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The November edition of Asia Insurance Review is now available. Access cutting-edge perspectives and stay ahead with comprehensive regional updates, essential insights, and expert analysis. Subscribe today 👉 https://lnkd.in/fM3ywU8 1️⃣ 𝐑𝐞𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 APAC reinsurers recorded strong top-line growth and favourable earnings in 2023, supported by benign catastrophe activity, stable investment returns and robust underwriting results. 2️⃣ 𝐆𝐞𝐧𝐞𝐫𝐚𝐥 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 Climate change has forced insurers to look at the ‘CAT season’ as a year-round affair, and the industry is attempting to deal with this new reality through heightened data analytics and improved modelling tools. We spoke to McLarens’ Mr. Martyn Wicht about how claims trends are being reshaped. As the world slowly but steadily moves towards #EVs as the primary mode of transportation, insurers must keep up with the nuances of EV risk, monitoring the entire supply chain and tailoring products and services specifically to EVs. 3️⃣ 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐥𝐞: 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 Despite global headwinds, the country’s strong economic growth has ensured Singapore’s insurance industry stays strong and resilient. Singapore’s GDP growth is projected to be between 2% to 3% in 2024, providing opportunities for the insurance industry to meet the protection needs of the country. #Insurance #InsuranceIndustry #Singapore #AsiaInsuranceReview #AsiaInsurance #InsuranceUpdates #InsuranceNews #Regulations #InsuranceRegulations #InsuranceMarket #InsuranceTrends #LifeInsurance #InsuranceInnovation #MarketProfile #ClimateChange #BusinessModels #Reinsurance #Risks #RiskManagement

The 𝐌𝐀𝐘 issue of Asia Insurance Review is out now! Gain unparalleled market intel to foster collaboration and drive business expansion like never before. Subscribe today: https://lnkd.in/fM3ywU8 1️⃣ 𝐌𝐚𝐫𝐤𝐞𝐭 𝐩𝐫𝐨𝐟𝐢𝐥𝐞: 𝐀𝐮𝐬𝐭𝐫𝐚𝐥𝐢𝐚 After many years, the Australian reinsurance market has seen a return to profitability but challenges remain from rising claims, mostly from increased weather-related events. Australia has immense potential to be a leader in the renewable energy industry as it is a powerhouse for solar, wind and hydro. However, as the industry grows and technology rapidly advances, so do the associated risks. 2️⃣ 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: 𝐇𝐞𝐚𝐥𝐭𝐡 Healthcare made headlines last year when Prime Minister Anwar Ibrahim announced a significant allocation of MYR41.22bn for the Ministry of Health in Budget 2024, marking a notable increase of approximately 13.5% from the previous year’s allocation of MYR36.3bn in Budget 2023. Malaysia and Singapore are not alone in this phenomenon. 3️⃣ 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧: 𝐕𝐢𝐞𝐰 𝐟𝐫𝐨𝐦 𝐈𝐧𝐝𝐢𝐚 In recent months, there have been sweeping changes in the Indian insurance regulator IRDAI’s regulatory framework. These should usher in a fresh environment for the industry. Learn more about the implications of these changes. 4️⃣ 𝐑𝐞𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 Increasing Nat CAT in Australia is posing real problems for households and insurers alike – leading to the conundrum of unaffordability of cover - making areas uninsurable and perhaps uninhabitable. Dive deep into insights on what can be done to increase the knowledge base required to tackle resiliency problems. ✅ Access all articles with your subscription. Dive deeper into the most current and relevant subjects. Subscribe today. #Insurance #InsuranceIndustry #Australia #AsiaInsuranceReview #AsiaInsurance #InsuranceUpdates #InsuranceNews #InsuranceRegulations #InsuranceMarket #InsuranceTrends #LifeInsurance #InsuranceInnovation #MarketProfile #ClimateChange #BusinessModels #Reinsurance #Risks #RiskManagement #Regulations #BusinessInterruption #AI #Artificialintelligence 

The June issue of Asia Insurance Review is out now. Obtain unrivaled market insights. Subscribe today: https://lnkd.in/fM3ywU8 1️⃣ 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: The entry of new insurers that provide warranty and indemnity (W&I) insurance to cover M&A in Asia has led to rising awareness and increased capacity. 2️⃣ 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐫𝐨𝐟𝐢𝐥𝐞 - 𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚: The life insurance market is expected to recover in South Korea in 2024, after declining at a rapid rate in 2023. Premium income is forecast to grow by 0.6% to KRW120tn ($88.7bn) in 2024. Health protection products are projected to generate high contractual service margins, with the biggest development being the introduction of #IFRS17 and K-ICS. 3️⃣ 𝐑𝐞𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞: These increasing Nat CAT losses in 2023 underscore the growing need for a proactive approach towards risk management. The upward trends in Nat CAT losses and climate change are undeniably intertwined, as evidenced by the increased frequency and severity of weather events in recent years attributed to global warming. 4️⃣ 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐩𝐨𝐭𝐥𝐢𝐠𝐡𝐭 - 𝐂𝐡𝐢𝐧𝐚 Investment income for Chinese insurers saw a decline in 2023. But 2024 seems to look brighter, as the economy rebounds. We take a look at the strategic shifts insurers have made to capitalise and recover. ✅𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐛𝐞 𝐭𝐨𝐝𝐚𝐲 𝐭𝐨 𝐚𝐜𝐜𝐞𝐬𝐬 𝐚𝐥𝐥 𝐚𝐫𝐭𝐢𝐜𝐥𝐞𝐬. 𝐃𝐢𝐯𝐞 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐦𝐨𝐬𝐭 𝐮𝐩-𝐭𝐨-𝐝𝐚𝐭𝐞 𝐚𝐧𝐝 𝐩𝐞𝐫𝐭𝐢𝐧𝐞𝐧𝐭 𝐜𝐨𝐧𝐭𝐞𝐧𝐭. #Insurance #InsuranceIndustry #China #AsiaInsuranceReview #AsiaInsurance #InsuranceUpdates #InsuranceNews #InsuranceRegulations #InsuranceMarket #InsuranceTrends #LifeInsurance #InsuranceInnovation #MarketProfile #ClimateChange #BusinessModels #Reinsurance #Risks #RiskManagement #Regulations #BusinessInterruption #AI #Artificialintelligence 

𝐈𝐔𝐋: 𝐓𝐡𝐞 𝐆𝐚𝐦𝐞-𝐂𝐡𝐚𝐧𝐠𝐞𝐫 𝐟𝐨𝐫 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐢𝐧 𝐒𝐨𝐮𝐭𝐡𝐞𝐚𝐬𝐭 𝐀𝐬𝐢𝐚 !   Indexed Universal Life insurance products are becoming a standout choice for High Net Worth Individuals in Southeast Asia, especially during market upswings. These sophisticated financial solutions offer the flexible life insurance coverage combined with the potential for significant cash value growth, linked to the performance of stock market indexes.   IULs are uniquely designed for those seeking to optimize their wealth. By tying your policy’s cash value to a stock or bond index, IULs provide a dynamic and potentially lucrative financial strategy, with manageable risks compared with direct market investment.   Singapore's wealth growth is particularly notable. The proportion of millionaires is projected to rise from 7.5% in 2021 to 13.4% by 2030, surpassing that of any of the developed economies including the likes of the USA. This demographic shift is driving the demand for sophisticated insurance products like IUL, which cater to the complex needs of wealth protection and legacy planning.   IUL products combine life insurance with investment options, allowing policyholders to accumulate wealth while providing substantial coverage for death and terminal illness. For instance, Prudential Singapore's PRUVantage Legacy Index has seen robust demand among HNW individuals providing tailored benefits and market-linked returns   By integrating IUL into their financial strategies, Southeast Asia's affluent individuals are securing their financial future and leveraging a versatile tool that adapts to their evolving goals. As Southeast Asia's wealth landscape continues to evolve, IUL products will play an increasingly critical role in the financial planning of the region's elite.. Prudential Singapore introduces indexed universal life insurance offering | Insurance Business Asia (insurancebusinessmag.com) #WealthManagement #HighNetWorth #FinancialInnovation #IUL #SoutheastAsia #ActuarialScience #360F #360PortControl #Finance #Insurance #ActuarialScience #Investment #SoutheastAsia #IndexedUniversalLife #IUL #MarketGrowth #FinancialPlanning Anirudh Somani, FIA, MQF, Jonathan H, Theng Kiat Goh, Piyush Gupta,Kah Siang Khoo, ALEX KING, Thomas von Rueti, Walter de Oude , Rudi Winklhofer, Henry Ward

⏰ New Report! UNDP Generali joint research on key risks MSMEs are exposed to in the ASEAN and a new approach to building their financial resilience With a country focus on 🇲🇾 Malaysia and 🇹🇭 Thailand Key Takeaways   ◽ In the ASEAN, MSMEs make up 97% of the private sector, account for 85% of the labour force, 45% of regional GDP and 10-30% of exports. ◽ Despite their contribution to socio-economic growth, MSMEs remain highly vulnerable to risks – with less than 5% of MSMEs in the ASEAN region having any form of insurance. ◽ MSME failure would drastically undermine their contribution to the region’s socio-economic development, as indicated by their elevated contribution to GDP and employment. ◽ Insurers face multiple challenges in developing and distributing products to MSMEs, including vast differences between MSMEs' size, maturity, sector, etc., the high proportion of MSMEs that are unbanked and limited data on MSMEs. ◽ There is a need for a value-driven approach to holistic and commercially viable insurance solutions that segments and targets MSMES in a way that addresses their specific needs and risk profiles, and builds MSME resilience through holistic solutions. ◽ The report explores priority value chains and risks for Thailand and Malaysia, including Natural rubber, Food & accomodation, Wholesale & retail and Electrical & electronics. Read the report ➡️ https://lnkd.in/eHUmtiud Read the press release to find out how UNDP and Generali are partnering on practical solutions for SMEs in Asia to better understand and manage their risks, and build their financial resilience ➡️ https://lnkd.in/eAq5rPcZ Thank you to the authors, Cenfri's Lezanne Anderson Vera Neugebauer Jeremy Gray Maja Pekkari and Generali's Leandro Candotto! The report was informed by key insights and learnings from Bank Negara Malaysia, SME Corp. Malaysia, Borong Malaysia, Igloo Singapore, LONPAC INSURANCE BHD, ITA - Italian Trade Agency in Bangkok, Generali Malaysia and Generali Thailand UNDP peer reviewers included Jan Kellett Lauren Carter Francesca Puricelli Irwin Gabriel Lopez Sahba Sobhani Joe Hooper Heesu Jeon Niloy Banerjee Jaime Anchustegui Melgarejo Massimo Rustico Lucia Silva Mirko Sartori Fabrice Benard Generali Malaysia UNDP in Malaysia, Singapore & Brunei Darussalam UNDP Thailand Justine Doody Bianca Mihalcea #ProtectTheFuture #Insurance4SDGs #financialresilience #MYUNDP 

Micro-, small, and medium-sized enterprises (MSMEs) play a crucial role in fueling development and economic growth. In Southeast Asia, the vitality and sustainability of MSMEs face numerous enduring obstacles, such as constrained access to financing, scarcity of human resources, underutilization of technological advancements, and the escalating risks associated with climate change. Our team enjoyed exploring strategies aimed at bolstering resilience among these enterprises, focusing on enhancing financial protection through the implementation of innovative insurance solutions. 

𝐕𝐢𝐞𝐭𝐧𝐚𝐦'𝐬 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐑𝐞𝐧𝐚𝐢𝐬𝐬𝐚𝐧𝐜𝐞: 𝐔𝐧𝐯𝐞𝐢𝐥𝐢𝐧𝐠 𝐆𝐫𝐨𝐰𝐭𝐡 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐢𝐧 𝐚 𝐓𝐫𝐚𝐧𝐬𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 Amid global uncertainties, Vietnam emerges as a beacon of resilience and growth. Recent surveys and projections highlight the country's proactive strategies and robust economy, showcasing its ability to thrive and create new opportunities even in shifting economic landscapes. A recent survey by Vietnam Report revealed that 45.6% of insurance firms anticipate industry growth of 5-10% in 2024, while 32% predict a stable economic growth rate of 5.5%. These optimistic projections highlight the strong potential within Vietnam's market, especially in the insurance sector. The insurance market in Vietnam is expected to grow at a compound annual growth rate (CAGR) of 15% over the next five years. In 2023, the market reached a value of $3.5 billion, driven by regulatory reforms and digital transformation initiatives. With an internet penetration rate of 70%, the accessibility to digital insurance products is expanding rapidly. One notable example is VINARE, which has demonstrated consistent performance with an average return-on-equity ratio of 10.2% over the past five years (2019-2023). At 360F, we are proud to contribute to this evolving landscape. Our expertise in financial technology enables us to offer innovative digital insurance and financial advisory solutions, helping local insurers streamline operations and meet the growing demands of the market. By improving customer experiences and strengthening distribution channels, we are committed to ensuring accessible and robust growth in Vietnam. https://lnkd.in/gyx6TRwp #VietnamEconomy #InsuranceMarket #DigitalTransformation #FinancialTechnology #CustomerExperience #MarketDynamics #Insurtech #Fintech #VietnameseMarket  Anirudh Somani, FIA, MQF, Jonathan H, Son Tran (Sonny), Lay Hoon Tan 陈丽芬, Sachin N. Shah

🔔 MSMEs are collectively spearheading economic growth in the Association of Southeast Asian Nations (ASEAN) economies. However, their growth and survival are threatened by a wide range of long-standing challenges. 🌐 The new report launched by UNDP and Generali spotlights an alternative approach to developing holistic resilience solutions that aims to (1) support and secure the role that MSMEs play in enabling development and (2) explore the commercial opportunity in tapping into this largely underserved market. 👏 I'm thrilled to have contributed to this project alongside industry experts Jeremy Gray, Maja Pekkari and Vera Neugebauer. Dive into the transformative insights at the links in UNDP Sustainable Finance Hub's post below: #MSMEs #ASEAN #BusinessResilience #UNDPGeneraliReport

In the recent Asia Insurance Review's August 2024 edition, our Insurance Partner, Chelsea Chan, shares her views and insights on Bank Negara Malaysia (BNM)’s licensing and regulatory framework for digital insurers and takaful operators. Dive into this insightful interview to gain valuable perspectives and stay ahead in the ever-evolving legal landscape in Malaysia: https://lnkd.in/gE6HTJCT #christopherleeong #CLO #RajahTannAsia #LawyersWhoKnowAsia #RTA #Malaysia #law #legalinsights #insurance #insurtech

Interesting facts about large insurance companies in Asia-Pacific (APAC) - US$ 10bn annual GWP is the benchmark, only 20 insurers could beat this mark. - its' dominated by the Japan and China based insurers - Growth is somewhat tapering for local insurers (China life, Ping-An, Japan post, LIC of India etc) - Many Japanese, Aus and Korean insurers are now truly MNC insurers with large presence in many Asian country and in NorthAm,UK/Europe. - Chinese insurers are way ahead in their game but may never become Pan-Asian players like Japanese, Aus or HK insurers. - AIA, HSBC, QBE, Allianz, Generali, Prudential, Manulife are truly pan-Asian players - In next 5 yrs many Indian and Mid-east insurers will break into this US$ 10bn GWP club #insurance #insuranceindustry #Asia #leadership