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The October edition of Asia Insurance Review is out now.  ✅Discover fresh perspectives and stay ahead with up-to-date regional news. Engage with critical issues and insightful analysis. Subscribe today👉 https://lnkd.in/fM3ywU8 1️⃣ 𝐑𝐞𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 Typhoon Gaemi and super typhoon Yagi that battered East and South East Asia and parts of China in July and September this year caused billions of dollars in economic losses and triggered massive claims. 2️⃣ 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 A dissection of Meiji Yasuda Life’s proposed acquisition of American Heritage provides insights into modern insurance M&A as well as a look under the hood of MYL’s international expansion plans. We have some first-hand insights. 3️⃣ 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐥𝐞: 𝐈𝐧𝐝𝐨𝐧𝐞𝐬𝐢𝐚 Indonesia’s insurance industry faces significant challenges in market penetration at 1.4% which is comparatively low next to the ASEAN regional average of 4%. But despite low penetration and predisposition to Nat CAT, Indonesia’s general insurance industry is on the right track. Its life insurance industry also holds immense potential, fuelled by a growing middle class and rising insurance literacy. 4️⃣ 𝐋𝐢𝐟𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 Life insurance companies in India will need to cash in on a one-of-a-kind opportunity by taking a holistic view of the developments by IRDAI and leveraging them to boost awareness and improve distribution models. This will influence the growth trajectory of the sector. #Insurance #InsuranceIndustry #Indonesia #AsiaInsuranceReview #AsiaInsurance #InsuranceUpdates #InsuranceNews #Regulations #InsuranceRegulations #InsuranceMarket #InsuranceTrends #LifeInsurance #InsuranceInnovation #MarketProfile #ClimateChange #BusinessModels #Reinsurance #Risks #RiskManagement

Insurance brokers as trusted advisors play a pivotal role in helping clients to navigate the ever-evolving landscape. With this year’s theme ‘Shaping the New Age Modern Broker’ in mind, our head of Corporate Distribution, Kenny Yap (@Yap Kenny) shared his perspectives at the 12th Asia Insurance Broker’s Summit held in Singapore this week:   + Compared to 20 years ago, the risk environment has become increasingly volatile. Property and Marine Hull insurance rates have gone up, compounded by interest rates hike, reduced reinsurance capacity in the region, and increased costs due to the inflationary environment.   + Outlook for the insurance sector is expected to stay flat or subdued amidst a tighter global market and slow recovery of China’s post pandemic economy.   + As clients undergo a metamorphosis in their buying habits, opening to new solutions like pay-per-use or on demand services, brokers need to evolve their services to align to the dynamic needs of the new-age clients.   + To thrive in the next decade and beyond, both insurers and brokers need to leverage technology and data analytics to drive new value propositions. The conceptualisation of the Freight Return Insurance in the age of rising e-commerce demonstrated this point. To this day, Freight Return Insurance has surpassed 80 billion yuan and is touted to continue expanding beyond the Asian region.   + Other emerging trends that could impact the industry in time to come would be the adoption of AI in the insurance value chain, pay-per-use travel insurance, parametric insurance, blockchain for marine cargo claims settlement, and de-bundling amongst others.   Congratulations to Asia Insurance Review for yet another successful event where industry leaders and experts came together to share insights and chart the course for the future!   #AIRbrokers #insurancebrokers #riskmanagement

In Malaysia this week, and it’s clear to see how the country’s rapid economic growth is impacting various sectors, including insurance.   Asia’s insurance industry is going through a major makeover. With more people joining the middle class and moving to cities, as well as new risks like climate change, insurers have a lot to think about. In Malaysia, for example, the general insurance industry is expected to grow by 8.3% this year. Part of this growth is driven by the Malaysian government's push for digital transformation, making it easier for people to buy insurance online and get personalized coverage.   Check out this article by my colleague Scott Horwitz on the top tech innovations that are shaking up Asia’s insurance sector: #FICO #insurance #digitaltransformation

Exploring insurance options in Malaysia? 🇲🇾 Here are key points to consider before making a decision: 1. Coverage Needs: Assess your specific needs - health, life, property, etc. Tailor your policy accordingly. 2. Budget: Determine a realistic budget for premiums. Don’t compromise coverage for affordability. 3. Insurer Reputation: Research insurers’ reputations for customer service, claims processing, and financial stability. 4. Policy Terms: Understand policy terms, exclusions, and limitations. Clarity is crucial to avoid surprises. 5. Comparisons: Compare quotes from different insurers to ensure competitive pricing and comprehensive coverage 6. Customer Reviews: Check customer reviews to gauge satisfaction levels and potential issues. 7. Agent Assistance: Seek guidance from insurance agents to clarify doubts and ensure a well-informed decision. Remember, an informed choice today secures a stable tomorrow. #InsuranceTips #MalaysiaInsurance #financialwellness #tryourfavfinancialconsultant #insurance #stayinformed

AIA Group's 2023 profit surged 15%, reaching US$3.76 billion, driven by robust sales of insurance policies to mainland Chinese visitors in Hong Kong. The value of new business (VONB) soared by 33% to US$4.03 billion, reflecting strong demand post-Covid border reopenings. Hong Kong's VONB spiked by 82%, spearheaded by sales to mainland visitors. AIA also witnessed growth in key markets like China (20%), Thailand (21%), and Singapore (10%). Mainland Chinese tourists spent US$7.6 billion on Hong Kong insurance policies last year, accounting for over 32% of total sales. This surge followed a shift towards higher-yield investments amidst a weakening yuan. Despite the positive results, AIA's shares dropped over 2.5% post-announcement. Under Lee Yuan Siong's leadership, AIA has expanded through strategic acquisitions, including Blue Cross (Asia-Pacific) and BEA Life. AIA will pay a second dividend of 119.07 HK cents, bringing the full-year payout to 161.36 HK cents. #Growth #Business #Opportunity #Insurance #Asia I South China Morning Post SCMP I Enoch Yiu I AIA Singapore

Insurance brokerage in Thailand is competitive, and the number of registered broker licenses has grown from 696 a decade ago to more than 800 today. Several insurTech players have entered the market with various levels of success, some able to take considerable market share through digital distribution models.             In such an ecosystem, there are multiple, attractive opportunities for mid-sized Thai insurance brokers to partner with other market players, e.g. => to strengthen operational efficiency and profitability, => to share investments into IT and digital transformation, or => to prepare long-term management succession. If you are a Thai insurance broker and you would like to know more about such attractive partnership opportunities, do not hesitate reach out to me. Likewise if you know of a broker for whom such opportunities may be interesting.     #insurancebroker #insurance #insurtech #thailand #insurancedistribution #digitaltransformation

Interesting words. As the insurance landscape evolves, it's crucial for companies to stay ahead of the curve. With the recent PAYDI regulations impacting the industry, the focus has shifted towards traditional products. But how sustainable is this approach in the long run? It's essential to consider the future and have a backup plan in place. Distribution plays a pivotal role in the success of insurance companies. What happens if your bank partner undergoes acquisition? Are your strategies proactive or reactive? To thrive and boost profitability, diversifying your focus across all distribution channels and product offerings, including life, individual health, group health, and beyond, is key. To all strategists and CEOs in the Indonesian life insurance sector, foresight is paramount. Have you prepared for contingencies if your current plan falls short? What's your strategy if you miss your 2024 and 2025 targets? Having a solid backup plan is crucial to ensuring longevity and success in this competitive landscape. #Insurance #Strategy #Distribution #Indonesia #BusinessPlanning

The September edition of Asia Insurance Review is out now. Tap into exclusive insights and the latest regional updates. Dive into pertinent topics. Subscribe today: https://lnkd.in/fM3ywU8 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: Is the recent suggestion by the Indian finance ministry to public sector general insurers to exit loss-making motor and health portfolios feasible? The Indian government has asked state-controlled general insurers, who are struggling to improve their solvency ratio and profits, to exit the motor and health insurance segments. These have been identified as significant loss-making portfolios. 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐥𝐞: 𝐇𝐨𝐧𝐠 𝐊𝐨𝐧𝐠 The tightening of reinsurance rates and terms along with a renewed focus on underwriting discipline has ensured that the sector in Hong Kong stays strong and competitive.  Hong Kong’s new risk-based capital regime came into play quietly this year, bringing significant change for insurers. There is also proposed regulation for re-domiciliation in which many insurers have already expressed interest. 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐩𝐨𝐭𝐥𝐢𝐠𝐡𝐭: 𝐀𝐮𝐬𝐭𝐫𝐚𝐥𝐢𝐚 Australia’s insurance landscape is undergoing the same change that is shaping the business community at large – recognising the importance of Indigenous peoples as custodians of the land. For most Australians, life insurance is bundled with their superannuation funds by default. This may need to change as most consumers don’t understand their insurance cover within super. 𝐂𝐡𝐢𝐧𝐚 China’s non-life insurance market has experienced robust growth following the pandemic, particularly with double-digit increases in agriculture, health and liability premiums. The motor insurance sector continues to dominate, as the demand for EV coverage grows. There are ongoing concerns about long-term macroeconomic growth and investment returns, making underwriting profitability increasingly crucial. #Insurance #InsuranceIndustry #HongKong #AsiaInsuranceReview #AsiaInsurance #InsuranceUpdates #InsuranceNews #InsuranceRegulations #InsuranceMarket #InsuranceTrends #LifeInsurance #InsuranceInnovation #MarketProfile #ClimateChange #BusinessModels #Reinsurance #Risks #RiskManagement #Regulations #BusinessInterruption #AI #Artificialintelligence

The April issue of Asia Insurance Review is here, packed with insightful content to keep you informed and inspired! Here's a sneak peek at what's inside: https://lnkd.in/fM3ywU8 1️⃣ Market Profile: Catch the latest market profile on Vietnam where figures show that the non-life insurance market flourished in 2023, with total premiums surpassing those of the life sector. 2️⃣ Market Spotlight: Know how Thai insurers are coping with an ageing population and increasing healthcare demands. Thailand’s healthcare system has served the country well until now. However, it may now prove inadequate as the country ages and health awareness increases. 3️⃣ Reinsurance: Look at the opportunities that lie ahead for the life (re)insurance market in Asia Pacific amid ageing demographics, financial market uncertainty, alongside evolving accounting and solvency standards. 4️⃣ Life & health: Although alternative distribution channels for life insurance such as bancassurance and online platforms are emerging in Sri Lanka, the long term of policies means that potential policyholders still prefer to make purchases through agents. 5️⃣ General: ESG standards are high on the agenda of most boardrooms. How do D&O covers evolve in view of the new risks that the corporates face across the ESG framework? And much more! Don't miss your chance to stay ahead of the curve with the latest issue of Asia Insurance Review. Subscribe and grab your copy today and join us on the journey to innovation and excellence in the insurance industry! #Insurance #InsuranceIndustry #AsiaInsuranceReview #AsiaInsurance #InsuranceUpdates #InsuranceNews #InsuranceRegulations #InsuranceMarket #InsuranceTrends #LifeInsurance #InsuranceInnovation #MarketProfile #ClimateChange #BusinessModels #Reinsurance #Risks #RiskManagement #Regulations #BusinessInterruption #AI #Artificialintelligence

【AIA Hong Kong - the undisputed market champion in 2023, achieving 10 market share No. 1. The Hong Kong & Macau business being the largest contributor to AIA Group's VONB in 2023】 Thanks to our customers’ trust and support and our teams’ dedication, AIA Hong Kong achieved 10 market share No. 1 in the 2023 Provisional Statistics on Hong Kong Long Term Insurance Business^, leading the industry as the undisputed market champion. The Hong Kong & Macau business also delivered exceptional business performance with growth on multiple fronts in 2023 – Value of New Business (VONB) up 82%, Annualised New Premiums (ANP) up 123%. Our business made the largest contribution to AIA Group’s VONB. Watch the video to learn more! #AIA_Aspire #AIAHongKong #HealthierLongerBetterLives ^ Provisional statistics of the Insurance Authority on Hong Kong long-term insurance business from January to December 2023. The policies refer to Direct New Business and Direct Inforce Business of Individual Life, Annuity and Linked Individual (Classes A & C) and Other Individual Business (Classes B, D, E&F).