Industry Highlights for May 30, 2025
The Asia insurance industry witnessed several significant developments across various countries and sectors this week. Here’s a roundup of the key news and updates:
Life & Health Insurance
- Mainland Chinese agents are flocking to Hong Kong for insurance opportunities, driven by new market dynamics.
- Major Japanese life insurers reported record core profits due to investment gains.
- Taiwan’s life insurers have sufficient solvency, but maximum stress levels remain a concern in the volatile foreign exchange market.
Non-Life Insurance
- A pet insurance site in Korea halted services after insurers exited the platform.
- Australian insurers received over 3,550 claims as floods continued to rage across the country.
- South Korea is considering a proposal to increase maximum deposit protection coverage.
Reinsurance
- Australia’s ARPC released figures on total claims received.
- Vietnam’s VINARE is expected to show strong operating results.
- Indonesia is reassessing reinsurance regulations due to a widening deficit.
People and Appointments
- Gallagher Re announced new appointments in Korea.
- Prudential appointed a new regional CEO for Asia.
- Lockton appointed a new head of placement in Asia.
Regulations and Technology
- Pakistan’s regulator issued a consultation paper on promoting shariah-compliant intermediaries.
- Japanese and Thai regulators discussed insurance industry regulations.
- Cambodia’s regulator organized an event to raise awareness about insurance.
- Experts called for responsible AI use in Asia’s healthcare and insurance sectors.
- Malaysia’s central bank noted growing interest in digital insurance and takaful.
Market Trends
- Internet insurance intermediaries have become the second-largest online distribution channel.
- Nearly 60% of universal life products saw credit rates dip below 3%.
- China’s National Financial Regulatory Administration is set to approve a third round of long-term investment pilots for insurance funds worth CNY 60 billion.
The insurance landscape in Asia continues to evolve, with various challenges and opportunities emerging across different markets and sectors. Staying informed about these developments is crucial for industry professionals to navigate this complex environment effectively.
