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.
Bu hikaye Insurance Asia dergisinin Issue No. 22 sayısından alınmıştır.
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Bu hikaye Insurance Asia dergisinin Issue No. 22 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Poor Tech Locks Insurers Into Outdated Systems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
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Cathay Life insurance strongly supports anti-drug, anti-fraud initiatives
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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.
