insurance
How did APAC insurers fare in 2023?
How did APAC insurers fare in 2023?
The average premium earned by these companies grew by just 1.3%.
Construction insurance sector set for growth with energy, utility projects
Energy and infrastructure projects are expected to climb 7.8% and 5.1%, accordingly.
Regulator pushes for mergers in Indonesia amidst premium stagnation
Insurance penetration in Indonesia has declined to 2.64% in 2023.
Insured losses from NatCat surge to $151b, fueled by urban growth
The five-year average annual loss is at $106b.
South Korea’s insurers bag $7b in earnings for H1 2024
This was equivalent to a 2.8% YoY rise.
Asian insurers shift to private credit amidst new RBC rule
APAC insurers allocate an average of 6.4% of their portfolios to illiquid credit.
Taiwan insurers' earnings doubled to $10b in July
Both its life and non-life segments witnessed triple-digit growth.
China expands medical insurance to over 72% of village clinics
It aims to cover 100% of rural villages by the end of 2024.
Asians spend 30 times less on insurance than Americans
Despite major markets like China and Japan, per capita spending remains modest.
Home insurance affordability worsens across Australia
Affordability stress has surged by 30% over the past year.
Pet insurance market slated for 8.1% CAGR by 2032
Several insurance companies now offer multi-pet insurance policies.
Philippine’s life sector net income jumps 22% in H1 2024
Total assets also increased by 6.86% YoY.
Southeast Asia’s insurtech sector hits $2.4b in 2023
It was mainly driven by Singlife’s merger with Aviva Singapore.
Life insurance reduces mortality risks in China
Still, the protection gap stood at $73.6b in 2023.
Nearly half of Hong Kong workers report mental strain, desire to leave
41% are planning to work from home to avoid workplace interactions.
SG's life insurance total weighted new business premiums surge 27% YoY in H1'24
Employment in the market was stable, a slight decrease of 0.5% versus last year.
Japanese insurers tighten underwriting amidst Q2 market challenges
This called for a careful evaluation of risk retention and risk transfer strategies, Aon said.
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