(Re)in Asia

The average cost of a data breach in countries in Asia tends to be lower than in other parts of the world, as the data visualisation below shows. But that should not be cause for comfort. A new Allianz report highlights that, despite the lower average loss severity, the number of cyber incidents in Asia continues to rise.https://https://lnkd.in/g4Dn9Vq7 Asian firms face increased threats, particularly from supply chain attacks, with cybersecurity investment lagging behind US and Europe counterparts. Data privacy laws in APAC are also evolving, which requires businesses to adapt. Insurers also face growing challenges, such as interdependencies, which can lead to the potential of multiple claims from single attacks. #Cyber #Insurance #Asia

The People's Bank of China on Thursday introduced a RMB500bn (US$70.61bn) swap facility for financial institutions, including insurers. The facility will allow firms to use assets as collateral for high-liquidity assets, with applications to access the facility having opened on Thursday. #Insurance #China #Investing

A recent report from Swiss Re spotlights the high-net-worth (HNW) market in Asia Pacific as a key growth area for insurers. https://lnkd.in/gjG8iwM9 The report notes opportunities in areas such as the property sector and estate planning, with large life insurance policies gaining traction. Insurers are expanding operations, innovating products, and exploring new distribution channels to capitalise on these trends. However, the industry also faces challenges, including higher interest rates, which have affected premium financing and can also lead to increased lapses. More below 👇 #Insurance #Asia

MSIG Asia has announced the appointment of Rajnish Pal and Christian Kolmberger as Senior Vice Presidents for Asia. Pal will serve as Head of Transformation, focusing on operational efficiency and technology, while Kolmberger will oversee Underwriting, Reinsurance, and Claims, with a focus on renewable energy. More here: https://lnkd.in/gRTR87ES (No subscription required) #Insurance #People

Hurricane Milton, now downgraded to Category 3, could still pose significant challenges for the global reinsurance market. Despite its weakening, Milton could deplete global reinsurers' natural catastrophe budgets, with early insurance loss estimates ranging from US$20bn to over US$50bn. The storm has the potential to have a wide-ranging global impact on key areas, including insurance-linked securities and the 1.1 Asia Pacific renewals. #Insurance #NaturalCatastrophes #HurricaneMilton Aaron Woolner

HSBC Life has elevated William KN Chan to the position of Global Chief Investment Officer and Head of Investments role for its Global Insurance division - a newly created role. https://lnkd.in/gY6nCqkM #Insurance #People

South Korean insurers with overseas operations saw profits increase by 135% to KRW155.2bn (US$115m) in the first half of 2024, reports the Korean Economic Daily. https://lnkd.in/gst7jGyc DB Insurance led with KRW62.7bn in overseas profits, mainly from its US arm and branches. It also holds stakes in Vietnam's PTI and acquired stakes in BSH and VNI. Samsung Fire & Marine, South Korea's biggest non-life insurer, recorded KRW28.6bn in overseas profits, a 6.3% increase. More 👇 #Insurance #SouthKorea #Strategy #mergersandacquisitions

Crawford Thailand will be led by Sompong Suriwong as Country Manager/ Director, from 1 November. Patipan Soodarram, our current Thailand Country Manager, has made the decision to scale back as he nears retirement. However, to ensure a smooth and seamless transition, Khun Patipan will remain with the business as Chairman of Crawford Thailand. Rest assured, we have carefully planned this transition to provide for stability in our team, which will ensure service levels for our clients are unaffected. Hear more from Asia President Scott Reichelt in (Re)in Asia below 👇 #CrawfordAsia #lossadjusting #insuranceclaims

Kim Soon Chua has named as the new CEO of Persatuan Insurans Am Malaysia, PIAM, effective as 7 October 2024. Chua brings 40 years of industry experience to the Malaysian general insurance industry body, having held senior roles in Singapore, India, and Malaysia, including at AXA Group and ACE. More here: https://lnkd.in/g5-7c_xW (No subscription required) #Insurance #People #Malaysia

🔑 (Re)in Asia's unlocked insight of the week considers the potential of cyber parametric solutions in Asia Pacific. https://lnkd.in/gGzvUSJK Descartes Underwriting launched its first cyber parametric solution in France in January - could the model provide a basis for similar solutions in Asia Pacific? The parametric approach provides an innovative way to help tackle insurability challenges - offering faster and more reliable payouts. However, despite the opportunity, there is an array of region-specific risks, with experts speaking to Blake Evans-Pritchard in March weighing in on the promise and peril for the segment. Click below 👇to read this one - available to read without a subscription until Sunday 13 Oct. Featuring expert insight from Descartes Underwriting's Ben Qin, AkinovA's Henri Winand, Blackpanda Underwriting's Struan Todd, and Verisk Extreme Event Solutions's Alex Mican, MBA, ARe, AINS. #Insurance #Cyber #Parametric