insurance
Only 9.1% of Asia's economic losses insured in 2024
Only 9.1% of Asia's economic losses insured in 2024
The five-year average for insured losses was $11b.
Financial firms plan cautious 2025 pay raises
Region-wide, planned budget increases averaged 5.2%.
Asia-Pacific insurers told to start targeting Gen Z
They are less aware about insurance products than Millenials.
SME insurance is seen to reach $417b through 2032
Smaller organisations lack the resources and experience to form a separate risk department.
China's personal insurance sector to grow 5% to 10% annually
Pension and health products are expected to account for 50% of the market by 2035.
Only 20% of insurers assess tech risks fully
50% of CROs are already using early-warning KPIs to monitor risks.
Asia leads in embedded insurance, set to reach $170b by 2030
70% of global losses between 2016 and 2023 from natural disasters are uninsured.
Taiwan insurance sector profits rise to $9.8b, up 3.5% YoY in September
Both life and non-life sectors recorded double-digit growth.
Asia’s commercial insurance rates dip 4% in Q3 2024
Global commercial insurance rates fell by 1% in Q3 2024.
Over half of insurers penalised for errors
58% of respondents said it takes over five months to implement a rule change.
RBC rules may shift Hong Kong insurers to bonds: Aviva Investors
Singapore’s asset growth in 2019 and 2022 could spark promise for Hong Kong.
Aussie insurers to slash costs by 30% with tech revama
Insurers’ operating costs have surged—20% for incumbents.
K-pop craze may spur demand for Income Insurance’s hourly travel cover
The Singaporean insurer is targeting spontaneous travellers who love concerts.
2024 insured losses exceed decade average at $108b
Total economic losses for the first three quarters reached ~$280b.
Taiwan insurers to raise fresh equity amidst new capital requirement
The new standard also raised compliance risks for insurers.
Asia’s business insolvencies to rise by 3% in 2024
If excluding China, it could rise by 8%.
Only 28% of APAC insurers prepared for AI shift
Half of insurers attribute poor customer experience to limited technology adoption.
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