Insurance Asia - Issue No. 23

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Months after the CrowdStrike meltdown shook industries worldwide, insurers are scrambling to reevaluate their risk appetites for system failures. With billions in corporate and economic losses, experts say that cyber insurance premiums may rise to cover both hacking incidents and nonmalicious disruptions—a critical shift for businesses navigating an increasingly digital world. Read more on page 12.

Public backlash blocks Income-Allianz merger

The failed merger between Singapore’s Income Insurance and Allianz showed that companies should not solely base their financial decisions on the bottom line; public sentiment is just as important.

2 mins

DATA PROTECTION LAWS PRESSURE IT SYSTEMS

A growing consensus amongst insurers that integrating technology is proving to be the most challenging aspect, despite their successes built on legacy systems.

1 min

K-pop craze may spur demand for hourly travel cover

Income Insurance is banking on millennials and Gen Zs crazy about K-pop to drive the demand for its hourly travel insurance plan, which has been expanded to over a dozen more destinations in Asia, including South Korea.

1 min

TOURISM SURGE LEADS TO MORE UNINSURED PATIENTS AT JAPANESE HOSPITALS

As Japan experiences a surge in tourism, the country's top-tier medical facilities are seeing a rise in foreign patients seeking treatment. However, a significant number of these patients are leaving without paying their bills.

1 min

AIA Investments recognised for global stewardship, strategic partnerships

The company continues to leverage strategic partnerships and a first-to-market Elite Strategy to deliver superior, diversified returns for its customers.

1 min

AIA Group's Hong Kong HQ pairs workspaces with modern sports facilities

The revamped office space at Wan Chai now features an indoor track, gym and sports hall.

1 min

CrowdStrike meltdown may push up cyber insurance premiums

Insurers are refining their policies after the global tech outage to better manage risks.

2 mins

Zurich powers up its EV coverage with Tesla partnership in Australia

The Swiss insurer is simplifying coverage to help cut the cost of buying an electric car.

2 mins

Filipino gamers boost FWD's play for new markets

Besides covering health risks, the insurer plans to support other game genre and aspects of the gaming ecosystem beyond esports.

3 mins

Poor Tech Locks Insurers Into Outdated Systems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.

3 mins

Five goals help Allianz Lanka meet market needs

The market is expected to climb at a CAGR of 8% which insurers need to take advantage of.

3 mins

HSBC Life taps key channels to grow its HK footprint

The life insurer wants to offer solutions beyond traditional products, its CEO says.

3 mins

What Insurers Must Do To Withstand Market Shifts

Whilst the market drives towards growth, new rules shrink insurer presence.

3 mins

Paving the way for Gen Al: Technology foundation and strategic sponsorship

One of the ways to win the race to adopt Generative AI (Gen AI) and turn it into a competitive advantage is to have strong support and endorsement from the highest levels of an organisation’s leadership.

3 mins

AIA Myanmar ranks in top 100 MDRT companies globally, #1 MDRT company for 4th year

This recognition underscores the company's commitment to excellence, innovation, and community impact.

2 mins

AIA Singapore elevates industry standards with triple win at Insurance Asia Awards 2024

AIA Singapore has once again affirmed its leadership and commitment to advancing the insurance sector in Singapore by securing top accolades at the Insurance Asia Awards 2024.

2 mins

Digital tools aid but fail to close inclusivity gaps

Inclusivity is not just about access, but also about financial sophistication.

3 mins

Insurance Asia Awards 2024 spotlights groundbreaking innovation

The Insurance Asia Awards, the most prestigious awards programme in the Asia Pacific region, recognised and celebrated insurance companies that have achieved outstanding milestones, set new benchmarks, and demonstrated remarkable innovation in the industry.

2 mins

A legacy of excellence

Client-centric approach, innovative solutions, and strong leadership drive Peak Re's success.

3 mins

The happiness message behind a unique family relay race

The Happy Ekiden semi-professional relay race by MB Ageas Life is a significant highlight of the \"Healthy Happiness\" campaign, resonating strongly within the community.

2 mins

Pru Life UK named International Life Insurer of the Year - Philippines for four consecutive years

This victory highlights the company's exceptional impact on the insurance industry and its customers.

1 min

Prudential Vietnam wins hat-trick at the Insurance Asia Awards 2024

The company clinched a trio of accolades, including International Life Insurer of the Year, ESG Initiative of the Year, and Claims Initiative of the Year.

2 mins

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.

2 mins

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.

2 mins

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.

2 mins

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.

2 mins

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.

2 mins

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.

2 mins

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.

1 min

EDUARD SARGSYAN

Intelligent decisioning: The essential element of a modern, customer-centric insurance business

3 mins

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Insurance Asia Magazine Description:

Insurance Asia Magazine is a half-yearly magazine that covers the latest news, trends, and developments in the insurance industry in Asia. The magazine is published by Charlton Media Group and is available in print and digital formats.

Insurance Asia is aimed at senior management in Asia's insurance companies, as well as government officials, industry experts, and investors. The magazine provides readers with in-depth analysis, expert insights, and practical advice on how to succeed in the increasingly challenging and competitive Asian insurance market.

Each issue of Insurance Asia features a mix of editorial content, including:

* News and analysis: The magazine provides comprehensive coverage of the latest news and trends in the Asian insurance industry, including new product launches, regulatory changes, and financial results.
* Interviews: Insurance Asia features interviews with key decision-makers in the Asian insurance industry, including CEOs, CFOs, and government officials.
* Special reports: The magazine regularly publishes special reports on specific topics related to the Asian insurance industry, such as digital insurance, climate risk, and regulatory compliance.
* Case studies: Insurance Asia features case studies of successful insurance companies and initiatives in the Asia Pacific region.
* Product reviews: Insurance Asia reviews the latest insurance products and services.
* Columns and features: The magazine features columns and features on a variety of topics related to the insurance industry, such as risk management, underwriting, and claims.

Insurance Asia is a must-read for anyone who wants to stay up-to-date on the latest happenings in the Asian insurance industry. The magazine is known for its high-quality journalism, its in-depth analysis, and its expert insights.