APAC’s insurance giants saw $821.4b growth

Sompo SG to use drones for risk assessments

SINGAPORE

Risk assessments for corporate clients of Sompo Insurance Singapore may now be carried out by drone. The insurer announced that it obtained both Unmanned Aircraft (UA) Operator Permit and UA Pilot Licenses from the Civil Aviation Authority of Singapore.

Two engineers from Sompo Singapore are now licensed to conduct inspections of inaccessible or dangerous areas and identify potential risks accurately and efficiently with a drone.

The inspection of buildings and infrastructures is typically conducted through physical visual inspection and thermography within safety parameters. After which, the potential risks are assessed and identified with the information gathered and documents provided by clients.

Accurate risk detection

Using the drone, however, presents more efficient and thorough work. The drone has a powerful 32x zoom capability camera sensor, which allows a detailed close-up examination that can accurately pinpoint potential issues. The thermal imaging camera can detect hotspots of equipment or infrastructure operating above its optimal temperature. Some possible risks can be easily identified and rectified, including an abnormally high temperature starting a potential fire and deterioration of an area causing a possible rain leak.

“The early and more accurate risk detection helps our clients rectify the potential risks at their warehouses, factories, facilities, and rooftop solar panels; and prevent hazardous situations from happening. This extended service not only minimises business disruptions; it also creates a safer operating environment,” Pui Phusangmook, CEO of Sompo Singapore, said.

APAC’s insurance giants saw $821.4b growth

APAC

The top 20 insurance firms in the Asia Pacific saw a growth of 2.5% or $821.4b in their topline performance in 2020 according to a report by data and analytics firm, GlobalData.

The analyst attributed this robust performance to the COVID-19 pandemic which heightened the demand for life and health insurance products.

The report also found out that seven insurance players reported more than 5% rise in premiums earned and the top companies maintained financial robustness through flexible hedging of assets under management.

GlobalData named Japan-based insurer Dai-ichi Life; China-based New China Life Insurance and China Reinsurance; and Taiwan-headquartered Cathay Financial as the most notable performers in the region.

Dai-ichi Life outperformed the top players, with its revenue growth surpassing 20%, as the weaker Yen allowed the company’s returns from its investments to soar significantly over the previous year.

China Reinsurance reported 19.2% increase in year-on-year (YoY) revenue owing to swift growth in savings- and protection-type life, domestic P&C reinsurance, and health reinsurance business, which led to 16.2% growth in premium income; and obtaining surplus investment returns by surpassing the market benchmarks.

Meanwhile, New China Life reported a more than 15% rise in revenue due to 13.7% and 16.8% growth in premiums from health insurance and traditional insurance products, respectively.

Accelerated digitalisation

“Technology developments is one more area that has gained more importance. Due to the COVID-19 social distancing norms and regulatory push, many insurers have accelerated the adoption of digital platforms,” Murthy Grandhi, Company Profiles Analyst at GlobalData said.

In 2020, Ping An Insurance introduced “One-click Claims Services,” which has now been availed by more than 2.34 million customers. It also has been leveraging AI robots to offer digital, paperless, automatic smart insurance policies and claims services. Its subsidiary, Ping An Property & Casualty processed more than 6.9 million digital self-service family auto insurance claims.

The remaining players reported moderate revenue growth with China Taiping, T&D Holdings, China Life Insurance, Hanwha Life, and China Pacific Insurance reporting a YoY growth between of 10-15%; while Fubon Financial, MS&AD Insurance, Samsung Life, The People’s Insurance, AIA, and Sompo reporting marginal growth rates between 5-10%.

However, Japan Post Insurance underperformed with a 2.8% decline in revenue on the back of 4.4% drop in annualised premiums from individual insurance and medical care insurance due to non-participation from proactive sales proposals.

Japan’s Dai-ichi Life outperformed top players with revenue growth of over 20%

The top 20 insurance firms in APAC saw a growth of 2.5% in their top-line performance in 2020

In 2020, Ping An Insurance introduced ‘One-click Claims Services’ (Photo from Group.PingAn.com)

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Established in 1996, Pru Life UK is the pioneer of insuravest, or investment-linked life insurance products, in the Philippines and is one of the first life insurance companies approved to distribute US dollar-denominated investment-linked life insurance policies in the country. Since its establishment, Pru Life UK has expanded its reach to over 190 branches in the Philippines, with the biggest life agency force of more than 35,000 licensed agents. The company ranked first (1st) among the country’s life insurers based on the Insurance Commission’s Full Year 2020 rankings in terms of new business annual premium equivalent. Pru Life UK is headquartered in Uptown Bonifacio, Taguig City. Pru Life UK and Prudential plc are not a liated with Prudential Financial, Inc., (a company whose principal place of business is in the United States of America), Prudential Assurance Company Limited (a subsidiary of M&G plc, a company incorporated in the United Kingdom), Philippine Prudential Life Insurance Company, Prudentialife Plans, Inc. or Prudential Guarantee and Assurance, Inc. (all Philippine-registered companies). Pru Life UK is a life insurance company and is not engaged in the business of selling pre-need plans.