The IFC (International Finance Corporation) in collaboration with PIRA conducted a briefing titled “Insurance Hybrid Capital Assessment in the Philippines” on June 23, 2025 at the Ascott Makati Hotel. The 4-hour briefing aimed to raise awareness of the insurance hybrid capital instruments, gather stakeholder feedback, and promote dialogue with the insurance companies, market participants, and investors.

Taiwan's domestic non-life insurance premium continued to increase in 2024, growing 10.5% to reach TWD278.5bn ($9.2bn), according to a new report by AM Best. Motor insurance continued to be the driving force of Taiwan’s non-life segment, particularly voluntary motor, which contributed close to half of the segment’s direct written premiums in 2024, despite the slightly slower overall premium growth last year, partly due to subdued growth in new car sales during 2024 and through the first quarter of 2025. In order to bolster EV coverage, Taiwan’s insurance regulator implemented standardised EV motor policy terms in the second half of 2024. The combined gross written premiums of AM Best’s eight rated non-life insurers rose 10.6% to TWD192.8bn in 2024, similar to the market’s growth of 10.5% reported by all 14 domestic non-life insurers. All rated entities achieved premium gains in 2024, driven by expansions in voluntary motor, travel insurance and commercial lines. The report further states that Taiwan’s non-life insurance segment achieved significant improvement in operating profitability for 2023 and 2024. Notably, following a year of historically poor performance in 2022, the market achieved a profit turnaround in 2023, due to the release of pandemic insurance-related reserves and the efforts of non-life insurers to bolster underwriting guidelines. Source: asiainsurancereview.com

The influx of patients from neighbouring countries has created huge stress on the Thai healthcare system, and the country is looking to health insurance to bail them out Thailand faces THB277m ($8.5m) in unpaid healthcare costs in 2024 from patients from three neighbouring countries, who availed the country’s healthcare facilities but did not pay.  Patients from Cambodia, Myanmar and Laos heavily depend on the Thai healthcare system for their medical needs, with government figures revealing that these foreign nationals accessed public health services in border areas a staggering 870,000 times in 2024. To deal with this major challenge that has affected the country’s healthcare spending budget, the Ministry of Public Health (MOPH) is actively working to resolve the issue by pushing for the establishment of patient records and health insurance provisions for the country’s unregistered workforce. Source: asiainsurancereview.com

Albay 2nd District Representative Joey Salceda has called on the Maritime Industry Authority (Marina) and the Department of Trade and Industry (DTI) to keep a close watch on potential increases in shipping insurance premiums amid escalating tensions between Israel and Iran, reported Manila Bulletin. In a statement on 15 June, the lawmaker urged the agencies to track developments in marine insurance pricing and evaluate whether government intervention is needed to safeguard critical imports from becoming unaffordable due to rising costs. Mr Salceda warned that if global insurers begin classifying routes in the Gulf as war risk zones, freight charges for oil and food cargo could rise significantly. He also noted that even Philippine shipments not directly traversing the Gulf might still experience elevated landed costs due to global reinsurance adjustments. He cited reports over the weekend that Iran may be considering a closure of the Strait of Hormuz—a critical maritime chokepoint and the only sea passage into the Persian Gulf. Given these risks, Mr Salceda recommended that Marina and the DTI incorporate this scenario into their planning and consider allocating budget resources for continuous monitoring and responsive measures. Source: asiainsurancereview.com

Threat claims nearly half a million lives each year Extreme heat is emerging as one of the most dangerous and costly threats facing the planet, claiming nearly half a million lives each year – more than the annual death toll from floods, earthquakes, and hurricanes combined – according to Swiss Re ’s latest SONAR risk report.   The reinsurance giant's 2025 edition of the report identifies escalating temperatures as a critical global risk, with wide-reaching effects not only on human health but across sectors such as energy, telecommunications, and insurance.   "Extreme heat used to be considered the 'invisible peril' because the impacts are not as obvious as of other natural perils," said Jérôme Haegeli, Swiss Re's group chief economist. "With a clear trend to longer, hotter heat waves, it is important we shine a light on the true cost to human life, our economy, infrastructure, agriculture and healthcare system."  A growing threat   The report cites compelling data, including July 2024's record-breaking global temperatures – the hottest three consecutive days ever documented. In the US, heatwaves have tripled in frequency since the 1960s, are nearly one degree hotter, and last roughly a day longer.  Health implications are among the most alarming. Roughly 480,000 deaths each year are now attributed to heat-related causes. The physical effects range from heatstroke and organ failure to aggravated cardiovascular and respiratory conditions. Vulnerable groups such as the elderly and pregnant women are particularly at risk.  Economic and industrial impacts  Extreme heat is also straining industries. Telecommunications infrastructure is at risk due to overheating data centers and damaged ground cables. Simultaneously, hotter and windier conditions are fueling more destructive wildfire seasons, with global insured wildfire losses reaching US$78.5 billion between 2015 and 2024.  Legal exposure is another growing concern. Companies and institutions are increasingly being taken to court over their role – or inaction – in climate-related harms. A 2021 lawsuit in the US, for instance, sought US$52 billion in damages from fossil fuel firms for alleged contributions to climate-induced disasters.  Risks on the rise  Swiss Re’s analysis also links extreme heat to a wider range of emerging threats. These include the proliferation of heat-loving pathogens like toxic fungi and rising instances of crop failure. Workplace safety is another area of concern, with more claims anticipated under workers’ compensation systems due to prolonged exposure to high temperatures.  The report goes beyond climate concerns, flagging structural risks like eroding trust in institutions, shifting mortality patterns, and the rising costs of litigation.  AI: A new frontier of risk   Swiss Re also draws attention to the accelerating risks associated with artificial intelligence. The number of AI-related incidents rose by more than 60% between 2023 and 2024, with about a third resulting from system failures. The insurance sector is still in the early stages of shaping coverage for AI-specific risks, but analysts emphasize the importance of establishing clear definitions and exclusions. “Amid an increasingly interconnected risk environment, insurers are having to continuously adjust the scope of their risk horizon,” said Patrick Raaflaub, Swiss Re’s group chief risk officer. “Between the growing risk of extreme heat events, emerging liability risks or the changing scope of AI-related risks, it's clear the conversation must evolve beyond individual topics to examine how large macro trends are now reshaping today’s risk landscape.”   Source: insurancebusinessmag.com

General Insurance Association of Japan (GIAJ) chairman Mr Hiroaki Shirota has cited several measures that the trade body has taken over the past year or will be taking to improve the industry's operating environment. Mr Shirota, who assumed the chair of the association last year, said in a message, following a board meeting on 12 June, that the specific initiatives include: (1) Initiatives to restore trust Following information leak incidents that were widely reported in 2024, the GIAJ has been taking measures to support its member companies to prevent a recurrence. The initiatives include surveys of member companies, requesting member companies to institute thorough measures to prevent recurrences, holding information management compliance seminars, and formulating Compliance Guidelines for Solicitation on Information Management. The GIAJ said that it would continue to check the progress of each company’s recurrence prevention measures and strive to ensure the appropriate handling of information throughout the industry. The GIAJ also said that it would submit its views on proposed amendments to the “Comprehensive Guidelines for Supervision for Insurance Companies” to clarify interpretations and ensure that member companies have consistent operational practices. i) Realising a healthy competitive environment a. Developing new guidelines To fundamentally reassess outdated industry practices, the GIAJ is preparing to revise guidelines on the “secondment of employees” based on business improvement orders from the Financial Services Agency (FSA) related to information leak incidents and draft revised supervisory guidelines. In addressing "providing undue favours", the GIAJ has organised basic policies related to inappropriate facilitation as an addendum to the “Compliance Guide for Solicitation” for agents and solicitors. In addition to this basic approach, updated guidelines for member companies are being discussed with the relevant authorities to set clear and specific criteria. They are scheduled to be released concurrently with the revised supervisory guidelines. Additionally, the GIAJ plans to establish a ‘whistle-blowing contact’ for member companies at the same time as the publication of the guidelines for member companies. b. Study on new co-insurance underwriting methods To review business practices where other insurance companies would match the lower premiums presented by the leading company during the formation process of coinsurance, the GIAJ has formulated a procedure manual for the “Differential Method” of underwriting co-insurance policies which does not unify the premium rates of respective insurers. Regarding the “Arranger Method,” which was prepared with reference to syndicated loans, the GIAJ is discussing and reviewing ideas with the relevant authorities to formulate practical guidelines for appointing an arranger. ii) Improving the business quality of insurance agents and solicitors a. Study on introducing agency business quality evaluation criteria and operating systems To establish a system that allows a neutral third party to evaluate the quality of insurance agents' and solicitors' business fairly and appropriately, the GIAJ has prepared the guideline “Evaluation Guidelines for Agency Business Quality (for general insurance agents).” At the same time, the Council on Quality of Agency Business, consisting of external experts such as university professors, consumer representatives, and lawyers, is established to develop specific practical guidelines for the full-scale operation of the third-party evaluation system from the financial year starting in April 2026 (FY2026). b. Study on enhancing and upgrading the education and examination system for agents and solicitors The HIAJ has revised the General Examination for General Insurance Solicitors (Basic Unit) for a more accurate assessment of examinees’ acquisition of fundamental knowledge. The new format will be introduced in July, and further revisions will be considered, as necessary. In cooperation with the Independent Insurance Agents of Japan, seminars and networking events were held to raise awareness of the “General Insurance Total Planner” qualification (the highest level of general insurance solicitor qualification), and to promote the uptake of the credential across the industry. Additionally, the GIAJ will continue to study the implementation of a continuing education system and the creation of credentials for persons responsible for compliance with laws and regulations. iii) Promoting understanding of corporate insurance The GIAJ has taken the following measures to ensure industry-wide readiness to provide information on insurance and risk management in a comprehensive manner. Creating the “Risk Management and General Insurance” guide for companies (corporate customers). This collates basic information on the necessity of risk management, the roles of general insurance, and the fundamental principles of insurance.   Staging “Risk Management Seminars for Companies” to support advancing risk management strategies, where practitioners involved in risk management at their respective companies share specific examples, such as their own initiatives and the effectiveness of those initiatives. iv) Strengthening countermeasures against fraudulent claims The GIAJ has taken the following new measures for the general insurance industry, automobile repair shops, and automobile users, respectively. - For the general insurance industry: The general insurance industry's whistle-blowing system was partially revised to clarify its function as a direct reporting channel where employees of member companies, agents, etc can report directly to the GIAJ anonymously.     At the request of the GIAJ, the Jiken Center (JKC: Research and Training Center for Automobile Repairs) produced a training video for adjusters. - For repair shops: Based on the “Guidelines for Ensuring Transparency of Auto Body Repairs for Consumers” published by the Ministry of Land, Infrastructure, Transport and Tourism, the GIAJ prepared a photographic guide for repair shops that illustrates proper methods for photographing damaged parts of vehicles.  A joint declaration was issued with the Japan Auto Body Repair Association (JABRA)regarding ensuring transparency in auto repair. - For automobile users:  An animated video was produced to explain key checkpoints from the occurrence of an accident to the delivery of the repaired vehicle. v) Further strengthening compliance and governance   Seminars were held for member companies on anti-trust, internal audit, and information management, respectively.    A Compliance Guide for Solicitation on Information Management was formulated.   The General Insurance Institute of Japan (GIIJ) distributed a video of a special lecture and revised the textbook in the regular Non-life Insurance Educational Courses to promote participants' understanding of the Anti-Monopoly Act. vi) Follow-up on efforts to restore trust To ensure the effectiveness of respective measures and to raise their level within the industry as a whole, it was decided that follow-ups would be conducted with member companies twice a year. The first follow-up was conducted in November 2024, and the second follow-up in May this year. Through the follow-ups, it was confirmed that member companies are not only revising their internal policies and rules based on the GIAJ’s guidelines but also beginning to see tangible results. Additionally, the follow-ups helped identify challenges that have emerged as a result of implementing these initiatives. vii) Other initiatives The GIAJ has also conducted the following initiatives:     Established a special website; “Initiatives to Restore Trust of Customers and Society.”     Improved the GIAJ's website to deliver necessary information to customers.     Commissioned a research study by the General Insurance Institute of Japan: “Regulations on Insurance Agents and Brokers and the Practice of Commercial Insurance Solicitation in Major Countries.” (2) Initiatives related to the 10th Medium-Term Master Plan i) Strengthening natural disaster response capabilities In January this year, which was the 30th anniversary of the Great Hanshin-Awaji Earthquake, the GIAJ held an event in Kobe City to widely promote the importance of disaster preparedness. GIAJ branches have engaged in initiatives such as reflecting on the 2024 Noto Peninsula earthquake and have been making efforts to disseminate and promote earthquake insurance based on respective local situations in cooperation with the Independent Insurance Agents of Japan and local governments. As a result of these efforts, the number of earthquake insurance policies in force as of the end of March 2025 increased by 1.5% from the previous year to approximately 22m. The GIAJ has developed an industry-wide joint system, the “Earthquake Loss/Damage Declaration Support System (web-based loss/damage status declaration method),” to ensure prompt and appropriate claim payments in the event of a large-scale earthquake. Moving forward, the GIAJ will consider specific measures to further promote earthquake insurance. The GIAJ has also been working with related ministries, agencies, and local governments on safety education programmes, such as “Explore Disaster Prevention” activities, which contribute to strengthening local disaster prevention capabilities, and measures to prevent troubles caused by malicious vendors taking advantage of disasters. ii) Increased convenience through digitalisation The GIAJ has launched “One-JIBAI,” an industry-wide joint system for Compulsory Automobile Liability Insurance (CALI), which enables non-face-to-face CALI procedures, cashless premium payments and issuance of CALI certificates in PDF format. With the ongoing development of the system and examination of business processes, the promotion of paperless CALI claim adjustment and claim payment operations is also progressing smoothly. The GIAJ has digitised the educational materials for the General Examinations for General Insurance Solicitors (Basic Unit and Product Unit) and have created an environment that allows access to these materials via PCs, tablets, and mobile phones. iii) Enhancing general insurance literacy In cooperation with the Independent Insurance Agents of Japan and local METI (Ministry of Economy Trade and Industry) bureaus, the GIAJ held seminars tailored to regional situations, produced educational videos on water-related disaster risks and preparedness, and launched a special website named “Insurance Navigator for Businesses.” Based on the “Comprehensive Collaborative Agreement on Insurance Education” with the Life Insurance Association of Japan and the Japan Institute of Life Insurance, the GIAJ held joint seminars for junior high and high school teachers of home economics, social studies, and civics in summer and winter. In addition, the GIAJ created a new card game as a teaching tool for high school students called “Wishing Happiness to Those Who Prepare for the Future.” Enhancing effectiveness In concluding remarks in his statement, Mr Shirota said, “We have been advancing various measures, including the formulation of new guidelines, to resolve a range of issues, including a fundamental review of outdated industry practices. However, we strongly recognise that unless the effectiveness of these initiatives is enhanced and they permeate and become established throughout the industry, achieving industry transformation and regaining the trust of customers and society will not be possible. “It is essential that member companies correctly understand the purpose of these initiatives and ensure that they do not become merely formalities. Furthermore, it is necessary to accurately recognise the current situation of their own companies and the industry through all available opportunities and to build a system that enables self-corrective actions. “Based on this recognition, we reaffirmed at a board meeting on 12 June that both the Association (GIAJ) and its member companies will continue to place the highest priority on restoring the trust of customers and society.” Source: asiainsurancereview.com

Motor insurance premiums are likely to keep climbing as insurers face escalating losses and increasing claims, according to industry experts, reported The Straits Times. Data from the General Insurance Association (GIA), reported by The Straits Times , revealed that gross written premiums for motor insurance rose 9.4% to S$368.2m ($273.6m) in the first quarter of 2025 compared to the same period in 2024. Underwriting losses also increased by around 14%, rising from S$11.6m to S$13.3m. For the full year of 2024, underwriting losses surged to S$33.8m- up from S$7.7m in 2023 and S$21.6m in 2022. This contrasts sharply with the underwriting profits of S$49.7m in 2021 and S$104.5m in 2020. Despite these losses, gross written premiums for 2024 grew by 11.3%, reaching S$1.21bn. The Big Six motor insurers in Singapore – ranked by gross written premiums, from highest to lowest for January to March 2025 – are Income, MS First Capital, AIG, India International Insurance, Allianz and Liberty, reported the local newspaper. Source: asiainsurancereview.com

Thailand's non-life insurance sector is on high alert following reports that a Chinese electric vehicle (EV) manufacturer operating in the Thai market may be headed for bankruptcy -- a development that underscores growing concerns about EV insurance becoming a loss-making segment, said The Bangkok Post. Insurance executives say the potential insolvency has sparked fears over rising liabilities, particularly for repair claims involving hard-to-source or unavailable vehicle parts. According to media reports, Neta Auto Thailand’s Chinese parent company is under investigation over its ability to meet debt obligations. Several Thai insurers have begun raising premiums on EV policies to reflect heightened risk exposure. According to industry executives, annual premiums that once averaged around THB20,000 ($540) are now increasing to between THB25,000 and THB28,000—particularly for EV brands with limited-service networks and unreliable supply chains. While most insurers are still accepting new policies for vehicles from the financially troubled brand, they warn that renewed contracts may carry much higher premiums. It is also reported that some insurers are suspending coverage for specific EV brands or models, claiming complex logistics, limited availability of skilled technicians and higher repair costs. Source: asiainsurancereview.com

In an era defined by economic uncertainty, digital fatigue and growing social isolation, young Filipinos are facing surging mental health problems according to AXA 2025 Mind Health report. A press release issued by AXA Philippines said Filipinos, aged 18 to 34, are experiencing significantly higher levels of stress, anxiety and depression than their global peers. Yet, they are also among the most proactive in seeking support through digital and AI-powered mental wellness tools. The 2025 study reveals how Filipinos—especially the younger generation—are coping, adapting, and innovating in response to mental health challenges. The report found that GenZ and Millennials lead the shift to digital mental health. The AXA Mind Health Index, an important component of the report, categorises individuals into four distinct mental well-being states: Flourishing, the pinnacle of positive mind health. Getting by, where individuals show some areas of well-being but not enough to flourish. Languishing, the absence of positive well-being; and Struggling, the most vulnerable state, marked by challenges in most areas of life. A significant portion of Filipino youth identify as languishing or struggling—highlighting the urgent need for accessible, relevant, and proactive mental health solutions. According to the report, Filipinos aged 18 to 34 are more likely than older generations to suffer from severe mental health symptoms and are diagnosed with conditions at higher rates than their global peers. Despite these challenges, this age group shows strong resilience and initiative—39% turn to AI-powered mental health tools, well above the global average of 28%. In fact, half of all Filipinos now rely on digital platforms like websites, blogs, forums, and social media for mental health support. The report also reveals that nearly seven in ten Filipinos experience at least mild forms of anxiety, stress, or depression—among the highest rates globally. The main drivers include financial instability and job insecurity (76% vs 53% globally), uncertainty about the future (70% vs 53%), loneliness and social isolation (58% vs 42%), climate change anxiety (57% vs 38%), and exposure to negative news (55% vs 45%). Workplaces play a significant role in both stress and support. The data points to an opportunity for organisations to be part of the solution—by fostering psychologically safe environments, supporting mental health literacy, and encouraging open conversations. Local employers must encourage proactive conversations and collaborations among young Filipinos to support mental health and promote holistic well-being across communities. As more young Filipinos turn to self-guided tools and digital channels for help, the availability of accessible resources for early mental health awareness and care becomes increasingly important. AXA Philippines CEO Ayman Kandil said, “Mental health is not just a personal issue—it’s a public one and tackling it requires shared understanding, accessible tools, and sustained support. And while we still have a long way to address the gaps, know you can do something now and thrive with the right support.” The annual AXA Mind Health Report, now in its fifth year, explores global and local attitudes toward mental health and tracks emerging trends and behaviours that influence mental wellness across life stages and cultures. Source: asiainsurancereview.com