QBE Asia is placing renewed emphasis on wholesale markets as part of its strategic refresh, according to CEO Rob Kosova. The company has also made changes in its leadership in Vietnam. The move is part of QBE Asia’s efforts to develop the value of the wholesale market. The insurance industry in Asia is facing various challenges, including adapting to an ageing population and evolving payment behaviors. Kosova’s announcement comes as Asian companies expect payment behaviors to worsen in 2025, according to a recent survey. The insurance sector is also navigating regulatory changes and technological advancements across the region.
Regional Insurance Developments
The insurance landscape in Asia is undergoing significant changes. In Vietnam, the scope of unemployment insurance has been broadened. The Philippines is dealing with potential increases in shipping premiums due to geopolitical tensions. South Korean insurers are expanding voluntary retirement schemes amid digital transformation and M&A activity.
Industry Trends
- Insurers are adapting to an ageing population and its implications for health insurance.
- Technology is playing a crucial role in balancing trust and efficiency in life insurance.
- Companies are focusing on talent acquisition and retention strategies.
- Regulatory frameworks are evolving, with countries like Malaysia rolling out climate finance solutions.
Key Players
QBE Asia’s strategy refresh is led by CEO Rob Kosova, who is steering the company’s focus towards wholesale markets. Other industry leaders are also making significant moves, such as Sun Life Philippines appointing a new president.
The insurance industry in Asia continues to evolve, with companies facing both challenges and opportunities in the wholesale market and beyond. As the landscape shifts, insurers are adapting their strategies to meet changing customer needs and regulatory requirements.
