Delay, deny, defend
Profile of a modern life insurer
Cyber reinsurance booms in APAC
The cost of Nat CAT for accident and health insurance
General
Hong Kong: Marine insurance is booming
Cyber, political risk and the talent shortage in insurance
Building on insurance core strengths
Data analytics in selling insurance
Accelerating AI development for insurance products
Insuring electric vehicles in Singapore
Coverage and premiums in Singapore EV insurance
EV insurance adoption increases in Singapore
Life & health
Virtual insurer shows what the future looks like
India
India rolls out the red carpet for foreign players
Agriculture insurance adoption sees a surge
Outpatient coverage can be a game changer
Ample opportunities for foreign reinsurers in India
India needs to expand its actuarial base rapidly
Competition, technology and regulation are the new challenges
Life insurance in India is going strong
InsurTech role crucial for insuring India by 2047
EVs to drive Indian motor insurance
Making insurance for all by 2047 a reality
Health insurance in India sees rapid growth
Insurance awareness critical for a developed India
Four risks trends shaping insurance broking
Growth opportunities abound for smart insurance brokers
Commercial insurance brokers need to digitalise to survive
AI will not outpace humans in insurance broking
China prepares insurers for its ageing population
Outlook for China's insurance sector in 2025
Insurers could be better positioned to extend flood cover
Market volatility and Gen AI drive insurance M&A
Building skills for digital takaful and insurance
Brand matters
Three focus areas for APAC insurance leaders in 2025
Asian
Australians prefer to protect cars over themselves
Nippon Life in talks for the biggest acquisition by a Japanese insurer
Thailand: Regulator overhauls motor insurance rules
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