(Re)in Asia

Speaking at Hong Kong FinTech Week 2024, reinsurance experts discussed the benefits of parametric insurance solutions and the challenges involved in scaling the innovative solutions in Asia. https://lnkd.in/gSk77h9w Parametric insurance can reduce claims uncertainty and provide rapid payouts for events like natural catastrophes, but affordability and accessibility remain barriers, particularly for low-income populations. Peak Re's Clarence Wong, highlighted the need for education to help support the development of parametric solutions. Jeremy Waite of Guy Carpenter also noted the importance of government involvement and catastrophe bonds to help expand nat cat capacity in the region in general. Advanced data, technology, and AI also show promise in improving climate models, the panellists added. More here as part of (Re)in Asia's free coverage of Hong Kong FinTech Week 2024: https://lnkd.in/griAe2bg #Insurance #ProtectionGap #Asia #Parametric #HKFTW2024

WTW has expanded its Corporate Risk & Broking business in Japan by launching a new insurance brokerage service. https://lnkd.in/gEzvFe49 The expansion focuses on meeting the needs of large corporates and firms with international interests, in specialty lines such as energy, marine aviation, construction, and cyber. Tetsuro Nakazawa, with over 25 years of experience, leads the new operation. #Insurance #Japan

Heath Jose has joined BMS Group as Business Development Lead for its Asia Pacific facultative reinsurance practice. https://lnkd.in/gHNJZcc8 #Insurance #Reinsurance #APAC #People

Tysers has appointed BABITA RAI as CEO of Tysers Singapore and William Furness - Smith as Head of Marine for APAC. https://lnkd.in/gFmCY7Xx “Supported by her excellent team, Babita will be instrumental in driving our strategic expansion in APAC, our broader reinsurance growth ambitions and providing clients with the superior service that is synonymous with Tysers,” says Thomas Wilson, CEO of Tysers. “I am delighted that William is joining the team in Singapore. He is an extremely talented and experienced broker with excellent client relationships and a track record for ensuring that risk programmes reflect evolving client needs,” Wilson adds. More here: https://lnkd.in/gFmCY7Xx (No subscription required) #Insurance #People

Tokio Marine Kiln has announced the appointment of Alexandros Ampatzis as Head of Marine for Asia Pacific, effective from 1 Nov 2024. “Alexandros’ appointment marks a key milestone for TMK’s marine team in APAC," says Pavlos Spyropoulos, Regional Managing Director for Asia Pacific. "With the size of the marine team’s portfolio doubling last year, Alex arrives at an exciting time for the business,” he adds. More here: https://lnkd.in/gbKP4A3q #Insurance #Marine #People

Lockton has received approval from the Insurance Regulatory and Development Authority of India to acquire Arihant Insurance Broking Services. https://lnkd.in/gtEVB2DJ The move strengthens Lockton's presence in the country, having announced its entry into the Indian market in January this year. #Insurance #India #MergersAndacquisitions

Zurich Life Insurance Malaysia has appointed Pauline Teoh as Chief Executive Officer, effective from 1 November 2024. https://lnkd.in/gC9MMPSK She brings over 25 years of industry experience to her new role and reports to Junior Cho, Country CEO and Head of Zurich Malaysia. "Her extensive experience, industry knowledge, and strong leadership skills make her the ideal person to drive ZLIMB’s business through growth, diversification, simplification and innovation," said Cho on the appointment. #Insurance #Malaysia #People Zurich Malaysia Zurich Insurance

South Korea's insurance industry contracted by 7.5% in 2023, but is expected to bounce back in 2024, as the data visualisation below shows. GlobalData's insurance database forecasts the industry to grow 1.2% in 2024, driven by an ageing population and increased demand for health and retirement products. The Life insurance and pensions lines, which make up 84% of premiums in the country, shrank 9.3% in 2023 but should rebound to about 0.5% growth in 2024, GlobalData says. Meanwhile, the data and analytics company expects the general insurance sector to grow 4.9% this year. Overall, GlobalData projects Korea's insurance industry to grow to KRW249.7 trillion (just shy of US$180bn) in direct written premiums (DWP) by 2029. More here: https://lnkd.in/g2maNiTx #Insurance #SouthKorea

(Re)in Asia is proud to be a media partner of the IIS Global Insurance Forum 2024, taking place Nov. 17-19 in Miami at the Hyatt Regency. https://lnkd.in/gnbwRMvm Finalise your fall travel plans to get insight into key industry topics, such as innovation benchmarking, enhancing customer value, cultivating talent, visualising the future of insurance, and more. Don't miss your chance to hear from key industry leaders, including: - Andreas Berger, Group CEO of Swiss Re - Edward Moncreiffe, CEO of Global Insurance at HSBC Life - Dawn Miller, Chief Commercial Officer Lloyd's and CEO of Lloyd’s Americas - Vishakha R M, Managing Director & CEO of IndiaFirst Life. Register here: https://lnkd.in/gnbwRMvm #GIF2024 #insuranceinnovation International Insurance Society

Lloyd's and the United Nations Capital Development Fund (UNCDF) in collaboration with Aon has launched a Global Disaster Resilience Vehicle to strengthen disaster risk financing in Small Island Developing States (SIDS) in the Pacific, starting with Fiji, Papua New Guinea, and Samoa. https://lnkd.in/gY8mNEQ3 The initiative, supported by Lloyd's Disaster Risk Facility members, will provide exposure-based payments to affected communities, potentially doubling the insured sum per policy annually. The long-term goal is to replicate the model in other regions, including the Caribbean, Asia, and Africa. #Insurance #Pacific #ProtectionGap