This week in insurance: Malaysia sees CEO shake-ups, AI set to reshape operations, HK underwriting hit by new losses

Meanwhile, demand for remote work in Singapore’s insurance sector increased 15.3%.

The insurance industry from 1 to 5 December saw notable leadership changes, rising interest in remote work, and fresh pressure on Hong Kong P&C underwriting due to recent catastrophic events.

Allianz Malaysia Berhad has appointed Giulio Slavich as CEO of Allianz Life Insurance Malaysia Berhad (Alliance Life), its life insurance subsidiary. Slavich joined Allianz Malaysia as CFO in 2022. Prior to this, he was the global head of the Centre for Competence for Life & Health at Allianz SE Group. He also previously led the life segment in Allianz Italy.

Another CEO appointed is Ben Quah for Labuan IBFC Inc. He  brings over two decades of experience from the financial technology industry, digital marketing, and business development. He has held senior roles in financial institutions and technology firms across Malaysia, Mainland China, Hong Kong, and

On another note, the industry is advised to prepare for 2026 as artificial intelligence (AI) shifts from experimental use to becoming central to underwriting, claims and policy administration. The forecast comes as the industry continues to face pressures from climate risk, economic uncertainty and shifting regulations, according to SAS.

Meanwhile, demand for remote work in Singapore’s insurance sector increased 15.3% on a year-on-year basis, revealed Indeed’s Hiring Lab.

Overall, remote work offerings remain limited but are edging higher. In October, 8.2% of job postings mentioned remote or work-from-home options, up from 7.7% a year earlier.

Claim losses from Hong Kong’s recent fire at Wang Fuk Court in Tai Po will add pressure to the underwriting results of the property and casualty (P&C) insurance sector, according to S&P Global Ratings. 

The sector is already dealing with higher claims this year following Super Typhoon Ragasa and severe black rainstorms.

In a new report, S&P said the fire at Wang Fuk Court in Tai Po will weaken underwriting margins, although the impact remains manageable given insurers’ capital positions.