[Insur]Tech: Reimagining the Insurance Industry in APAC

The global insurance industry will grow more strongly than the global economy in 2018 and 2019, Munich Re predicts in its latest outlook.

This year and next, we expect global premium to grow by more than €460 billion in all. This is equivalent to average annual premium growth of 5.3% (in real terms, i.e., adjusted for inflation: 3.7%), whereas global GDP is expected to grow by only 4.9% (3.3% in real terms). Life insurance, in particular, looks set to return to strong annual premium growth of 5.6% (3.9% in real terms) after a weak 2017. Property-casualty insurance is benefiting from the currently favorable economic environment. In this segment, we are expecting annual growth rates of close to 5% (3.3% in real terms). Emerging countries are the primary growth drivers, but somewhat stronger growth rates in high-volume industrialized countries are also contributing to this positive development. – Munich Re

In 2030, Munich Re expects premium volume to be close to €8 trillion – almost double what it is today. China is of particular importance in this long-term perspective shared by Munich Re, with almost one-third of the additional premium income forecast between 2018 and 2030 being generated there.

Source: Insurance Market Outlook for 2018/2019, Munich Re

The disruption by InsurTech may be more profound in emerging Asia than in the rest of the world. – Min Lan Tan, Head of APAC Investment Office, UBS

Insurance-[Insur]Tech integrations in the main areas of operations promise a multitude of benefits – both for consumers and businesses alike. So far, digital distribution has been one of the most active areas where the adoption of advanced tech enables insurers to expand their reach and improve customer service. Some of the largest insurers across regions have been taking steps towards expanding their product distribution capabilities outside traditional channels and methods, partnering with technology companies on their quest towards digital transformation.

The mobile channel will become a critical gateway for insurers to raise awareness, educate customers, distribute products, and provide services. Outlining opportunities and challenges ...

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