As part of India’s ‘Insurance for All by 2047’ plan, regulatory changes to solvency, reinsurance, and accounting rules are underway, a move expected to spur sector growth and attract foreign investment.
Emerging risks | Growth Opportunities | APAC Insurance
Tuesday, November 19, 2024
Emerging risks | Growth opportunities | APAC insurance
Tuesday, 19 November 2024
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Example Features
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India’s insurance regulatory reform offers growth potential to global players
Munich Re targets emerging risks in China through new R&D centre
Tobias Farny, Munich Re’s Chief Executive of China, spoke to (Re)in Asia about various priorities for the German reinsurer, including green technology, electric vehicles, and cyber.
Digitalisation key to developing Asia’s crop insurance market
Digitalisation and government intervention are revolutionising the crop insurance markets in China and India, and the approach offers a model to help Southeast Asia bridge their agricultural protection gap.
Asia nat cat capacity roars back ahead of 1:1 renewals
Reinsurers pulled back from the market last year but things are now stabilising.
Example Data Journalism
from (Re)in Asia
Insurance Council of Australia calls for government action on Nat cat risk
A surge in disaster-related claims alongside rising inflation across Australia has driven insurance premiums higher; the ICA is urging the government to implement measures to reduce risk and maintain affordability.
2022 audited statistics confirm 120% underwriting profit growth in Hong Kong’s direct GI business
The Insurance Authority’s release of audited statistics confirms sharp increase in underwriting profit in 2022, despite modest growth of 3.11% in gross premiums.
Demographics and GDP growth to power SEA health insurance sector.
Southeast Asia’s young population and varying levels of public healthcare pose challenges and opportunities to private insurers.
APAC cyber coverage rising, but trails global average
Moody’s global survey finds cyber budgets in APAC rising faster than elsewhere but stronger practices needed to catch up with global standards.
Example Market Analysis
from (Re)in Asia
MAS looks to insurers to help APAC transition from coal power
The Monetary Authority of Singapore is encouraging the use of innovative insurance products to address uncertainties and risks involved in financing early retirement of coal-fired power plants.
APAC insurers to alter asset allocation as regulations bite
Nearly 70% of Asian insurers plan to adapt their strategic asset allocation due to changes in risk-based capital regimes, according to a BlackRock report.
Growth in offshore wind projects generates challenges for insurers
An Allianz Commercial report shows that new installations of offshore wind power capacity reached nearly 9GW globally in 2022, with China leading the market; however, the increasing size of wind farms presents higher insurance risks.
Record fall in traditional reinsurance capital in 2022
- An AM Best report shows financial market turbulence and an upswing in interest rates caused a historical decline in traditional reinsurance capital, while large Nat Cat losses led to reinsurers moving capital to primary and specialist lines of insurance.
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