In Focus

IFRS 17 adoption is seen to improve insight into margins and reserves, increase motivation for long-term profitability, and better global comparability for insurers.

Experts shared the reality of cost-efficiency whilst minimising the protection gap.

Disciplined underwriting and well-diversified portfolios will support profitability, an analyst said.

The insurtech eyes expansion in Asia, leveraging on the symbiotic relationship of digital and traditional insurance to tailor policies for diverse markets.

One of the driving factors is South Korea’s shrinking ageing population.

The Singaporean insurer emphasised the role that sustainability compliance plays amongst insurers even as green investments face a supply-demand issue.

Its customer-centric approach results in 60% non-captive customers

Its online platform promotes financial literacy and strategic partnerships, aligned with the government’s insurance agenda.

For 2023, life insurance in Malaysia is forecasted to grow 2.4%.

64% of consumers trust established banks for insurance purchases.

Insurer M&A downfall will not stay long, the firm said.

Seven APAC markets were included in the report, which received an estimated $359m in funding.

Globally, insurance pricing went up 3%.

Tune Protect’s Prasanta Roy tackles digitalisation and overcoming regulatory challenges for efficient, scalable, and secure services at 2023 Insurance Asia Forum.

The negative outlook was attributed to the heightened negative pressure on the balance sheet and operating performance of counterparts.

There were indications of a shift toward an El Niño-like pattern in Asia.