News

Average comprehensive solvency ratios of life and P&C insurers remained above 200% as of end 2017.

Deloitte, FWD and Ziliqa are amongst the launching partners.

Non-motor premium growth hit 33%, outpacing total growth in premium at 6%.

The deadline for nominations is on 20 April 2018.

Over 180 trophies were awarded to winning banks and insurance companies.

When a top insurance company in the US found that its customers seeking an online insurance quote were finding it tedious to fill out numerous forms, it deployed Amelia.

If regulatory and macroeconomic risk were foremost amongst insurer worries two years ago, these have now been overtaken by anxieties on coping with change and cyber risk. Change management has shot up to the top of the bi-annual 2017 Banana Skins survey, which reflects risk perception amongst insurers globally in the next two to three years, up from sixth place in the 2015 rankings. Similarly, cyber risk has risen to become the second most critical concern for insurers, up from fourth, due to the rising threat of cyberattacks and the steep costs of underwriting cybercrime.

An invasion is afoot in the Hong Kong insurance industry, and it is led by non-insurers entering the market to acquire established local players. Even technology behemoths seeking synergies are in on it. In June 2016, mainland Chinese real estate company Fujian Thai Hot Investment agreed to purchase the life insurance operations of Dah Sing Financial Holdings for US$1.3b (HK$10.6b), whilst Jack Ma’s Alibaba-backed Yunfeng Financial agreed to buy the Asia unit of MassMutual for US$1.7b. Analysts reckoned the former deal is an example of a non-insurer firm spending billions not merely to diversify, but to own a strategic enterprise that can fuel their other lines of business.

China, Indonesia, Malaysia, and India are the most promising economies.

With rapid and revolutionary transformations in business-customer interaction across the globe, private customer data is now considered the insurer’s digital goldmine. Asian insurers, traditional they may be, are finally catching up to the analytics game. Enhanced online customer engagement is slowly eliminating countless piles of feedback forms as businesses make it their primary aim to digitally collect and manage private and precious customer data.

If property & casualty (P&C) insurers want to dominate the industry in the coming years, then part of their game plan should involve becoming a trailblazer in digital technology. Bain & Company believes a billion-dollar opportunity exists in digital innovations, but only firms that lead the pack will likely reap the full benefits while laggards will be left to pick up the crumbs.

Rising margin pressure will compel insurance companies to join the insurtech race.

47% of insurers expect to increase their exposure to risks.

Insurers may refuse to take on certain risks.

They spent US$4.1b on insurance policies in 2015.

The first place to start may be in DLT-automated claims processing.