The kingdom at the middle of the world
China
Life insurers strategise for long-term future
Cost cuts and survival pose new reality for China's property insurers
Biggest insurers expect surge in net profits in 2024
Qianhai Re sees growth in offering tech-driven solutions
Securing the food supply
The growing issue with NEV insurance costs and coverage
Push for implementation of country-wide long term care insurance
Working to scale Nat CAT challenges
MGAs in Asia find niche in cyber insurance
Life reinsurance broking beckons as a new and dynamic space
Sustainability is good ethics and huge business for insurance brokers
Brokers raise the bar for HNW clients amid market consolidation
India's insurance brokers moving to rural sector in dynamic new phase
Future of insurance broking will be a blend of technology and human expertise
Changing regulations an area of opportunity for reinsurers
Labuan Re looks to growth through creating demand
Future partnerships for life reinsurers call for combined capabilities
General
2024 - A milestone year for regional insurers in Asia
Insurers leveraging East Asia and APAC energy transition
Positioning insurance to better mitigate wildfire risks
Life & health
Health insurance in HK has to navigate demanding road ahead
View from India - Will air pollution dictate health insurance premiums?
Asian
Bangladesh: Regulator spells out when CEO title may be used in insurers
China: Xiaomi chairman calls for dedicated insurance system for autonomous vehicles
India: Regulator allows insurers to hedge through equity derivatives
Indonesia: Regulator studies formation of insurance consortium to cover online lending risks
Pakistan: Regulator to revamp insurance regulatory framework, increase minimum capital
South Korea: Seoul Guarantee Insurance raises US$124m in IPO
Thailand: Life market to see stable growth of 2-3% in 2025
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