2018
Bangladesh: Government urged to promote farm insurance
The Asian Development Bank has called on the government to scale up sustainable agriculture insurance in Bangladesh.

Source : AIR | 01 Jun 2018
InsurTech hype gives way to reality
Insurance in Asia has come to a pivotal point as the much of the hype around disruptors has faded and the industry is now going through a self-correction phase.

Source : AIR | 01 Jun 2018
Prudential to accelerate growth in Asia
Asia Insurance Review speaks to Prudential Corporation Asia chief executive Nic Nicandrou on his plans to take the business forward after the landmark announcement earlier this year to split up the 170-year old British insurer.

Source : AIR | 01 Jun 2018
Belt and Road Initiative challenges the insurance profession
As more details emerge about the Belt and Road Initiative it has quickly garnered interest and become one of the most exciting global trade developments of recent times.

Source : AIR | 01 Jun 2018
Specialisation in an evolving market
Speciality reinsurance broking in Asia could still be a growth area for global specialists. RKH Specialty CEO Asia Pacific Stuart Beatty outlines some of the opportunities as well as the impediments to growth.

Source : AIR | 01 Jun 2018
Marketing insurance in the digital age
Disruptions may come and disruptions may go but someone still has to market insurance products and promote the brand. Welcome to the hard-boiled world of marketing, advertising, promotion and corporate communications in the untamed digital frontier of the future.

Source : AIR | 01 Jun 2018
Events

Source : AIR | 01 Jun 2018
Committed to diversity
A scathing report by Bloomberg a few weeks ago about the existence of an ‘old boys club’ in Lloyd’s of London showed that we still have a long way to go when it comes to diversity and equality.

Source : AIR | 01 Jun 2019
The impact of climate change on the insurance industry
A recent article by NASA has come to the conclusion that greenhouse gases in the atmosphere raises temperatures over land surfaces.

Source : AIR | 01 Jun 2019
AI: Helping people become more human
Some have viewed companies’ adoption of artificial intelligence (AI) with reluctance, suspicion and fear of being displaced. But software startup Flamingo says the use of AI can make humans more hu-man with its efficiency outcome.

Source : AIR | 01 Jul 2017
Great power, greater responsibilities
Speakers at the 11th Asian Insurance CFO Summit highlighted the rapidly-expanding scope of insurance CFOs’ and finance teams in the last few years, especially in the light of the IFRS 17 finalised in May 2017.

Source : AIR | 01 Jul 2017
Straight-through winning
Although bancassurance remains a compelling proposition for both insurers and banks, it is not cushioned from the impact of disruptive technology that is buffeting the industry. Here are key takeaways from the 18th Asia Conference on Bancassurance & Alternative Distribution Channels.

Source : AIR | 01 Jul 2017
Cyber! Cyber! Everywhere! Where's the Market?
Though the threat of cyber attacks is everywhere and the fear of cyber is growing rapidly, Asia’s cyber market is still immature, say industry experts.

Source : AIR | 01 Jul 2017
APLIC: Prepare to manage disruptive forces
Life insurers have to prepare themselves to manage disruptive forces that are bombarding their businesses today, said Mr Gan Leong Hin, management committee member of the Life Insurance Association of Malaysia (LIAM) in his keynote address at the 16th Asia Pacific Life Insurance Congress (APLIC) that was held in Kuala Lumpur, Malaysia, in May.

Source : AIR | 01 Jul 2017
Product Bytes
APAC: XL Catlin launches real estate environmental protection solution

Asia: New critical illness products in Hong Kong and Singapore

Singapore: MSIG and Etiqa Insurance launch usage-based motor insurance

Source : AIR | 01 Jul 2017
The 1st International Training Summit for agents in Asia
Our agents are professional. Yet their thirst to get better is never quenching. Hence we take pride in responding to this with our 1st ever International Training Summit, holding it in conjunction with the Gala Dinner of the 2nd Asia Trusted Life Agents & Advisers Awards.

Source : AIR | 01 Jul 2017
Saluting Agents: Looking back to that first Award
On 12 July, the winners of the 2nd Asia Trusted Life Agents and Advisers Awards will be feted at a Gala Dinner held in conjunction with the 1st ever International Training Summit in Singapore.

Source : AIR | 01 Jul 2017
Aon Benfield: Actuarial software to ease shift to IFRS 17 compliance
The South Korean financial regulator (FSS) has recently introduced new solvency regulations, due to take hold in 2021. In a world first, it is basing these regulations on a new international accounting standard IFRS 17. Mr Sung Lim Suh of Aon Benfield discusses how actuarial modelling software is being used to help insurers in South Korea comply with the new Standard.

Source : AIR | 01 Jul 2017
PwC: Gearing up for a paradigm shift
The issuance of IFRS 17 by the International Accounting Standard Board (IASB) recently was the most significant change to insurance accounting requirements in 20 years. Ms Woo Shea Leen and Ms Ang Sock Sun, both from PwC Singapore, share how insurers can gear up for this paradigm shift in reporting standard.

Source : AIR | 01 Jul 2017
AXA Partners Asia: Redefining partnerships around services
A dedicated specialist of services and solutions with a focus on third-party distribution in AXA Group – AXA Partners Asia – has started operating in Asia. We speak to Mr Jerome Itty, its Regional CEO, Asia, about their plans to enhance traditional segments and venture into new ones.

Source : AIR | 01 Jul 2017
Allianz: Connecting insurance with the masses
The winners in the distribution game will be those who are collaborative, flexible and data-driven, says Allianz’s Chief Distribution Officer for Asia Pacific, Lars Heibutzki.

Source : AIR | 01 Jul 2017
Windstorms - A shifting threat?
Research shows that tropical storms from the Pacific Ocean may be shifting further north, and that the storms of the future that make landfall could be even stronger and more devastating. Mr Markus Stowasser of Allianz Re elaborates.

Source : AIR | 01 Jul 2017
Deloitte: An insurer's journey
On 18 May 2017, the International Accounting Standards Board (IASB) issued IFRS 17: Insurance Contracts, a long awaited standard for insurers. Mr Raj Juta from Deloitte gives an in-depth view of this new insurance contracts standard which will be applicable for annual reporting periods beginning on or after 1 January 2021.

Source : AIR | 01 Jul 2017
Using technology to stake a claim
Experts at the Asia Conference on Claims Management and Insurance Fraud spoke about integrating technology into the claims handling and fraud detection process, the legal intricacies involved in proving fraud and getting the customer involved in the claims process.

Source : AIR | 01 Jul 2017
Asia Pacific to top the world in wealth by 2019 - Boston Consulting Group
The Asia Pacific region, excluding Japan, will likely surpass Western Europe this year as the world’s second largest wealth market behind North America, according to the Boston Consulting Group (BCG). Asia Pacific will probably have wealth assets of about US$42.3 trillion at the end of 2107, compared to $41.9 trillion for Western Europe.

Source : AIR | 01 Jul 2017
Asia: SMEs are prime targets for cyber crime
SMEs remain an easy target for cyber criminals to get to bigger companies in the supply chain, experts have warned.

Source : AIR | 01 Jul 2017
Delivering real solutions through innovation
Ms Regine Lai, Managing Director of Insurance Republic, is a Singaporean who has made her entrepreneurial mark across Asia and Europe over the last 10 years; specialising in brand consulting for retail, banking & finance and insurance entities. She recently led the launch of Insurance Republic’s new app, my-insurer.

Source : AIR | 01 Jul 2017
The Executive view of general insurance in Asia: It's happening. Belt up for bigger changes
The growth lure of Asia, cyber panic, disruptive forces and technology-driven innovation and the need to spur risk management awareness were some of the hot issues at Asia Insurance Review’s Executive Roundtable on general insurance. Held in Singapore, it offers a regional perspective of the issues in-volved in the lead up to the IIS’ Global Insurance Forum this month.

Source : AIR | 01 Jul 2017
Disrupting catastrophe modelling
Risk Spatial founder Nick Hassam says Open Modelling and Big Data can disrupt the catastrophe modelling process – but who will implement it? founder Nick Hassam says Open Modelling and Big Data can disrupt the catastrophe modelling process – but who will implement it?

Source : AIR | 01 Jul 2017
Insurance technology trends and success factors for business transformation
Mr Daniel Angelucci of DXC Technology explains the two trends that will shape insurance technology and insurance companies for the next few years.

Source : AIR | 01 Jul 2017
Bangladesh farmers can now breathe easy
Bangladesh suffers largely from the vagaries of nature with frequent droughts, flooding and storms that take a heavy toll on the farming community, whose livelihood is affected causing extreme distress and social unrest. We speak to Messrs Arup Chatterjee and Md Mortaza Golam from ADB on the impact of the crop insurance scheme and the experiences from the market.

Source : AIR | 01 Jul 2018
Building a workforce for the future
Insurers will need to chart their course carefully to navigate through the current talent gap in their quest to transform into an organisation that can excel in future.

Source : AIR | 01 Jul 2018
The case for insurance tech interconnectivity
Insurers are currently facing a series of challenges on the tech front and Equinix global head of insurance James Maudslay says the conflation of these issues will impact the industry significantly.

Source : AIR | 01 Jul 2018
Where does the pursuit of digitalisation lead?
The insurance industry’s pursuit of digitalisation continues even as the hype around disruptors fades. But where are insurers’ investment dollars being channelled and what exactly are they looking to achieve? Are some parts of the insurance value chain more equal than others?

Source : AIR | 01 Jul 2018
Tax risk management with a lens on transfer pricing
The Asia Pacific region embodies a multitude of different tax systems, ranging from the highly sophisticated to the less developed. Nevertheless, it is possible to discern trends as countries modernise their tax structures and defend their fiscal borders through a combination of base erosion and profit shifting-inspired developments and unilateral actions. EY APAC insurance tax leader Dale Judd provides some insights.

Source : AIR | 01 Jul 2018
Nat CAT: The worst is yet to come
With climate change bringing unprecedented Nat CAT intensity, the recent 16th Conference on Catastrophe Insurance in Asia organised by Asia Insurance Review was a stark reminder that the (re)insurance industry needs to stay vigilant and improve its offerings to combat Nat CAT risks.

Source : AIR | 01 Jul 2018
Supply chain from a risk engineering perspective
There has been increasingly serious business interruption experienced by large industrial companies globally, according to industrial insurer HDI Global SE. Singapore-based senior risk engineer Moey Park Moon provides a perspective of how the global supply chain has evolved.

Source : AIR | 01 Jul 2018
Product Bites

Source : AIR | 01 Jul 2018
Non-communicable diseases: When death isn't catching
Non-communicable diseases do not make headlines like infectious epidemics but they are responsible for over 70% of deaths every year globally. China has the ‘dubious’ distinction of being the global leader in non-communicable diseases.

Source : AIR | 01 Jul 2019
Could some Asian cities end up underwater soon?
Several Asian coastal cities face the twin threats of rising sea levels and land subsidence due to over-exploitation of groundwater. Plans are afoot to relocate fast-sinking cities like Jakarta.

Source : AIR | 01 Jul 2019
Roundtable: Jazzing up the shine in the Asian Life markets
Digital strategies, the ongoing challenges of cyber security, hidden growth nuggets and empowering agents were the topics of discussion at Asia Insurance Review’s Life Regional CEO Roundtable in Hong Kong.

Source : AIR | 01 Aug 2017
People on the move

Source : AIR | 01 Aug 2017
MSIG: Speed in the hour of need
MSIG Asia CEO Alan Wilson says helping customers when they are most vulnerable is key and is what runs through the insurer’s DNA. He explains how the company’s latest digital initiative promises haste in its claims service, so its insureds may be relieved of unnecessary stress in the wake of an accident.

Source : AIR | 01 Aug 2017
The CEO's guide: Leading the digital transformation
We bring you the crucial tips that every CEO today should have to successfully implement digital change as suggested by the Boston Consulting Group.

Source : AIR | 01 Aug 2017
Innovating for sustainable aquaculture growth
Asia is home to several of the world’s largest aquaculture production countries including China, Indonesia, India, Vietnam, Philippines, Bangladesh and South Korea. Mr Yu Deng of Swiss Re discusses the expanding sector and how insurance programmes can be tapped for its sustainable growth.

Source : AIR | 01 Aug 2017
CAT resilience: Cementing the cornerstones
Experts and regulators at the 15th Conference on Catastrophe Insurance in Asia exhorted the industry and countries alike to collaborate and beef up disaster risk management in the face of increasingly volatile risks.

Source : AIR | 01 Aug 2017
Asia: Next EAIC set for May 2018
The EAIC Executive Board has set the dates for the 29th East Asian Insurance Congress to be from 6-9 May 2018 in Manila, in summer rather than in the traditional fall period. The decision was made at a board meeting in Manila last month.

Source : AIR | 01 Aug 2017
Milestone development: InsurTech Asia Association launched
A new dedicated InsurTech Asia Association is being launched to mark a milestone development in the regional insurance market.

Source : AIR | 01 Aug 2017
Asia: AIDA's APIC to be held in October in Singapore
The inaugural Asia Pacific Insurance Conference (APIC), a regional conference organised by a collection of major insurance-related organisations affiliated under the auspices of the International Insurance Law Association/Association Internationale de Droit des Assurances (AIDA), will be held on 18-20 October 2017 in Singapore.

Source : AIR | 01 Aug 2017
Asia Pacific: Regional giants to drive global life market
The giant emerging markets of China and India will drive global life premium growth in the coming years, forecasts Swiss Re Institute in its sigma report titled “World insurance in 2016: the China growth engine steams ahead”.

Source : AIR | 01 Aug 2017
Asia: CIOs to forge ahead on InsurTech battleground
The rise of InsurTech has led insurers to change their approach to managing business. The large incumbents face competition from startups springing up across the globe, and need to decide whether to accept them as partners or rivals.

Source : AIR | 01 Aug 2017
Asia: Protecting crops and farmers
Fifteen members of the collaborative UNDP-FAO Integrating Agriculture in National Adaptation Plans (NAP-Ag) Programme from Nepal, the Philippines, Thailand and Viet Nam were involved in a recent peer-to-peer exchange to discuss how proper application of climate information and applied research could inform better decision making and reduce loss.

Source : AIR | 01 Aug 2017
Asia: SMART pensions for ageing populations
The pensions industry is facing a massive challenge. Across Asia, populations are ageing as genetics and technology add years of life, and emphasis is placed on their healthcare. Regulators are cognisant that the pension schemes of yesteryear are no longer sustainable and need to be overhauled. At the same time, affluence has created a higher demand for sophisticated retirement planning and solutions.

Source : AIR | 01 Aug 2017
Over 50 finalists in Australian Insurance Industry Awards
More than 50 impressive nominees have been selected as finalists for the 2017 Australian Insurance Industry Awards, organised by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and founding partner, Asia Insurance Review.

Source : AIR | 01 Aug 2017
2nd Asia Trusted Life Agents and Advisers Awards: An inspiration to Asia's life insurance industry
Agents reign! Indefatigable and invaluable in their advice to the community, life agents continue to triumph in the industry. At the 2nd Asia Trusted Life Agents and Advisers Awards presentation on 12 July held in Singapore, the life insurance industry celebrated the very best of them, together with the winning insurers and service providers.

Source : AIR | 01 Aug 2017
Strong, steady & seeking sustainability
With continued domestic economic growth and the improvement of insurers’ products and services, there is growing awareness of the benefits of insurance, both life and non-life.

Source : AIR | 01 Aug 2017
Interview with the Regulator: Engaging disruption to benefit the industry
In this exclusive interview with Dr Suthiphon Thaveechaiyagarn, Secretary-General of the Office of Insurance Commission (OIC), Thailand, he gives an in-depth view of the insurance industry today and shares that the OIC is focused on technological innovation which he firmly believes will bring benefits to consumers and the whole industry.

Source : AIR | 01 Aug 2017
Life: Positive outlook for 2017
Life premiums are expected to reach US$17.6 billion in 2017, an increase of 6% from 2016. The main factors for this projection are the continued domestic economic growth, the improvement of insurers’ products and services, and the growing awareness of the people to the benefits of insurance among others. Mrs Nusara Banyatpiyaphod, President of Thai Life Assurance Association reports.

Source : AIR | 01 Aug 2017
Weaving social needs into protection innovation
Mr David Wright of Pacific Life Re Asia looks at innovation opportunities in existing product propositions that have the potential to address Thailand’s increasing gap, making insurance more accessible to everyone.

Source : AIR | 01 Aug 2017
Non-life: Steady and strong
Dr Chutatong Charumilind of Insurance Premium Rating Bureau sees the non-life sector holding a steady growth path in 2017 and will remain strong despite the still crowded and competitive market.

Source : AIR | 01 Aug 2017
Non-life: A paradigm shift
Thailand’s non-life sector has been liberalising gradually. Mr Marc Breuil of Berkshire Hathaway Specialty Insurance recommends that further opening up segments of the sector would help as domestic insurers need to develop robust risk-bearing capabilities in order to be sustainable. One way to do this is by offering new licences to foreign companies and requiring these companies to play their role in the training and development of local talent.

Source : AIR | 01 Aug 2017
Risk management across supply chain vital to cyber defence
The interconnected and unbounded nature of the cyber means that each company is vulnerable to risks from each partner in the ecosystem. Cyber security requires a collaborative effort supported by information sharing, said speakers at the 2nd Asia Cyber Risk Summit.

Source : AIR | 01 Aug 2017
Automation Insurance: Threat or Opportunity?
The future is becoming less predictable every day. If insurers want to stay relevant to tomorrow’s needs, Mr Benjamin Pring of Cognizant says they must build agility into everything.

Source : AIR | 01 Aug 2017
Sri Lanka: New regulator outlines priorities
Insurance Regulatory Commission of Sri Lanka chairman Mano Tittawella reveals that increasing awareness and building public confidence about insurance are his priorities. He is also a strong proponent of the involvement of foreign players in developing the local market.

Source : AIR | 01 Aug 2018
CSR gives insurers a community connect
Insurers around Asia now see CSR as an opportunity to build bridges with communities which not only creates goodwill for their business but also helps them make a meaningful contribution to society.

Source : AIR | 01 Aug 2018
Reinsurance gains momentum as insurers seek to redesign risk appetite
How is risk appetite helping insurance companies make better decisions about reinsurance needs? WTW asked insurance executives across the globe to weigh in on their views.

Source : AIR | 01 Aug 2018
Belt and Road Initiative: Opportunities and risks
China’s Belt and Road Initiative will bring the global economy enormous growth and investment opportunities, estimated by Swiss Re to be worth an additional $23bn in commercial insurance premiums by 2030. However, BRI projects also bring with them risks. The first-ever Insurance Summit on BRI organised by Asia Insurance Review saw experts discuss these issues.

Source : AIR | 01 Aug 2018
Events

Source : AIR | 01 Aug 2018
Asia Insurance Industry Awards 2018 - 45 finalists named
Some 45 insurers, brokers, risk managers, service providers and industry leaders made it to the list of the finalists for the 22nd Asia Insurance Industry Awards (AIIA).

Source : AIR | 01 Aug 2018
Asia: Mixed industry performance across advanced markets
Life insurance premiums in advanced Asian markets continued to weaken, falling 2.1% in 2017 (2016: ?3.8%), according to the latest Swiss Re Institute sigma study, World Insurance in 2017.

Source : AIR | 01 Aug 2018
Insurance opportunities in the blockchain ecosystem
As blockchain becomes more prevalent and cryptocurrencies gain increasing traction in the economy, the question of where insurers can find their place in this ecosystem begs for an answer.

Source : AIR | 01 Aug 2018
Achieving growth in one of the world's largest insurance markets
Since June, the China Insurance Regulatory Commission has allowed foreign life insurers to take a majority stake in local JVs, although growing their market share still seems a tall order. We take a look at the state of foreign insurers in China.

Source : AIR | 01 Aug 2018
Partner Re to grow its Asian footprint
Bermuda reinsurer Partner Re will marry its technical heritage with greater client-centricity, says Mr James Beedle, Head of Asia-Pacific & CEO of Partner Reinsurance Asia.

Source : AIR | 01 Sep 2017
The road ahead in takaful
Dr Mohamed Rafick Khan bin Abdul Rahman of Munich Reinsurance Company (Retakaful), looks at the taawun’ concept in takaful with its room for further development.

Source : AIR | 01 Sep 2017
Asia: Around 40 nominees enter 21st Asia Insurance Industry Awards final round
Around 40 of Asia’s best executives or companies in the insurance sector have been shortlisted for the finals of the 21st Asia Insurance Industry Awards (AIIA), which is organised by Asia Insurance Review.

Source : AIR | 01 Sep 2017
Asia: Call for "roaming" health coverage for migrant workers
As countries expand health care services for the covered population, they also need to guarantee the same health coverage for their citizens working in foreign countries, as well as for foreign residents, says Mr Eduardo Banzon, principal health specialist of Sustainable Development and Climate Change Department, at the Asian Development Bank.

Source : AIR | 01 Sep 2017
Product Bytes

Source : AIR | 01 Sep 2017
Milli Re: Staying stable through the years
Since opening their sole international branch in Singapore 10 years ago, Turkish national reinsurer Milli Re has been doing good business across Asia Pacific. Mr Chew Kwok Choong, CEO, gives us his insight on the markets in Asia, and Milli Re’s plans moving forward.

Source : AIR | 01 Sep 2017
Priority issues for CEOs: Walking down the online avenue
It is hard to see your own flaws, which is why the consultant is such an important figure in any successful business. In a thought leadership roundtable organised by Asia Insurance Review, consultants from three major firms gave their views on what the insurance industry has to do to navigate the future.

Source : AIR | 01 Sep 2017
Oversupply of ships and marine insurance
As part of the coverage for the IUMI Annual Conference in Tokyo this month, Mr Matt Cannock of Markel International Singapore looks at the marine scene today with oversupply being the same bane facing both the shipping and insurance industries.

Source : AIR | 01 Sep 2017
InsurTech and the customer promise
How can InsurTechs evolve to deliver on their promises to customers? Ms Lerk-Ling Chang of Guidewire Software explores.

Source : AIR | 01 Sep 2017
Bridging the senior services gap
The rapid ageing of many of Asia’s nations is definitely a challenge. Mr Georgio Mosis from RGAx Asia examines innovative ways to meet the ageing populations’ fast-emerging health and wellness needs.

Source : AIR | 01 Sep 2017
People on the move

Source : AIR | 01 Sep 2017
Asia: Towards regional disaster risk management
The four key enablers of technology and data; product innovation; research and development; and an integrated ASEAN market, can be deployed to put Asia in a strong position to address the challenges of effective assessment, management and transfer of disaster risks, said Mr Ravi Menon, Managing Director, Monetary Authority of Singapore, who spoke at the recent 8th Institute of Catastrophe Risk Management (ICRM) Symposium held in Singapore.

Source : AIR | 01 Sep 2017
Is your agent a rogue?
Insurance fraud risk abounds and there are many perpetrators. Messrs Reuben Khoo and Saket Bhartia of Ernst & Young Advisory Pte Ltd, focus on the role of agents and zoom in on the ways agents can commit fraud.

Source : AIR | 01 Sep 2017
Prevailing through humanity
Despite disruption, the rise of artificial intelligence, agents and advisers will continue to play an important role in life insurance in the near term. This can be achieved by honing in on the human traits in advice that technology can never quite replace.

A

Source : AIR | 01 Sep 2017
Are you ready for the insurance world of 2025?
More insurers are recognising the importance of cognitive technology. But what are the five basic questions to be asked before starting this journey? Mr Kenny Hay of IBM ASEAN offers the answers.

Source : AIR | 01 Sep 2017
Asian Insurers: Greater Expectations!
Reinsurers play an increasingly important role in most insurance markets in Asia and each year the expectations grow. So this year, in our coverage to kick start the renewal season with Monte Carlo, we polled a team of “seven wise” insurers around the region from big and small markets to gauge their expectations. Reinsurers have big shoes to fill. The market awaits.

Source : AIR | 01 Sep 2017
Mark Mitchell: Navigating risk with tailored solutions
We live in a world today that is more connected than ever before. Similarly, the interdependency of global businesses today brings about unique challenges for insurers. It is no longer enough to develop generic solutions. Instead, we must be able to offer our clients tailored and relevant solutions that can adapt to global developments within a local context.

Source : AIR | 01 Sep 2017
Combatting workplace stress with a healthy corporate culture
Cigna’s Jason Sadler looks at how mental and physical wellness programmes are improving productivity, helping provide affordable quality healthcare and supporting greater talent engagement.

Source : AIR | 01 Sep 2018
The role of insurance hubs
The advancement of (re)insurance hubs in Asia has created unparalleled opportunities for insurance groups.

Source : AIR | 01 Sep 2018
Customer choice is the future of distribution
Being channel agnostic is an advantage, says FWD group chief distribution officer Binayak Dutta.

Source : AIR | 01 Sep 2018
Asia in the world market
The global economy is expected to continue to grow at a healthy pace in 2018 and 2019 but could be faced with three shocks: Energy prices, political uncertainty and interest rates.

Source : AIR | 01 Sep 2018
Events

Source : AIR | 01 Sep 2018
Four reasons insurers need AI to fight fraud proactively
The insurance industry has 7,000 companies that collect more than $1tn in premiums, providing criminals with opportunities to commit fraud.

Source : AIR | 01 Sep 2018
Cyber risks still confound - but opportunities abound
The recent Singapore Actuarial Society ERM-ESSEC CREAR Cyber Risk Conference 2018 provided some remarkable insights on this growing segment.

Source : AIR | 01 Sep 2018
A role for insurance in food security in Asia
While food and water security is a global issue, it is particularly important in Asia. Allianz SE Reinsurance branch Asia Pacific agriculture underwriter Sonia Rawal discusses.

Source : AIR | 01 Sep 2018
Asia readies for a 'silver' tsunami
As Asia’s elderly population, (re)insurers in Asia address the healthcare needs of their ‘silver’ customers. How is the industry helping with ‘healthy ageing’.

Source : AIR | 01 Sep 2018
South Asia: A booster dose for agriculture insurance
The impact of climate change is making life increasingly difficult for farmers in South Asia. We look at a few markets in the region to understand the impact of agriculture insurance on the local population.
- The Pradhan Mantri Fasal Bima Yojana scheme
- Green Delta Insurance’s weather index-based agriculture insurance and yield index-based agriculture insurance.
- Agricultural and Agrarian Insurance Board’s cover for farmers of six crops - rice, onions, potatoes, chillies, maize and soybeans.
Source : AIR | 01 Sep 2018
Nepal Re: Readying for the long haul
Nepal Re CEO Chirayu Bhandari provides a perspective on the challenges and strategies before the company.

Source : AIR | 01 Sep 2018
The home of Everest beckons
Nepal will be the host for the 21st AIRDC this month in Kathmandu.

Source : AIR | 01 Sep 2018

This site uses cookies to ensure you get the best experience on our website and analyze traffic.