From globalisation to fragmentation
Japan
Commitment to fostering a thriving lifestyle for all
ESG support initiatives by insurers
Japanese non-life insurers shift focus to profitability
Regulator looks to improve business practices in non-life
Reinsurance market stable despite several Nat CAT events
Organisers of EAIC 2026 in Tokyo gear up for biennial regional event
Protection plans for women more focussed with changing times
View from India - Empowering women through gender-focused strategies
General
Lessons from Los Angeles wildfires
ESG plays a larger role in insurer asset management
Asia: Global developments will impact insurer asset management
Insurers continue to focus on ESG
AI risks reshaping the insurance sector
Bancassurance is a symbiotic relationship
Bancassurance can be a game-changer
Life & health
AI will transform health insurance
China pulls out all stops to go green
Pension trusts sprout shoots as an emerging business
Traditional insurance can't keep pace with climate change
India's time on the world insurance stage has arrived
18th India Rendezvous 2025: Student essay competition - Where vision sparks action - charting the future of insurance
Bajaj Allianz General Insurance announces the Global Insurance Excellence Awards with Asia Insurance Review
Asian
Australia: FSC welcomes financial advice education reforms
Cambodia and Laos strengthen insurance ties
China: New guidelines for EV insurance
Indonesia: Mandatory motor third-party liability programme delayed
Malaysia: Parliament takes note of surging insurance premium hikes, to hold public hearings
Thailand: Government considering price hike on health insurance for migrant workers
Product bites
People on the move
By Cheng Xin Yap, Tharan Ganesan, and Tananya Santipinyolert
Recent floods in major cities around Southeast Asia and other parts of the world have reopened the conversation on flood coverage in insurance products. This year alone Malaysia, Pakistan, and South Korea have all witnessed the worst floods to hit their shores in decades. As it stands, it is estimated that only 18% of all economic losses from floods in the past decade were insured.
A specially curated webinar led by Milliman US-based data analytics specialists
Well-managed actuarial outsourcing offers a viable solution to meet the increasing demand for actuarial resources
By Subhash Khanna and Shamit Gupta
No insurance product has been as adversely affected by the COVID-19 pandemic as travel insurance. Travel and social restrictions both within and without countries were introduced and are still in force in an effort to curb the spread of the virus. With the lack of travel came a precipitous drop in travel insurance premium volumes. However, global vaccination rollouts have provided a glimmer of hope for worldwide travel, sparking a conversation on the evolution of travel insurance in a post-pandemic world. In this brief article Milliman consultants explore how ASEAN countries have been gradually opening up their borders, along with the progress shown by insurers in the region to adapt to the evolving situation and its repercussions for the travel insurance products of tomorrow.
Over the past two decades our lives have been transformed by the information-rich Internet. At the hearts of digital giants like Google, Facebook, Amazon, Airbnb and Netflix we often find some ranking and filtering algorithms that use customer attributes to improve and customize predictions.
By Lalit Baveja, Principal and Senior Healthcare Management Consultant, Milliman
Last year, Milliman developed a Hong Kong fulfillment ratio index to understand the gap between illustrated non-guaranteed benefits at point of sale and actual non-guaranteed benefits declared by life insurance companies in Hong Kong.
Milliman’s annual study on reported year-end 2019 embedded value (EV) and value of new business (VNB) results for 53 major multinational and domestic life insurers across Asia was released in August 2020.
Medical inflation is a key driver of health insurance costs which in turn lead to premium increases. Health insurance companies are continuously looking for ways to manage medical inflation better to keep premiums competitive for customers and to mitigate lapses.
The first edition of Milliman’s Life insurance capital regimes in Asia: Comparative analysis and implications report was published in July 2019. Well received by the market, as the first of its kind, the report has been referred to and cited several times over the last year. In view of the pace of change in, and increasing focus on, regulatory (and economic) capital across the region, Milliman has compiled an updated report a year later.
In Indonesia, insurance compliant with Syariah principles can be sold through either a Syariah business unit or “window” of a conventional insurance company or, less commonly, through a standalone Syariah insurance company. Insurance Law 40, enacted in 2014, mandates insurance companies to separate their Syariah windows from their conventional business into a separate entity, to “spin-off,” when:
Insurers and reinsurers have been outsourcing actuarial work to captive units or third-party service providers for several years. Recently the industry has witnessed renewed interest in actuarial outsourcing, with an increasing number of companies either setting up new outsourcing units or expanding their existing ones. This trend is especially true for life insurance companies, especially in light of increasing regulatory and reporting requirements, including International Financial Reporting Standard (IFRS) 17, long-duration contracts targeted improvements (LDTI), and new risk-based capital regimes in Asia