Taking the long view on China
How (re)insurers deal with weight-loss drugs in APAC
General
Many InsurTechs operate at a loss
Demand for values-based financial solutions drive takaful
EV insurance set for a surge in Indian market
How public sentiment can play a part in insurance M&A
Life & health
Life insurance comes of age in Asia Pacific
Rethinking India's health insurance for millions
Life insurance awareness in Philippines and Taiwan
Thailand life insurance sector expected to grow with GDP
Reinsurers face demand for longevity solutions as populations age
Indian insurers need to work on lack of trust
Private sector drives India's life insurance
Hong Kong
Hong Kong poised to become global hub for ILS
Hong Kong resilience in the face of recent Nat CAT events
Strengthening Hong Kong's insurance reputation globally
Hong Kong life targets long-term sustainable development
PA&H drives Hong Kong general insurance
Managing advanced cyber threats
Foreign players shaping China's life insurance landscape
Resurgence of D&O liability insurance in China
Ensuring that art gets insured
View from India - Foreign investment in Indian insurance
ERM in Indian insurance
A global insurance industry hub in the making
Navigating disruptions for sustainable ASEAN insurance
Asian
Australia: More companies seek cyber insurance than before
Australia: Seismic experts heighten risk prediction for Darwin and Victorian region
Malaysia: Insurers to get more transparent on medical premium hikes
India: Will lead G20 insurance growth with 7.3% annual premium surge
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