Asia Advisers Network’s Post

The January edition of Asia Insurance Review is out now. Subscribe today: https://lnkd.in/fM3ywU8 A reinsurer with a AA- credit rating is in a strong position in the market – and in a great position to have a universal view of new business opportunities as they arise. We caught up with AXA XL Reinsurance’s Mr. Renaud Guidée to get an insight into that view, to talk about last year and prospects for the future. There is an argument that says that global specialist insurance companies have a more granular view of the market – especially growth opportunities – than some larger general carriers. We caught up with Tokio Marine Kiln’s Mr. Pavlos Spyropoulos to find out how business has been and where the bright spots for the year ahead might lie. While bank branches continue to be the main channel for #bancassurance, digital sales have seen stronger growth in recent years. Bank customers in Singapore have shown strong preference for buying insurance through digital channels. They have also increased their appetite for insurance products beyond traditional endowment and whole life insurance policies. Market profile: #India After a long pause, reinsurers are getting back to achieving sustainability and performing their core role of capital protection. General Insurance Corporation of India (GIC Re) hopes to support the domestic market without stressing its own balance sheet. The #IRDAI’s clarion call of ‘Insurance for All’ by 2047 has enthused the insurance market and is likely to catapult the sector to become one of the leading insurance markets in the world. #Insurance #InsuranceIndustry #AsiaInsuranceReview #AsiaInsurance #InsuranceUpdates #InsuranceNews #InsuranceRegulations #InsuranceMarket #InsuranceTrends #LifeInsurance #InsuranceInnovation #MarketProfile #ClimateChange #BusinessModels #Reinsurance #Risks #RiskManagement #Regulations #BusinessInterruption

Tougher minimum equity requirements for Indonesian insurers are likely to reduce the number of companies operating in the sector and encourage a healthier competitive landscape. Learn more: https://ow.ly/ypli50Qz3Fg #asiapacific #indonesia #insurance #financialinstitutions #banks

The rise in #uncertainty in the world is putting a strain on the #insurance industry, and the industry must modernise to face this mounting uncertainty. #reinsurance #Morocco #inclusion #PPP #investment #regulation https://lnkd.in/efxcBHTk

Hong Kong's revamped investment-migration program is proving fruitful for insurers like Prudential Hong Kong, prompting plans to expand their product offerings for affluent individuals utilizing the scheme. Alongside peers such as Manulife and AIA, Prudential plc has seen a surge in interest in investment products from potential clients under the revamped Capital Investment Entrant Scheme (CIES). This initiative allows wealthy individuals and their families to fast-track residency by investing a minimum of HK$30 million (US$3.8 million) in various financial instruments and non-residential properties in Hong Kong. The increased interest from mainland Chinese visitors in insurance policies in Hong Kong, totaling HK$59 billion last year, highlights a significant market segment, constituting about 33% of all industry sales, according to data from the Insurance Authority. Lawrence Lam, CEO of Prudential Hong Kong, noted substantial inquiries regarding insurance policies linked to the CIES since its launch on March 1, indicating the interest of high-net-worth individuals in leveraging investment-linked policies to facilitate relocation to Hong Kong with their families. #Growth #Wealth #NextGen #RealEstate #Insurance #CIES I South China Morning Post SCMP I Enoch Yiu I Invest Hong Kong i Brand Hong Kong

“Eight out of ten insurance companies in Việt Nam were investigated by the Ministry of Finance (MoF) in 2023, including AIA, Dai-ichi, Manulife, Prudential, MB Ageas, Sun Life and BIDV Metlife, said Doãn Thanh Tuấn, deputy head of the Department of Insurance Supervisory Authority under the MoF, with investigations into the remaining two to produce result before the end of the Lunar New Year. According to the ministry, the results of the inspections on four insurance companies: Prudential, MB Ageas, Sun Life and BIDV Metlife, have shown various irregularities in insurance sales through bank channels, especially in the consultation process by bank employees and brokers.” – excerpted from VNS. Read more here https://lnkd.in/ggi3fPAs #MoF #Insurance #IrregularitiesExposed #Transparency #VietnamLaw

Prior to the #pandemic years, #SouthAfrica’s #insurance market was characterised by softer conditions. A moderately stable climate both in macro- and micro-economic terms, gave rise to an abundance of #capital relative to the size of the market. This in turn translated as lower insurance rates and broader #policy terms and conditions. At the beginning of 2022, conditions in the local insurance markets tightened further – resulting in arguably the most persistent hard market in recent history, writes PSG Insure.

Sa lahat ng clients at magiging clients ko, Gusto nyo ba malaman how strong and reliable PRU LIFE UK is in delivering its promise? Just check our RBC (Risk Base Capital) Ratio. Pero wait.. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗥𝗕𝗖 𝗥𝗮𝘁𝗶𝗼? 🤔 It is the capability of an Insurance Company to pay every single person insured. In the Philippines, the Insurance Commission has required all of the Insurance Companies to have at least 100% and we, 𝗣𝗥𝗨 𝗟𝗜𝗙𝗘 𝗨.𝗞. 𝗶𝘀 𝗮𝘁 𝟲𝟮𝟴% 𝗮𝘀 𝗼𝗳 𝟮𝟬𝟮𝟮. RBC Ratio stands for Risk-Based Capital Ratio which means that the percentage equal to (a) the quotient of the Total Adjusted Capital of the Reinsurer, divided by the Company Action Level RBC, multiplied by (b) 100. Di ba ang hirap mainitindihan? Charot! Ang ibig sabihin lang niyan, enough po ang pera na meron kay Pru Life UK kung sakaling mag-claim ang lahat ng mga insured. This proves that all your hard-earned money entrusted with Pru Life UK is well protected. ❤️ #AlwaysListening #AlwaysUnderstanding #AlwaysDelivering Source: https://lnkd.in/dNfr7g5Y Source: https://lnkd.in/dGFYsZde

Sa lahat ng clients at magiging clients ko, Gusto niyo bang malaman how strong and reliable PRU LIFE UK is in delivering its promise? Just check our RBC (Risk Base Capital) Ratio. Pero wait.. 𝗪𝗵𝗮𝘁 𝗶𝘀 𝗥𝗕𝗖 𝗥𝗮𝘁𝗶𝗼? 🤔 It is the capability of an Insurance Company to pay every single person insured. In the Philippines, the Insurance Commission has required all the Insurance Companies to have at least 100% and we, 𝗣𝗥𝗨 𝗟𝗜𝗙𝗘 𝗨.𝗞. 𝗶𝘀 𝗮𝘁 𝟲𝟮𝟴% 𝗮𝘀 𝗼𝗳 𝟮𝟬𝟮𝟮. RBC Ratio stands for Risk-Based Capital Ratio which means that the percentage equal to (a) the quotient of the Total Adjusted Capital of the Reinsurer, divided by the Company Action Level RBC, multiplied by (b) 100. Di ba ang hirap mainitindihan? Charot! Ang ibig sabihin lang niyan, enough po ang pera na meron kay Pru Life UK kung sakaling mag-claim ang lahat ng mga insured. This proves that all your hard-earned money entrusted with Pru Life UK is well protected. ❤️ #AlwaysListening  #AlwaysUnderstanding  #AlwaysDelivering Source: https://lnkd.in/g_Wwzmkh Source: https://lnkd.in/gh3eqzVn

I’m reposting some of the Life insurance market data for 2023 showing growth versus 2022. In many markets life insurance penetration is still relatively low particularly in the broader mass market segments. If we can agree it is good for customers and communities to have greater protection for various life events and therefore big opportunities exist to increase penetration and close the protection gap in Asia. I’m passionate about the role insurance plays in our communities. Most of us will have personal experience of the benefits of insurance. Mine was losing two brothers in their 40’s with families including children who relied on them. The died suddenly, no warning or planning. One had life insurance the other one didn’t. It’s bad enough losing your husband or father and dealing with that. Losing your home and income is another. To address the protection gap in Asia, put simply, two aspects must be addressed being customer access (including awareness and education) via distribution and affordability of premiums. Let’s exclude HNW for a moment and focus on broader populations who need much simpler solutions. Broadly, in Asia you can buy life insurance (including health) from a life insurance agent or a bank, and, particularly in S/E Asia digital access and education on buying life insurance is negligible. Life insurance awareness and understanding of needs is still fairly low, so it generally sold not bought. The number of life insurance agents actually selling is declining (why? reputation of agency and appeal of this career to younger people) even more so post Covid. Banks have great customer access however, it is not their core business and many Bancassurance deals fall short of expectations why? Product development cycles are still long and simple products are still relatively lacking why? This brings me to my next point on customer affordability. To address the protection gap simple products are needed at affordable premiums with broad access and distribution. Distribution is still quite limited and costs are still relatively high. The model of big upfront for banks and high commissions for tied agency focused on upfront first year commissions driving lower persistency is also impacting pricing and affordability. There is a big risk or opportunity for disruption of the distribution models making insurance more simple, accessible and more affordable to mass market. Health insurance sold via Life insurers has also been impacted with higher claims post Covid and many markets still offering 100% percent coverage of hospital bills leading to over prescribing of treatment, over usage and driving increased premiums leading to reduced affordability and lower volumes of sales. Singapore is a great example of industry and regulatory reform that addressed product and pricing structures to address over prescribing of treatment, increased claims and rising premiums. What are your thoughts?

The Financial Supervisory Commission’s (FSC) measure to allow Taiwanese insurers to issue bonds that count towards capital through the setting up of SPVs overseas will diversify their capital-raising channels in light of the domestic bond market’s limited capacity. We believe the regulatory change, announced on 5 March 2024, is credit positive for insurers, particularly the life insurance sector, as many of them can now diversify their funding source. #taiwanlifeinsurance; #apacinsurance; #taiwaninsurance; #FitchInsurance;