Achieving resilience together
Reinsurance pricing moderates
ReinsurTech: Capacity, insurance and technology
General
Philippines' champions for microinsurance
Empathy lends a human touch to claims
What increasing air turbulence means for insurance
Climate change and talent shortage critical for Asia marine insurers
View from India- Heatwaves pose a challenge for insurers
Life & health
A brief history of Singlife
Acquisition opens opportunities for Sumitomo
Singlife looks to reach beyond Singapore
Sri Lanka: Digitalisation can drive life coverage
Demand for new products invigorates life insurance industry
Malaysia: Future of life industry bright despite challenges
Biodiversity risks in APAC call for parametric insurance solutions
How insurance can contribute to sustainability
Sri Lankan insurers address climate change and resilience
APAC insurers prioritise ESG in underwriting
China's first biodiversity insurance cover
Biodiversity and the case for insurance and resilience
Collective insurance solutions for a collective problem
Taiwan
Multi-pronged strategy to close the protection gap
Taiwan's super-aged society drives demand for protection-oriented products
Life industry expects major turnaround in 2024
General insurance grows in Taiwan, but headwinds remain
Engineering insurance tops premium growth in Taiwan
Australian cyclone response, readiness and mitigation
Focus on inclusive insurance in China
Insurance intermediaries adapting to reforms in China
Technological strategies to combat fraud
Analysing the data in claims
Asian risk management community enters 'new chapter'
Future lies in embracing the digital era
Anniversary celebrations in style
Asian
Australia: Zurich analysis finds mental health cases most prevalent in recent years
Cambodia: Growth of insurance market slows in 1Q2024
India: First phase of Bima Sugam to be launched around April 2025
Singapore: Insurance market adjusts to stay on top of risks
Manulife Singapore adds enhancements to income-generating product
Zurich and Loyalty Marketing partner to provide digital insurance
discovermarket and Globe Telecom launch embedded personal cyber insurance
Singlife launches digital short-term endowment plan
HL Assurance and AXS launch cyber fraud protection insurance
Prudential Singapore launches indexed UL insurance product for HNW individuals
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