Clemens Philippi, CEO of MSIG Asia, said these updates are impacting the market, with new laws affecting technical reserves, foreign ownership, risk management, and capital requirements. He emphasises the potential for industry consolidation and the importance of robust risk management practices, illustrating how MSIG Asia is proactively adapting to maintain its competitive edge amidst these evolving regulations.
“In 2024, we will see a continued high demand for insurance solutions, which therefore means continuous (but impacted) growth. [The impact] from new insurance regulations from each market can be positive or negative. This could mean growth opportunities,” Philippi said.
In his view, there are three catalysts the industry will see in 2024: higher demand to close the insurance gap, increase in health coverage, and adoption of new technology. Whilst these factors present an opportune time for sprucing up insurance offerings, a hurdle that varies in size for insurers is regulation-related.
Diese Geschichte stammt aus der Issue No. 22-Ausgabe von Insurance Asia.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der Issue No. 22-Ausgabe von Insurance Asia.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
Poor Tech Locks Insurers Into Outdated Systems
Only 56% of local insurance companies in Indonesia use IT, and 38% have not embraced digital marketing channels.
What Insurers Must Do To Withstand Market Shifts
Whilst the market drives towards growth, new rules shrink insurer presence.
EDUARD SARGSYAN
Intelligent decisioning: The essential element of a modern, customer-centric insurance business
One by MetLife app sets new standard in Nepal
With its user-friendly interface and comprehensive services, the app empowers users to take control of their health and financial futures.
Simplifying health and retirement planning
360Health and 360Future provide comprehensive, personalized support for physical, mental, and financial wellbeing, from preventative care to post-retirement life management.
Cocogen remains committed, compassionate, and genuine amidst insurance innovations
The company was recognised at Insurance Asia Awards 2024 for its commitment to innovation and customer service.
Cathay Life insurance strongly supports anti-drug, anti-fraud initiatives
Cathay Life Insurance secured the ESG Initiative of the Year - Taiwan win at the Insurance Asia Awards 2024 by creating an anti-drug and anti-fraud safety net for all age groups.
Etiqa Insurance launches Tiq CashSaver: A simple solution for short- to medium-term savings
Tiq CashSaver by Etiqa Insurance offers flexible, accessible endowment plans to build one's financial security and achieve short-term goals.
Great Eastern grooming financial representatives to become the industry's best
This dedication has helped the company produce top-tier financial representatives who are well-equipped to serve clients and excel in their careers.
Dai-ichi Life Insurance Myanmar has been recognised for Insurance Initiative of the Year 2024
With a robust expansion strategy, innovative financial solutions, and a commitment to community wellbeing, the company is strengthening Myanmar's insurance sector.
