2019亚洲市场报告（英文版）_59页_1mb

2019 Asia Market Review Summary

Core Content

The 2019 Asia Market Review by Aon provides an in-depth analysis of the evolving commercial risk and talent landscape in Asia, focusing on key areas such as Cargo, Casualty, Credit Solutions, Cyber, and Health. It highlights the impact of volatility, technological innovation, and regulatory changes on insurance markets, while offering strategic insights and case studies to guide businesses in managing risk and aligning with insurance solutions.

Main Sections

1. Solutions Space

• Focus: Risk transfer and coverage enhancement.
• Key Insights:
  • Cargo Insurance:
    • 2018 saw increased volatility due to trade tensions, geopolitical instability, and economic shifts.
    • The insurance market has become more client-specific in rate adjustments, driven by data and analytics.
    • The market is expected to remain competitive in 2019 with flat to slightly increased rates.
    • STP (Stock Throughput) and Supply Chain insurance are becoming more prominent as clients seek holistic risk solutions.
  • Casualty Insurance:
    • Clients with a favourable loss history can expect premium reductions.
    • Environmental Liability (EIL) policies are gaining traction due to heightened awareness of environmental risks.
    • Specialist products such as manufacturer's errors & omissions, product recall, and contamination insurance are in demand.
    • Cyber insurance is becoming a board-level concern, with increased focus on silent cyber and incident response readiness.
    • Digital transformation is reshaping risk profiles, especially in the automotive and electronics sectors.
  • Credit Solutions:
    • The credit risk landscape is evolving due to Brexit, trade wars, and changing consumer behavior.
    • Surety, trade credit insurance, and political risk insurance are in higher demand.
    • Fintech and Crypto Crime insurance are emerging as new products to address unmet needs.
    • Digital tools and data analytics are enabling more informed risk decisions and transparency.

2. Industry Space

• Focus: Insights from Aon's industry experts based on client portfolios.
• Key Insights:
  • Cargo:
    • Misappropriation cover and geography-specific limitations are becoming more critical.
    • Global market approach is recommended to secure capacity and coverage.
  • Casualty:
    • Construction Commercial General Liability saw significant losses in 2018.
    • Cyber and product liability are increasingly linked to supply chain activity.
    • Environmental liability is being addressed through EIA surveys and policy alignment.
  • Credit:
    • Regulatory changes in China and other regions are impacting credit insurance access.
    • Digital economy is driving new insurance product development.
  • Cyber:
    • Zero-day exploits and malware are the main causes of cyber losses.
    • GDPR and similar data privacy laws are influencing policy design and regulatory compliance.
    • Class action lawsuits are becoming more likely due to data breaches.
  • Financial Lines:
    • D&O insurance is competitive, with rate reductions in preferred risk categories.
    • Cyber breaches and regulatory changes are shaping coverage and pricing.
    • Customised insurance products are being developed for crypto and Fintech sectors.

3. Future Space

• Focus: Risk management strategies for the future.
• Key Insights:
  • Technology will continue to disrupt industries, especially automotive and digital transformation.
  • Global trade re-wiring is shifting supply chain dynamics, with ASEAN countries emerging as key players.
  • Data and analytics are essential for underwriting profitability and risk assessment.
  • Proactive risk management and digital engagement are becoming essential for employers in the health sector.
  • Insurance programmes must be tailored to regional risks and client needs.

Key Predictions

• Cargo Insurance:
  • Market will remain competitive with stable rates.
  • Supply chain complexity and political risks will drive mature underwriting and holistic solutions.
• Casualty Insurance:
  • Environmental liability, product recall, and contamination insurance will grow in demand.
  • Digitalisation and regulatory changes will shape cyber and legal risk.
• Credit Solutions:
  • Digital tools and data analytics will enhance working capital management.
  • Fintech and crypto insurance will emerge as specialised products.
• Cyber Insurance:
  • Cyber incidents will continue to rise, with zero-day exploits being a major threat.
  • Silent cyber and regulatory compliance will drive coverage adjustments.
  • Board-level focus on cyber risk will increase.
• Financial Lines:
  • D&O insurance will remain competitive, with insurer appetite and market conditions influencing pricing and terms.
  • Cyber and regulatory exposures will challenge underwriting models.
  • Early engagement and innovation are key for risk remediation.

Voice of the Insurer Highlights

• Geoffrey Lambrou (Aon):
  • Emphasises the need for global market approaches and data-driven risk management.
• Brent Clawson (Aon):
  • Highlights the increased maturity in underwriting and greater focus on profitability.
• Anthony O'Brien (Chubb):
  • Notes the importance of tailored insurance programmes and long-term partnerships.
• Daniel Fay (AXA XL):
  • Points to the growth of surety and credit insurance as working capital tools.
• Liam Pomfret (AIG):
  • Warns of increased cyber incidents and the need for proactive underwriting.
• Jenny Wilhelm (Allianz):
  • Stresses the importance of early engagement and innovation in Financial Lines.

Conclusion

Despite the volatile business environment, the 2019 Asia Market Review maintains a positive outlook for insurance buyers across most sectors. The review underscores the critical role of technology, data analytics, and customised insurance solutions in managing risk and driving performance. It also highlights the importance of alignment between risk management strategies and insurance programmes, as well as the need for innovation to meet the evolving demands of businesses in Asia.