This week in insurance: GAIP’s new CEO, Zurich offers takaful on Shopee, Japan's worker shortage

Hong Kong travellers also rush to buy insurance amidst safety concerns.

Asia-Pacific's insurance sector from 12 to 16 May welcomed a new CEO in the industry, whilst China’s insurers grappled with new regulation.

The Global Asia Insurance Partnership (GAIP) has appointed Min Hung Cheng as its new Chief Executive Officer. Cheng previously held the roles of Deputy CEO and Senior Director at GAIP.

With over two decades of experience in the industry, she has held leadership roles in Manulife, Aviva and Axa.

Zurich General Takaful Malaysia Berhad and ShopeePay partnered to launch Zurich Travel Takaful, a Shariah-compliant travel protection plan now available through the ShopeePay and Shopee apps.

On the regulation side, Fitch Ratings expects Chinese insurers to increase their equity investments following a regulatory move to reduce capital charges, though the shift could add volatility to earnings and capital positions.

On 7 May, the State Council Information Office announced a 10% reduction in the capital charge for equity investments used to calculate insurers' solvency ratios. This measure lowers capital requirements and is part of broader efforts to stabilise domestic capital markets by encouraging long-term equity investment.

The Taiwan dollar’s sharp rally against the US dollar has heightened foreign exchange risk exposure for Taiwanese life insurers heavily invested in US-denominated assets, according to a recent commentary from AM Best.

A nationwide shortage of home care workers in Japan is reducing insured individuals’ access to services and driving revenue losses for providers, according to a recent survey by the Nippon Careservice Craft Union (NCCU).

Singapore’s life insurance industry recorded $1.14b (S$1.48b) in weighted new business premiums for Q1 2025, marking a 10.9% increase year-on-year (YoY), according to data released by the Life Insurance Association, Singapore (LIA Singapore).

The growth was led by a 36.7% YoY increase in annual premium policies, which brought in $0.88b (S$1.14b) in weighted premiums.

About 90% of Hong Kong travellers now view insurance as essential, driven by heightened concerns over personal safety, illness, extreme weather, and travel disruption, according to Allianz Partners.

Notably, the fear of losing travel documents is higher amongst Hong Kong travellers (43%) than the APAC average (31%), reflecting a greater sensitivity to travel-related risks.