...This year's Asian Actuarial Conference (AAC), to be held in Hong Kong from 22 to 25 October, will have the theme of 'Innovation, International Hubs and Hong Kong'. As always, the AAC will attempt to explore the issues that affect actuaries across Asia, looking into their future, their potential evolution and how the landscape of the actuarial profession might change. We speak to AAC's programme chairperson Orchis Li about the conference....
Source : AIRPlus | 14 Oct 2024...The SEADRIF Insurance Company has made a payout of $750,000 following the passage of typhoon Yagi which devastated eight provinces in Lao PDR, including Vientiane, Phongsaly, Luangnamtha, Oudomxay, Bokeo, Luangprabang, Xiengkhuang and Xayabouri....
Source : AIRPlus | 03 Oct 2024...Even as the Insurance Council of Australia (ICA) renewed its calls to stop building on floodplains, housing projects on floodplains continue to be approved by the local government authorities....
Source : AIRPlus | 03 Oct 2024...A new survey has revealed that fraud remains a top concern for insurers globally and the number of fraud cases is either holding steady or increasing compared to previous years....
Source : AIRPlus | 03 Oct 2024...Younger generations are increasingly coming into insurance distribution networks in India according to a new survey by Turtlemint. The survey found that GenZ (born after 1997) and millennials (born after 1981) are driving around 85% of total insurance sales....
Source : AIRPlus | 03 Oct 2024...Even as South Korea grapples with an ageing population, there has been a significant increase in the number of Koreans suffering from mental health issues. Mental health problems are rapidly growing in the country and according to an estimate one in four people experiences one or another mental health issues....
Source : AIRPlus | 03 Oct 2024...Many businesses "perceive an increasing sense of cyber vulnerability", as technology innovations continue to drive digitalisation, according to the white paper published by Zurich and Marsh McLennan, Closing the cyber risk protection gap....
Source : AIRPlus | 19 Sep 2024...One of the things clients expect when working with insurance brokers such are diverse teams "that collaborate and work well together", according to WTW head of inclusion and diversity Jen Denby....
Source : AIRPlus | 19 Sep 2024...A new report on employee benefits in corporate India reveals that mental wellness is today a critical area of employee wellbeing programmes across India's corporate sector....
Source : AIRPlus | 19 Sep 2024...According to Aon's 2024 Climate and Catastrophe Insight, total economic losses in APAC hit $65bn in 2023. Of the total, only $6bn (9%) were insured losses....
Source : AIRPlus | 12 Sep 2024...In Indonesia's (re)insurance market, health protection products will "experience adjustments in both premium pricing and terms and conditions (T&C) to better meet the evolving needs of the market and ensure financial sustainability" over the coming year, according to Indonesia Re president director Benny Waworuntu....
Source : AIRPlus | 12 Sep 2024...Nepal Insurers' Association (NIA) has filed a writ petition against the government in the country's supreme court for not settling the payments due to the insurers for the COVID-19 claims incurred in 2020-21. NIA has sought the highest court's intervention to make the government liable to pay the insured amounts. NIA is the umbrella organisation of country's non-life insurers....
Source : AIRPlus | 12 Sep 2024...The circumstances are all too familiar: a mutating virus that can spread from animals to humans, a threat amplified by a globalised world, has created what experts say is a public health emergency of international concern....
Source : AIRPlus | 12 Sep 2024...The season of festivals in India for the year that began with Krishna Jayanti celebrations on 25 August 2024 will also bring a short-term bonanza for insurers who provide short-term insurance covers for the organisers and participants celebrating these festivals. Krishna Jayanti will be followed by Ganesh Chaturthi, Durga Pooja, Dussehra, Deepawali and many more until the year end....
Source : AIRPlus | 05 Sep 2024...Insurance Regulatory and Development Authority of India (IRDAI) has set up a task force to solve the bottlenecks and drive the growth of surety bond insurance in the Indian market. The task force comprises representatives from insurance companies, banks and reinsurers....
Source : AIRPlus | 05 Sep 2024...Indian health insurer, Star Health Insurance, has launched an industry-first braille version insurance policy tailored for individuals with 40% or more disability and initiated income generation opportunities for them....
Source : AIRPlus | 05 Sep 2024...Australia's Council of Australian Life Insurers (CALI) has opened applications for its annual ReCALIbrate programme aimed at supporting female risk advisers....
Source : AIRPlus | 28 Aug 2024...In 2023, there were 85 combined Nat CAT and manmade disasters in Asia, according to Swiss Re's sigma report, Natural catastrophes in 2023: Gearing up for today's and tomorrow's weather risks. The economic loss, the report said, was $49.6bn, of which $7.8bn was insured....
Source : AIRPlus | 28 Aug 2024...The "dynamic nature of maritime trade makes speed and service particularly important", according to Markel senior underwriter - marine Wanshi Lin....
Source : AIRPlus | 08 Aug 2024...According to Insurtech Australia CEO Simone Dossetor, AI is being explored within the insurance sector, "but with different levels of maturity"....
Source : AIRPlus | 07 Aug 2024...When asked how MFRS17 has affected Malaysian insurers and takaful operators since its implementation, Christopher & Lee Ong partner Chelsea Chan said that "most companies are seen to be enhancing and upgrading their legacy systems to comply" with the new standard....
Source : AIRPlus | 07 Aug 2024...The attitudes of high-net-worth individuals (HNWI) have changed over the past few years, driven by economic and social changes, with many of the younger generation putting an increased focus on ESG and sustainable investing. Asia Insurance Review spoke to Transamerica Life Bermuda's Jeremy Young on how the market has changed and how it has affected their business....
Source : AIRPlus | 05 Aug 2024...The Licensing and Regulatory Framework for Digital Insurers and Takaful Operators (DITO) Policy Document was released by Bank Negara Malaysia (BNM), the country's regulator, in July 2024....
Source : AIRPlus | 05 Aug 2024...A report by the Securities and Exchange Commission of Pakistan (SECP) has revealed that Pakistan's insurance sector is way behind its peers in the region in the adoption of digitalisation with less that one per cent of premiums generated online....
Source : AIRPlus | 05 Aug 2024...Higher interest rates have resulted in life insurance premium growth in advanced markets, according to Swiss Re's sigma report, World insurance: strengthening global resilience with a new lease of life....
Source : AIRPlus | 31 Jul 2024...Increased risk from Nat CAT, as triggered by climate change, is set to complicate "an already intricate business risk landscape", according to WTW's Natural Catastrophe Review: Expert insights, lessons learned and outlook, published earlier in July....
Source : AIRPlus | 30 Jul 2024...Prudence Foundation, the community investment arm of Prudential plc in Asia and Africa, and Warner Bros. Discovery in Asia Pacific (WBD), are collaborating on a content series called Decode with Prudence, to help educate audiences on the planet, human lives and their livelihood....
Source : AIRPlus | 25 Jul 2024...According to Charles Taylor managing director, Asia Pacific - aviation Bob Battoo, loss adjusters in Asia will need to "closely monitor" a number of factors in the aviation industry, as well as the interplay between them, in order to identify emerging risks and assess potential impacts....
Source : AIRPlus | 25 Jul 2024...When it comes to capital optimisation, Aon strategy and technology group global CEO Sherif Zakhary said, each insurer would have "a different parameter for success"....
Source : AIRPlus | 25 Jul 2024...The failed CrowdStrike update that caused mayhem for the computer systems of many corporates in Asia Pacific could see insurers in the region faced with hefty claims that no one saw coming....
Source : AIRPlus | 24 Jul 2024...The property insurance market in the Asia-Pacific (APAC) region is projected to grow at a compound annual growth rate (CAGR) of 10.8%. The property insurance portfolio in APAC wrote around $93bn in written premiums and this is expected to touch $152bn in 2028 according to a new report by GlobalData....
Source : AIRPlus | 24 Jul 2024...In 2018, typhoons Jebi and Cimarron "toppled over several turbines in Japan", according to an article published by Swiss Re, Climate Change and Wind Power: The Winds of Change....
Source : AIRPlus | 22 Jul 2024...The rapid development of new energy vehicle (NEV) insurance in China brings in new requirements for the country's motor insurance brokers. The traditional motor insurance brokerage model, which relies solely on providing basic intermediary services, has become insufficient to meet market demands. Facing this challenge, motor insurance brokers need to undergo self-innovation and actively involve in digital transformation....
Source : AIRPlus | 18 Jul 2024...Taiwan's National Health Insurance Administration (NHIA) has proposed to fund new cancer medicines by imposing a surcharge on alcohol....
Source : AIRPlus | 14 Jul 2024...The newest standalone Indian health insurer Narayana Health Insurance has unveiled its first health insurance policy, Aditi. It is India's first health provider-owned insurance cover....
Source : AIRPlus | 14 Jul 2024..."Over 70% of APAC insurers have already integrated ESG principles into their business models and policies or are doing so," said Income Insurance vice president and head of strategic communications and sustainability Shannen Fong....
Source : AIRPlus | 11 Jul 2024...An indigenous entrepreneur has launched Australia's first insurance brokerage specifically for First Nations organisations and communities. First Nations refers to indigenous Australians and includes both Aboriginal and Torres Strait Islander peoples....
Source : AIRPlus | 11 Jul 2024...The major ASEAN economies are grappling with the challenge of boosting insurance penetration rates. As Gen Z emerges as the dominant consumer segment of the future, it is crucial to engage them for the industry to prosper....
Source : AIRPlus | 11 Jul 2024...The increasing adoption of EVs in India is not only reshaping the India motor industry but also revolutionising the motor insurance segment in the country....
Source : AIRPlus | 09 Jul 2024...In recent years, the global reinsurance market has been influenced by changes in climate-related risks, rising catastrophic losses and economic uncertainties. The market continues to lean towards a hard market stance, and Taiwan is no exception. Reinsurers see opportunities arising from rate increases and improvements in terms and conditions in this hard market. Additionally, after P&C insurers paid over TWD270bn ($8.3bn) due to COVID-19, the demand for reinsurance increased as insurance companies aimed to protect capital from volatile underwriting result. According to statistics from Taiwan Insurance Institute, gross written premiums grew by 10.6% in 2023. Meanwhile, reinsurance premiums ceded grew by 20.8%, with the majority of the increase in fire insurance. The improved reinsurance conditions in recent years may attract new market participants and increase competition in the Taiwanese reinsurance market....
Source : AIRPlus | 09 Jul 2024...A parametric insurance plan helped 46,000 women across 22 districts in India tackle the extreme heatwave conditions that swept through vast swathes of the country in May and June this year....
Source : AIRPlus | 04 Jul 2024...A majority (76%) of IT and cyber security leaders have invested in cyber defences to qualify for cyber insurance according to a new global survey by Sophos, the cyber security solutions company....
Source : AIRPlus | 04 Jul 2024...In a bid to provide more opportunities for insurance companies and fintech firms to co-develop innovative insurance products, the Financial Supervisory Commission of Taiwan (FSC) now allows cross-industry collaborations....
Source : AIRPlus | 02 Jul 2024...Without insurance, businesses "will be unable to reach their net-zero transition goals or become resilient in the face of the changing climate", according to a whitepaper by Howden and BCG, titled The bigger picture....
Source : AIRPlus | 02 Jul 2024...Cost of medical care in Malaysia is rising, Etiqa Family Takaful CEO Zafri Ab Halim said....
Source : AIRPlus | 02 Jul 2024...The Asia Care Survey 2024, conducted by life insurer Manulife found physical wellbeing was considered the most important to respondents, with 39%. Financial and mental wellbeing came in second and third place with 32% and 29% respectively....
Source : AIRPlus | 26 Jun 2024...According to life insurer TAL's blog, "vaping is generally considered by insurers the same as smoking"....
Source : AIRPlus | 26 Jun 2024...Korea's insurance market has seen a lot of growth and innovation over the past few years, but there is still work to be done to improve the underlying health of the industry. Munich Re's Messrs Roland Eckl and Michael Hauer elaborate....
Source : AIRPlus | 06 Jun 2024...The food and beverage (F&B) industry "is exposed to a widening range of disruptive forces, from droughts and natural disasters to political unrest and trade disputes", according to WTW's Global Food, Beverage and Agriculture Risk Report 2024: How the industry is managing emerging risks and challenges....
Source : AIRPlus | 06 Jun 2024...Global Insurance Law Connect's Risk Radar 2024 identified cyber security and Nat CAT linked to climate change and cyber security as challenges facing insurers in India this year....
Source : AIRPlus | 06 Jun 2024