Magazine

Feb 2018

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News


Asian

Asia - Data science to grow in importance for insurers

A recent research by Forrester revealed that 70% of enterprises expect to implement Artificial Intelligence (AI) over the next 12 months, up from 40% in 2016 and 51% in 2017. 
 


Asia - Healthcare expenses to reach US$1.96 tln by 2020

Healthcare spending in Asia and Australasia is expected to grow at a CAGR of 5% to top US$1.96 trillion by 2020, up from $1.54 trillion in 2015. Globally, this spending is expected to reach $8.7 trillion by 2020, from $7 trillion in 2015, according to Deloitte’s 2018 Global Health Care Outlook. 
 


Asia - Social media is key for brokers

A recent social media survey conducted by Economical Insurance found that 85% of brokerages think an engaging social media presence gives a competitive advantage over those that do not use the medium. 79.5% of respondents said they use social media primarily to generate new leads and sales.
 


Australia - Changes to traffic laws and insurance needed for self-driving vehicles

Legislative action and changes to motor insurance are needed in order to accommodate a “high level” of automation on Australian roads in the next five years, according to a report “Transforming Mobility”, a joint initiative from NRMA, PricewaterhouseCoopers (PwC) and transport company Keolis Downer. 
 


Bangladesh - GDP forecast to grow at average 6.7% a year in next 2 years

The World Bank has painted a brighter picture for Bangladesh’s economy for the next two fiscal years, on the back of strong domestic demand, exports, investments and remittances.
 


Cambodia: Higher social security contributions could threaten private health insurance

A new government policy that went into effect at the start of the year could prevent some businesses from providing private health insurance plans for employees.
 


China - Ping An taps government's rental housing policies

China’s largest insurance group, Ping An, has entered the country’s emerging rental housing market through a strategic cooperation agreement with Landsea Green Properties, according to a stock exchange filing by the real estate group.
 


Hong Kong: Bigger tax breaks urged for the young who enrol in voluntary health plan

Bigger tax breaks are proposed for young Hongkongers to induce them to join a government-backed voluntary medical insurance scheme, reported the South China Morning Post. 
 


India: Unified financial regulator mooted for international financial service centre

The government is looking into creating a unified financial regulator for India’s only international financial service centre, Gujarat International Finance Tec (GIFT) City, after individual regulators indicated that they have no objection to the idea, according to GIFT Managing Director Ajay Pandey. 
 


Indonesia: Shortage of actuaries keenly felt

The increase in the number of actuaries has failed to keep pace with the growth of the insurance industry in Indonesia, according to the Chairman of the Society of Actuaries of Indonesia (Persatuan Aktuaris Indonesia, PAI), Mr Rianto Ahmadi Djojosugito.
 


Japan: Insurers launching more offerings to safe drivers

Insurers are offering lower premiums on an increasing number of new auto insurance products, in cases where the driver meets certain safety criteria. 
 


Malaysia: Structural factors to drive growth in takaful

Malaysia’s takaful growth continues to outpace that of the conventional insurance sector, driven by stable domestic consumption and government efforts to reach out to the mass-market, says Fitch Ratings.
 


Looking at prospective market liberalisation in Myanmar

All eyes are watching Myanmar closely for 2018, the year to usher in the new wave of transformation for the emerging insurance industry as it stands on the cusp of liberalisation. 
 


Pakistan: Call for insurers to be allowed to invest in private equity funds

The financial regulator should allow insurers, pension funds and provident funds to invest in private equity funds, said speakers at a workshop organised by USAID in collaboration with the Securities and Exchange Commission of Pakistan (SECP) in December 2017.
 


Philippines: Insurer works with IFC to reach out to women

Insular Life, the first and largest Filipino life insurer, and the World Bank’s International Finance Corporation (IFC) have entered into a partnership to educate and offer risk-mitigating solutions for women in the Philippines.


Singapore: Govt mulls options to fund healthcare costs of children with rare diseases

The Ministry of Health could set up a fund to better support children with rare diseases, to help their families bear the high cost of medical treatment of rare conditions.
 


Taiwan: Life insurers cut investment in commercial properties

Commercial property transactions in Taiwan rose only slightly in 2017, as a fall in investment by life insurers affected growth, says property management firm Savills.
 


Thailand: Siam Commercial Bank in bancassurance deal with Prudential Life


Vietnam: Regulatory official outlines goals for insurance market

The insurance market needs to focus on two goals this year, which are to maintain a stable and sustainable growth rate, attracting more investors, and to enhance the role of insurance in the economy, according to Mr Phung Ngoc Khanh, Director of the Finance Ministry’s Department of the Insurance Supervisory Authority.
 


Global

Reinsurance Group of America and RenaissanceRe launch Langhorne Re

Reinsurance Group of America, Incorporated (RGA) and RenaissanceRe Holdings Ltd (RenaissanceRe), have announced the launch of Langhorne Re, a global reinsurer targeting large in-force life and annuity blocks.
 


Qatar Re receives regulatory authorisation in the UK

Qatar Reinsurance Company Limited (Qatar Re) said it has been authorised by the Prudential Regulation Authority to carry out certain regulated activities in the UK from its branch office in London. Mr Michael van der Straaten will lead the branch, in addition to his current role as the company’s Chief Underwriting Officer for Long Tail and Specialty Classes.
 


2017 insurance recovery highlights protection gap - Aon Benfield

Natural catastrophe events caused economic losses of approximately US$320 billion globally last year, of which $128 billion were insured. This is according to estimates by Aon Benfield in its latest Reinsurance Market Outlook report – thus marking 2017 as the third-costliest year after losses in 2011 and 2005. 
 


Corporate Risk Management

BI and cyber dominate Asian risk concerns in 2018 - Allianz

Business interruption (#1 with 42% of responses; #1 in 2017) and cyber incidents (#2 with 38% of responses; #4 in 2017) emerged as the top two risk concerns among corporates in Asia, mirroring the response of businesses globally, according to the Allianz Risk Barometer 2018. 
 


Firms will make enterprise-wide changes to address cyber risk - Aon

As cyber attacks grow in volume and scale, companies will be compelled to address cybersecurity risk holistically by integrating it more aggressively into their enterprise risk management (ERM), said Aon’s latest 2018 Cybersecurity Predictions report.
 


Bridgestone executive Robert Cartwright Jr appointed RIMS' 2018 president

The Risk & Insurance Management Society Inc (RIMS) has appointed Mr Robert Cartwright Jr, an executive at leading tyre company Bridgestone, as its president for the 2018 term.
 


Institute of Risk Management expands footprint to Asia

The London-headquartered Institute of Risk Management has appointed its first “ambassadors” in India, as it seeks to expand its international footprint into Asia. It comes on the back of the organisation’s inaugural visit to China last month. 
 


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