Issue No. 18
Display to 31 October 2022
THE STATE OF INSURANCE Insurance Asia
THE TOP 3 THINGS KILLING THE INSURANCE INDUSTRY
CLIMATE RISK IS COSTING THE INSURANCE INDUSTRY BILLIONS HOW A CAR ACCIDENT PROPELLED THIS CEO’S CAREER IN INSURANCE
YAS MICROINSURANCE PUTS A PRICE ON NFTS HOW INSURTECH IS SOLVING THE UNDERINSURANCE MESS
FROM THE EDITOR
PUBLISHER & EDITOR-IN-CHIEF
Tim Charlton
PRINT PRODUCTION EDITOR
Jeline Acabo
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his year sees a greater urgency to address the issues threatening the insurance industry. The sector is experiencing a snail’s pace climb in profits, pricing pressures, and slow organic demand. Climate risk is burning billions in Asia’s insurance industry, with the costliest recorded natural disaster in the region topping $2b. The increase in profits is still too slow for Taiwan’s insurance industry, with its insurance penetration at 1%. Meanwhile, the looming threat of climate change can blindside Australia’s growing general insurance industry. We chatted with Fumihiko Harada, CEO of PGA Sompo, on the fateful car accident that propelled him to a career in the insurance industry. Read the exclusive interview on page 14. We also talked with Melita Teo, AIA Singapore’s Chief Customer and Digital Officer, about the company’s new app Xplore with Ally, a smart calculator that helps customers with their financial wellness journey. See the full story on page 16. Insurance Asia also features its annual Top 50 insurance firms from Singapore and Hong Kong. Digital dominance and healthtech helped Singapore mitigate losses, while health and wellness products remain a priority for Hong Kong. See the complete rankings on pages 28 and 32. Read on and enjoy!
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Tim Charlton