The global energy insurance market remains favourable to consumers amid rising losses, social inflation and geopolitical uncertainty, according to the latest Energy Market Review by Willis. The report said abundant capacity, intense competition and continued pressure on premiums have kept the market deeply soft.
The conflict in the Middle East is creating two second-order risks for life insurers in Asia, according to HSBC CEO for Insurance Edward Moncreiffe in an interview with Asia Insurance Review. He noted that while the impact on life insurers is not direct, there are still significant knock-on effects for life insurers.
The current energy crisis has been a powerful catalyst for change across Southeast Asia. Price volatility and supply disruptions have underscored two structural vulnerabilities in the region's energy systems - an over-reliance on imported fossil fuels, and insufficient resilience in fuel procurement and energy infrastructure.
Zurich Insurance has appointed Mr Digbijoy "Digi" Joseph Shukla as Head of Digital, APAC. In his new role, he will play a central role in shaping Zurich's pan APAC customer and digital agenda, with overall leadership responsibility for Zurich Edge, the company's regional digital and embedded insurance business.
Asia-Pacific insurers have relatively little direct exposure to the Middle East, but they are still being affected indirectly, mainly through financial market volatility, according to S&P Global Ratings (S&P).
Oil and gas supply shock triggered by the Middle East conflict has led several Southeast Asian countries to ramp up their coal reserves. A recent report, however, reveals that the region's shift back to coal is likely to increase costs sharply rather than reduce them.
The ongoing conflict in the Middle East has resulted in a more complex and evolving risk environment for airlines across Asia, affecting operations, costs and insurance dynamics. Aon's Head of Marine and Regional Aviation Lead for Asia, Stephen Rudman, said this as the US and Iran reached a two-week truce, giving a temporary reprieve from the war that has rattled the global economy.
The two-week ceasefire in the ongoing conflict between Iran and the US and Israel may signal regional stability and important first steps towards a gradual normalisation of flows.
The Asia Insurance Industry Awards (AIIA) have reached a landmark 30th year, with nominations now officially open.
The global reinsurance market is continuing to soften, with noticeable rate reductions seen in key 1 April renewal regions across Asia and India, according to a recent report by Guy Carpenter, a Marsh McLennan business and leading global risk and reinsurance specialist.