Please find below an announcement from the  ASEAN Insurance Council (AIC)  of the   Singapore College of Insurance (SCI)  virtual classes with the following details: SCI is offering a 10% group discount for three (3) or more participants from the same company 29, 30, 31 July 2024 Climate and Environmental Risk Management in ASEAN: Foundation Certificate Online Course (Virtual) - 9.00 a.m. to 5.00 p.m. (Singapore Time) Overview of the APID The ASEAN Professional Insurance Diploma (APID) was launched to enable insurance professionals to be more knowledgeable in ASEAN Insurance Market Practices (Underwriting and Claims), including the Legal Aspects, in Indonesia, Malaysia, Philippines, Singapore, and Thailand. Added to this is the Climate Risk Management and Environmental Risk Management (Module 2) which is a must for any insurance professional to be competent. Completion of Module 1 on ASEAN Insurance Market Practices (Underwriting and Claims) with five (5) Micro-Certificates from DAI, IIAP, MII, SCI and TII (with one exemption) and Module 2 on Climate Risk Management and Environmental Risk Management with six (6) Micro-Certificates from SCI for Foundation Certificate and Country-Specific Courses from DAI, IIAP, MII, SCI and TII (without any exemptions) will be awarded an APID Certificate by the ASEAN Insurance Council (AIC) and ASEAN Insurance Education Committee (AIEC). For more information, please click on this link: https://aseaninsurancecouncil.org/asean-professional-insurance-diploma-apid/

Join us in celebrating this year's National Disaster Resilience Month through the second installment of our #OpenGovSeries: the Dagyaw Open Government and Participatory Governance Town Hall Meeting. This year's theme is "Quake Ready: Forging Metro Manila's Pathway to Earthquake Resilience”. The town hall meeting will be held for registered participants on July 9, 2024, from 8:00 a.m. to 1:00 p.m. at Megatrade Hall 2, SM Megamall, Mandaluyong City.   Get ready for engaging discussions and empowering insights as we strengthen the resilience of our communities amidst the anticipated 7.2-magnitude earthquake from the West Valley Fault and the 7.9-magnitude earthquake from the Manila Trench.    To register, please click this link: https://bit.ly/Dagyaw2024Confirmation   We look forward to your participation.

Don't miss out on key networking and deep insights on an issue so pervasive - climate change. This is the last call to register. Professionals, strategists, experts and industry leaders are all gearing up to meet and explore innovative strategies, share insights, and foster collaboration in managing and mitigating the impact of these disasters and charting a resilient future at the 20th Asia Nat CAT and Climate Change Summit. Special rate for companies in the Philippines only! Speaking & Sponsorship Opportunities: Asia Insurance Review gives new & returning speakers an opportunity to share their knowledge and experience. Benefit from Sponsoring and Exhibiting at this premier meeting place for key executives and top decision-makers from International Insurance groups as well as Government and Regulatory Officials. Sponsorship options can be specially tailored to your organisation's objectives. Please contact Ms. Sheela Suppiah at sheela@asiainsurancereview.com and Ms. Ritu Sharma at ritu@asiainsurancereview.com

Mid-year renewals have further consolidated the positive trends at 1 January and 1 April 2024, setting the stage for a more competitive reinsurance market in 2025, said Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions. In its report titled “Reinsurance Market Dynamics – June/July Renewals”, Aon said, “However, the market emerging from last year’s global reset is more dynamic so the ability to make informed decisions quickly, supported by data and analytics, will be key to navigating the market going forward.” 1 June and 1 July are significant renewals for the US, especially Florida, Latin America as well as Australia and New Zealand. Coming at the start of the Atlantic Hurricane season, and at a critical stage in the reinsurance market cycle, these CAT-focused renewals are also of global significance. Overall, insurers achieved positive renewal outcomes at mid-year renewals, with property CAT risk-adjusted rate reductions and improvements in terms and/or coverage. Australia and New Zealand Insurers in Australia and New Zealand saw the return to stable market conditions at the mid-year, a key renewal date for the region with around 80% of property CAT reinsurance renewing. Relatively benign CAT losses in Australia and New Zealand over the past 12 months enabled a more predictable renewal at the mid-year 2024, with reinsurers clearly signalling renewed appetite for CAT risk in the region. As a result, capacity at mid-year 2024 was more than adequate to meet demand, with pricing anticipated to be flat on a risk-adjusted basis, with many insurers experiencing reductions in the low-single digits. Source: asiainsurancereview.com

The East Asian Insurance Congress (EAIC) is one of the most prestigious insurance events in the Asia-Pacific region. The Hong Kong Federation of Insurers is delighted to host this signature event at the Hong Kong Convention and Exhibition Centre this September. With over 60 years of history and a diverse mix of insurance practitioners from across Asian markets such as Bangkok, Bandar Seri Begawan, Hong Kong, Jakarta, Kuala Lumpur, Macau, Manila, Phnom Penh, Seoul, Singapore, Taipei, and Tokyo, as well as global participants, the EAIC 2024 Hong Kong Conference will be the ideal platform for industry leaders to share insights, forge new connections, and engage in meaningful business discussions. But the conference offers so much more than just professional networking and knowledge-sharing. Joining the EAIC 2024 Hong Kong event also provides a unique opportunity to experience the city's vibrant culture, culinary delights, and natural wonders. From exploring the bustling streets of Central to indulging in the renowned Cantonese cuisine, and from hiking the lush mountain trails to discovering the serene beaches within a 30-minute commute, attendees can immerse themselves in the multifaceted charms of Hong Kong. Don't miss the chance, visit the official website  for registration now. Don't miss the chance, register now! For any enquiry, please contact the EAIC 2024 Secretariat at info@eaic2024.hk

The new chairman of the General Insurance Association of Japan (GIAJ), Mr Hiroaki Shirota, has outlined the association's upcoming main initiatives. Mr Shirota, who was appointed GIAJ chairman on 28 June, released a statement saying that specific initiatives include: (1) Initiatives to restore trust The “Project Team for Promotion of Fundamental Business Reform”, established in March, will take the lead to accelerate the industry-wide initiatives to fundamentally review old industry practices and to realise efforts to address various issues that have been studied so far, to restore customer trust. Referring to these issues, Mr Shirota pointed out that since last year, the general insurance industry had lost the trust of customers due to incidents such as fraudulent insurance claims and price-fixing practices. In addition, in May, information leakage incidents with multi-representative agents were found in some member companies. He said, “The report of the ”Expert Panel on Structural Issues and Competition in the Non-Life Insurance Sector” published by the Financial Services Agency (JFSA), on 25 June, provides an extremely important direction on how the system should be designed to resolve structural issues within the industry and realise fair competition.” Based on the various opinions pointed out by the experts, the GIAJ will continue to conduct in-depth studies to develop more effective approaches. 1. Realising a sound competitive environment To realise a sound competitive environment and to ensure that customers have the opportunity to select appropriate products, various guidelines will be established (e.g., support for customers’ core business, etc.). In addition, to ensure the effectiveness of these initiatives, GIAJ will follow up with member companies on the status of their initiatives and review the contents of the guidelines as needed. 2. Improving business quality of insurance agents and solicitors To ensure appropriate insurance solicitation management systems at insurance agencies are implemented, the GIAJ will develop industry-wide business quality evaluation standards that incorporate a third-party perspective. At the same time, GIAJ will examine the systems and operations for effectively applying the above evaluation standards. GIAJ needs to pay due consideration to make the standards effective and sustainable, taking into full consideration the fact that there are approximately 150,000 general insurance agencies nationwide, and that they are diverse in size and channels. Improvement and enhancement of education and qualification systems will also be considered to improve the business quality of insurance solicitors. 3. Deepening understanding of insurance and risk management for corporate customers’ businesses To develop an industry-wide framework for providing corporate customers with information on insurance and risk management, GIAJ will create industry-wide tools to support client companies' understanding and hold seminars to help companies improve their risk management capabilities. 4. Strengthening measures against fraudulent claims GIAJ will strengthen measures against fraudulent claims in the industry by conducting training for adjusters on the types and modus operandi of fraudulent claims so that customers can file claims with peace of mind. GIAJ will also create an ”explanatory tool for automobile repair shops” to assist them in recording images of damaged vehicles in accordance with MLIT (Ministry of Land, Infrastructure, Transport and Tourism) guidelines and increase transparency in auto repair. 5. Further strengthening of compliance GIAJ will hold ”Anti-Monopoly Act Compliance Seminars” for member companies periodically. It will ask the General Insurance Institute of Japan (GIIJ) to hold special lectures on the Antimonopoly Act in its main course. 6. Follow-up on respective initiatives and sharing examples of initiatives In order to continuously improve the business quality of the industry as a whole, GIAJ will follow up on the penetration of initiatives by respective member companies through questionnaires and monitoring of the status of initiatives, and support further initiatives by sharing examples of initiatives. 7. Other initiatives GIAJ will work to resolve various issues by commissioning the General Insurance Institute of Japan (GIIJ) to conduct surveys and research to reaffirm the regulations on insurance brokers and agents, as well as the actual status of corporate insurance solicitation in foreign countries, and to use this as a reference for future efforts. (2) Initiatives related to the 10th Medium-Term Master Plan 1. Strengthening natural disaster response capabilities a. Strengthening preparedness for major earthquakes To ensure prompt and appropriate insurance claim payments in the event of a super large-scale earthquake, such as a Tokyo Inland Earthquake and/or a Nankai Trough Earthquake, GIAJ will work to convert the damage status report (self-report) system, which has to date been conducted by paper and mail, to an online system. GIAJ will aim to complete its development during this fiscal year. In light of the Noto Peninsula Earthquake, new issues have been identified, such as the difficulty of on-site inspections due to the disruption of roads, etc. GIAJ will examine the issues in assessing earthquake insurance losses and consider the necessary measures. On the occasion of the 30th anniversary of the Great Hanshin-Awaji Earthquake (Kobe Earthquake), GIAJ will pass on the memories and experiences of the disaster to future generations and implement a plan to convey the importance of preparedness. b. Trouble prevention measures related to unscrupulous companies that take advantage of natural disasters Because there remain problems with unscrupulous companies soliciting victims of natural disasters and charging them high fees and/or cancelation fees for home repairs, etc., GIAJ will continue to raise awareness about the prevention of problems in cooperation with relevant organisations such as the police and consumer affairs bureaus, and the Independent Insurance Agents of Japan, etc. GIAJ will continue to support appropriate insurance claim payments through the use of fraudulent claim prevention systems (operated by the GIAJ) and other means. 2. Improving convenience through promotion of digitalisation a. Digitalisation of CALI (Compulsory Automobile Liability Insurance) The development of ”One-JIBAI (CALI)”, an industry-wide joint system, is underway, to be launched by the end of this fiscal year (next March). The system will improve convenience for customers by making the transfer and cancelation of insurance policies paperless and the payment of premiums cashless, and also improve the efficiency of the industry as a whole by enabling policy administration. To further promote appropriate claim adjustment operations, GIAJ has begun the development of a system that digitises and shares insurance claim-related documents, and conducts investigation and settlement processing without paper. b. Digitisation of educational texts for general examination for general insurance solicitors GIAJ will establish an environment in which educational texts for the General Examination for General Insurance Solicitors can be viewed on PCs, tablets, and smartphones to improve convenience and learning effectiveness for examinees and promote paperless initiatives, too. 3. Improving literacy towards general insurance a. Enhancing the dissemination and understanding of general insurance GIAJ will engage in awareness-raising activities on water damage compensation based on an appropriate recognition of their own water damage risks, such as flooding due to river overflows, landslides, and inundation due to inland flooding. To ensure that small and medium-sized enterprises (SMEs) are properly prepared for business risks, GIAJ will conduct a survey on SMEs' risk awareness and countermeasures, and engage in dissemination and enlightenment activities in cooperation with the Independent Insurance Agents of Japan and the local Ministry of Economy, Trade and Industry bureaus throughout Japan. b. Strengthening cooperation with the life insurance industry In cooperation with the Life Insurance Association of Japan and the Japan Institute of Life Insurance, with which GIAJ signed a "Comprehensive Collaborative Agreement on Insurance Education" last November, the general insurers’ body will expand seminars for junior high and high school teachers of home economics, social studies, and civics to deepen their understanding of private insurance, and create educational materials for private insurance education. 4. Other initiatives Furthermore, GIAJ will steadily promote the following initiatives, which are indispensable to fulfil the GIAJ’s objectives: Operation of the General Insurance Counselling and ADR Centre Various requests and recommendations Responses to international standards Support to and cooperation with other economies in Asia Promotion of disaster prevention education Catastrophe loss reserve system Raising awareness of traffic accident prevention Donation of light fire trucks Source: asiainsurancereview.com

By Michael F. Rellosa I am not a warmonger, but it is getting harder to ignore the incessant drumbeats which seem to be getting louder through the days. Ukraine and Russia, Israel and Gaza, Sana, Yemen and the Red Sea, and the other tinder dry flash points across the globe, such as our own front yard, the West Philippine Sea. A risk manager worth his salt should not ignore the risks of the damage a war could bring to his company. He is supposed to identify, evaluate and manage the myriad risks that his company faces. However, the question is, could he insure against war perils? Or, put another way, are damages caused by war covered by insurance? The answer is not so straightforward. As a rule, war perils are excluded under your run-of-the-mill policies, the reason being that losses due to war can be catastrophic and bankrupt insurance companies. Those who have their properties insured are advised to read their policy conditions to see if they have a "war exclusion clause," which typically excludes from the policy coverage any damage arising from war or similar activities. However, there are special war coverages that one can obtain, albeit at additional premiums, which can increase as the likelihood of a conflict increases or the capacity for such coverage evaporates altogether. This elusive and expensive coverage (in times of war) is usually known as war risk coverage and typically covers kidnapping and ransom, sabotage, emergency evacuation, worker injury, long-term disability and loss or damage to property or cargo. Another risk management tool that one can use in times like these is to try and mitigate the effects of war on your person or your family, and the best way to do this is to be a Prepper. Start by assembling a bug-out bag, the same as one would do when preparing for the natural catastrophe risks of earthquakes, typhoons and floods. The usual items one includes in the bag would be a few days' worth of food, water, your maintenance and common medication, an independent power source, a radio, batteries, and durable and comfortable clothing. The list goes on, so make sure it is light enough for you to carry if the need to evacuate presents itself. There are numerous websites that explain what being a prepper is and what one can do to prepare. I suggest that you take a look. We must keep in mind that we cannot eliminate all these risks but we can certainly lessen them. Finally, if we have done everything humanly possible, let us not lose our faith. Be prepared, know your options, stay calm and leave the rest to the Almighty! Source: manilatimes.net

The main goal of the Digital Insurance APAC 2024 conference, according to Zurich Insurance APAC head of operational excellence and sustainability Luz Grande Vega, was to "explore the cutting-edge technologies, best practices and thought-provoking ideas that will hopefully shape Asia-Pacific insurance in the next years". AI has quickly changed lives over the last years, she believes. “We have our [children] using AI to do homework. We also have AI … to help us design our homes and as well as to help us to choose our insurance products,” she said. While some think AI will take jobs away, Ms Vega espoused something “completely different”, positing that it was there to be taken advantage of to help businesses with customers, underwriting, blockchain claims processing and user-centric insurance products. Bain & Company senior partner, Hong Kong and head of APAC financial services practice Henrik Naujoks said, “We are going through a revolution … and people are comparing it to the invention of fire [and] printing.” He feels that the changes ahead should not be underestimated and his “best guess” is that we will have “10 to 15 years to adapt to what has just happened”. He also believes that there will be “a rehumanisation of work”. “If you take the assumption that most computational jobs can be somehow replaced … about five [or] 10 years out, the question [would be], what makes [humans] different? “It is not necessarily our knowledge [or] intelligence, but … there will be two main factors for companies to differentiate that will never be replaced by an AI, which is trust and relationships,” Dr Naujoks said. Insurance in Asia is “very much based on the personal relationship between the agents and our customers”, he said, making trust important among brands. On the other hand, technology would give the insurance industry “a means to address some of the most pressing challenges”. “We see a massive increase in risk (and) the world is getting riskier. Not everything can be insured, and we see a dramatic change in the makeup of risk. We will (also) … see new risks coming up,” Dr Naujoks said. Technology would also allow the management of the data needed to train the models, but also manage risk more accurately. “This will have a huge impact on operations. I think for each and every insurance CEO, it is a question (of) how [AI can be leveraged] on distribution (and) operations … to be more competitive and profitable,” he said. He also believes blockchain still has an important role “especially in transparency, to track the wider range of risks”. “Finally, all is only possible with the digital infrastructure underneath, with the computer power and storage that is needed to basically deploy all these technologies,” he said. The Digital Insurance APAC 2024 is being held from 26-27 June, in Hong Kong. Source: asiainsurancereview.com

Thailand Hosting the International Conference ‘AIRDC 2024’ for the First Time, Promoting Collaboration in the Insurance Industry from October 6-9, 2024 The Thai General Insurance Association and the Thai Life Assurance Association, in collaboration with Bangkok Insurance Public Company Limited, are co-hosting the 23rd Conference of the Association of Insurers and Reinsurers of Developing Countries (AIRDC 2024).This year, Thailand has the honor of hosting the event from October 6 to 9, 2024, at the InterContinental Bangkok. Mr. Chai Sophonpanich, Chairman of Bangkok Insurance Public Company Limited, will chair the organizing committee for this event in his role as Vice President of AIRDC for 2022-2024. The theme of the AIRDC 2024 conference is “Creating Opportunity Amid Challenges & Turmoil (CO-ACT),” focusing on generating opportunities amidst current global challenges. The conference will cover a variety of engaging topics aimed at enhancing knowledge and understanding of trends, movements, and key issues in the insurance industry. Topics include Insurance Transformation, Next Wave of Insurance, Multi-Model of Agricultural Insurance, Natural Disaster Risk Management for Uncertain Future, Loyalty Management in the High-Tech, AI-Driven Insurance Era, Create Deep Learning Solutions of Penetration and Protection Gap for this Century, Engaging & Enlightening Experiences with IFRS17 and ESG insights: Navigating Sustainable Insurance Practices. Additionally, esteemed speakers will be sharing their expertise and experience throughout the seminar. AIRDC is an international organization comprising insurance companies, reinsurance companies, and other insurance groups committed to developing and expanding cooperation in the fields of insurance and reinsurance. The constitution for the establishment of AIRDC was initially drafted in Manila, Philippines, in 1977 and was officially founded in Buenos Aires, Argentina, in 1980. The AIRDC conferences aim to strengthen the insurance markets in developing countries and promote collaboration and cooperation within the insurance industry across regions. Over the past 43 years, 22 conferences have been held, with the recent conferences in Accra, Ghana, in September 2022. However, the 23rd conference will be hosted in Thailand for the first time. The organizing committee invites students, agents, brokers, executives from insurance and life assurance companies, and other interested parties to join this event. For more details, please visit the website www.airdcthailand2024.com For further inquiries, contact Ms. Apinya Sirimongkolrakat Tel. +66 2 108 8399 or email: info@airdcthailand2024.com.

This year marks the 30th anniversary of the Northridge earthquake, which struck Southern California and caused $20 billion in damages. Since then, the earthquakes that have occurred in California in the past decade, like the 2014 Napa earthquake, the 2019 Ridgecrest earthquake sequence or even this February’s Malibu earthquake, have been too small or too far displaced from major metropolitan areas to cause much lasting concern. However, cities and corporations in significant seismic hazard areas should remain vigilant. According to the 2023 revision of the U.S. Geological Survey’s National Seismic Hazard Model (NSHM), earthquake risk in the seismically active areas of California and Alaska has increased since the last model revision in 2018. Surprisingly, the new NSHM now also shows that the risk of damaging earthquakes on the East Coast is rising. The updated NSHM shows higher risk than previously believed along the I-95 corridor, which includes Boston, New York, Philadelphia and Washington, D.C.—a region where hurricanes, floods and nor’easters are usually the natural hazards of concern. Just last Friday, 42 million people got a vivid reminder of this risk when a magnitude 4.8 earthquake shook the New York City metropolitan area and nearby parts of the East Coast. Historically, the East Coast of the United States has not been entirely immune to earthquakes. In August 1884, a magnitude 5.2 earthquake with an epicenter off Coney Island or the Far Rockaways shook New York City and the surrounding area, resulting in widespread building damage. More recently, a magnitude 5.8 earthquake with an epicenter approximately 38 miles northwest of Richmond, Virginia, was felt from Canada to Georgia and as far west as Illinois. The earthquake damaged notable monuments in D.C., such as the Washington Monument, the Smithsonian Castle and the National Cathedral. The East and West Coasts are homes to millions of people, hubs of business and commerce, and essential to the global supply chain due to the critical transit infrastructure in the regions. The potential physical damage from a major earthquake in almost any metropolitan area can reach into the billions of dollars, which could be further compounded by long-term economic impacts from key pieces of infrastructure or whole areas being inoperable. Such a disaster would not only have a severe impact in the region, but perhaps the country as a whole. Therefore, businesses and governments located in earthquake-exposed areas or those with a vested financial interest in earthquake-exposed areas must leverage the expertise and product offerings from the insurance industry to harden their balance sheet against major shakes and shocks. One particular insurance offering—parametric insurance—can provide claims transparency, quick post-event payment and fund flexibility, allowing insureds to kickstart their recovery efforts or backfill lost revenue after a major earthquake. Parametric insurance uses physically measured intensity—called the index or the trigger—of the underlying loss-causing event to determine the insurance proceeds that are due. Generally, the most common triggers for earthquakes are the magnitude and depth of the earthquake or the ground-shaking caused by the earthquake directly at the insured's location. Other options, like the most severe ground-shaking within a pre-agreed distance of the insured's location, are also available but less commonly explored. All earthquake intensity metrics, such as epicenter location, magnitude, depth and ground-shaking throughout the affected area, are recorded and reported by the U.S. Geological Survey (USGS), making the USGS the independent arbiter of fact after an earthquake. The insured, insurer or any other party to the transaction do not influence what the seismographs report and what the USGS publishes, making claims adjudication quicker and more straight-forward than traditional forms of coverage. There is no need for on-site claims adjustment as the policy is triggered by objective third-party data. USGS data is available days to weeks after an earthquake occurs, so the process of determining if triggers are hit and if a payment is due can be finalized within 30 days of the event. Since coverage just requires that an earthquake occur and meet or exceed the intensity triggers outlined in the policy, parametric insurance proceeds are not tied to actual asset damage, so the insured can use the money they receive post-event to address losses beyond physical damage. Some potential use cases include: Covering assets that are underinsured or difficult to insure in the traditional market. For example, the insurance policy on the National Cathedral in 2011 did not include earthquakes, requiring the Cathedral to raise millions of dollars to cover repairs. Offsetting lost operational revenue due to broad area disruption or loss of a critical piece of infrastructure. For example, even without physical damage to owned assets, organizations in the hospitality industry could experience major financial disruption after an earthquake if the overall area becomes less appealing to tourists and conference organizers. Providing cash disbursements to employees affected by the event. This can help them to recover more quickly and, in turn, bring the company back to normally-staffed operations. Earthquakes can be devastating and disruptive, and it is crucial to not make a false equivalency between the recent lack of such events and the apparent non-existence of seismic risk. As the newest NSHM suggests, the United States remains susceptible to earthquakes, even in areas long considered safe. While no business or government will ever be completely earthquake-proof, parametric insurance can help manage the potentially devastating financial and physical damage exposure. Source: rmmagazine.com