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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
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
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
Hong Kong: Beauty salons get insurance
A beauty industry group has made a deal with an insurer to provide coverage for small and medium-sized beauty parlours as long as they are accredited by the Hong Kong Beauty Industry Union.

Source : AIR | 01 Jan 2018
Hong Kong: Federation of Insurers launches anti-fraud AI database
The Hong Kong Federation of Insurers (HKFI) has launched the Insurance Fraud Prevention Claims Database (IFPCD). Featuring state-of-the-art AI technology provided by Shift Technology, a French company, the IFPCD will be able to help detect different types of insurance fraud, particularly those involving multiple claims and syndicates.

Source : AIR | 01 Jan 2019
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
Finalists of Hong Kong Insurance Awards 2017
The Hong Kong Federation of Insurers (HKFI), the organiser of the Hong Kong Insurance Awards 2017 has announced the top three finalists for each of the 15 categories of the Awards.

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
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
Product Bites
- Japan: ‘Minpaku’ products come to market
- Hong Kong: Prudential announces multi-claim critical illness protection solution
- Singapore: Etiqa launches personal cyber insurance
- Global: Aon offers $350m reinsurance capacity for new silent cyber facility
- Global: Seamless space insurance from XL Catlin
Source : AIR | 01 Oct 2018
Hong Kong: Mandatory pension system needs to centralise
Hong Kong’s Mandatory Provident Fund will benefit from a centralised database, a push to digitise transactions, and differentiating members by income and age, consultants from the international professional services firm PwC have said.

Source : AIR | 01 Nov 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
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
AIA introduces Hong Kong's first blockchain-enabled bancassurance network
AIA Hong Kong has announced a new blockchain solution that enhances customer experience and improves efficiency for its bancassurance operations. The solution, co-developed with its bank partners, is the first instance of blockchain technology being deployed in a bancassurance partnership in Hong Kong.

Source : AIR | 01 Dec 2017
Winners of HK Insurance Awards

Source : AIR | 01 Dec 2017
Singapore: Peak Re receives composite licence from MAS
Peak Reinsurance Company, the Hong Kong-based global top-43 reinsurer, has been authorised as a life and general reinsurer by the MAS to carry on reinsurance business in Singapore since 2 November 2017.

Source : AIR | 01 Dec 2017
Hong Kong: Bigger tax breaks urged for the young who enrol in voluntary health plan
Bigger tax breaks are proposed for young Hongkongers to induce them to join a government-backed voluntary medical insurance scheme, reported the South China Morning Post.

Source : AIR | 01 Feb 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
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
Regulations lead the way
The Insurance Authority has been active for the past eight months with a slew of moves to get industry digital as well as ready for RBC.

Source : AIR | 01 Mar 2018
HKFI: Supporting the industry through a raft of regulatory changes
With the establishment of a new independent regulator in the form of the Insurance Authority (IA), the Hong Kong Federation of Insurers (HKFI) has also repositioned itself and set out its priorities in the mid and long term. HKFI Chairman Stuart Harrison shares with us its plans.

Source : AIR | 01 Mar 2018
Mainland's demand to boost both life and general insurance
China is a key factor for both the life and general insurance sectors in Hong Kong as the city stands to benefit from Mainland’s Belt & Road Initiative. The new independent Insurance Authority (IA) has also been busy, with several plans for the sector in the pipeline.

Source : AIR | 01 Mar 2018
Life insurance continues to soar
Life insurance in Hong Kong continues to be prosperous. Office premiums for in-force business recorded a growth of 39.8% y-o-y in 2016 and amounted to HK$325.4 billion (US$46.4 billion) for the first three quarters of 2017, an 11.6% increase over the corresponding period in 2016. We speak to a few life insurers for an update of this continuing vibrant sector.

Source : AIR | 01 Mar 2018
General insurance stagnant, but buoyed by Mainland infrastructure projects
The general insurance market in Hong Kong is still relatively stagnant compared to the long-term business. In 2016, gross premiums of general business recorded a y-o-y decrease of 1% to HK$45.5 billion (US$5.8 billion). While a growth of 5.8% was recorded for the first three quarters of 2017, the growth for direct business was only 2.8%.

Source : AIR | 01 Mar 2018
Reinsurance perspective: China and regulatory priorities
Having ushered in somewhat harder rates at the 1/1 renewals due to Nat CATs, opportunities on the Mainland and regulatory changes figure among the key issues for this year. We speak to a few reinsurance players in Hong Kong about their thoughts on the market.

Source : AIR | 01 Mar 2018
Wishlist and Viewpoints: Words from the players
We asked insurers about their views on the hub status of Hong Kong and also what their wishlist is for the new IA. This is what they have to say.

Source : AIR | 01 Mar 2018
Interview with the Insurance Authority: Growing in lure as a Hub
Since the Insurance Authority (IA) took over the statutory functions of the Office of the Commissioner of Insurance (OCI) to regulate insurers on 26 June 2017, its key priorities have been to look at the risk management of insurers and to position Hong Kong as an inward reinsurance and risk management hub for the Mainland and the Belt and Road economies, as well as a regional insurance hub to facilitate Mainland insurance groups to go regional and global. In this exclusive interview with Asia Insurance Review, Mr John Leung, CEO of the IA, discusses regulatory priorities, the influence of the mainland’s business and its technology push.

Source : AIR | 01 Mar 2018
The Insurance Authority: The new investigation and enforcement agency
Ms Mun Yeow of Clyde & Co discusses the Insurance Authority (IA)’s powers, penalties and sanctions as well as the challenges it faces.

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
Hong Kong: Insurance M&A scene gets very active
M&A deals involving Hong Kong insurers reached US$2.84 billion in 2017, up from US$1 billion recorded in 2016, according to data from Thomson Reuters. More M&As are expected in the insurance arena.

Source : AIR | 01 Apr 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
Hong Kong: Insurance M&A scene to continue to be lively
Merger and acquisition activity in the Hong Kong insurance sector is expected to continue over the next two years, given the increasing interest by mainland companies to acquire Hong Kong-based life insurers, said S&P Global Ratings.

Source : AIR | 01 Jun 2017
Hong Kong: HSBC Insurance expands beneficiary definitions to same-sex couples

Source : AIR | 01 Jun 2018
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
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
A new chapter with new IA
Hong Kong enters a new chapter in insurance with the Insurance Authority coming into force on 26 June. Already dynamic and sophisticated, the outlook for the market is highly positive as industry play-ers count on Hong Kong’s ties with the mainland, its super connector role as a fi-nance/logistics/commercial hub, the ageing population to further boost life and general insurance growth as well as retirement and wealth management solutions to all.

Source : AIR | 01 Jul 2017
Interview with Regulator: An old hand to lead the path for IA's new mandate
Hong Kong’s new insurance regulator, the Insurance Authority (IA), took over from the Office of the Commissioner of Insurance (OCI) on 26 June 2017. Among the new IA’s additional mandates are facilitating the sustainable development of the insurance industry, direct licensing of insurance intermediaries, consumer education, as well as research on industry issues and topics.

Source : AIR | 01 Jul 2017
Life: Powering to dizzying heights
The mainland Chinese visitor market drove the boom in the Hong Kong life insurance business last year. Will it continue, given the curbs imposed by the Chinese government to stem capital outflows last year? Market players give Asia Insurance Review their take.

Source : AIR | 01 Jul 2017
General: Stagnant but banking on health and Island's Super Connector role
Hong Kong’s non-life market is going through tough and transformational times, as the industry deals with the impact of over-capacity, and gears up for the demands of a more customer-centric, digital world.

Source : AIR | 01 Jul 2017
A reinsurer with a confident outlook for Hong Kong business
Born and bred in Hong Kong, Peak Re has built a profitable business in the SAR from scratch by being an on-the-ground, close and robust business partner to its clients and emphasising its long-term commitment to the market.

Source : AIR | 01 Jul 2017
Australia: Insurance mart Down Under attracts Asian interest
Asian life insurers, led by those from Japan, are buying up their Australian peers amid strong prospects for the country’s insurance market driven by a rising population.

Source : AIR | 01 Jul 2018
Hong Kong: Vast majority of those aged at least 55 unprepared for old age
More than 75% of Hong Kong residents aged 55 and above have not made adequate provisions for their retirement years, a new study has found.

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
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
Hong Kong: New regulator to streamline rules to boost FinTech
The Insurance Authority (IA), which started operations on 26 June, will actively consider the streamlining of existing regulatory requirements, including the application of the concept of a “sandbox”, to help reduce the lead time for the launching of FinTech products.

Source : AIR | 01 Aug 2017
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
Hong Kong: Regulator plans to introduce ERM rules in 2020
The Hong Kong Insurance Authority (IA) recently released a draft guideline on enterprise risk management (ERM) as part of Hong Kong’s move towards a risk-based capital regime.

Source : AIR | 01 Aug 2018
Hong Kong: Startup app firm targets agents & advisers
Startup insurance app CoverGo said it has built up a pool of agents, brokers and financial advisers who are using the app, who in turn deal with over 30 insurance firms.

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
Hong Kong: New Lloyd's coverholder Pegasus Underwriting begins ops
Pegasus Underwriting, a Lloyd’s coverholder, commenced operations in Hong Kong on 18 July.

Source : AIR | 01 Sep 2018
Hong Kong: UK's Prudential to change main regulator
The UK’s largest listed insurance group, Prudential, will change its main regulator to the Hong Kong Insurance Authority after it spins off its UK business.

Source : AIR | 01 Sep 2018

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