Willis Towers Watson: 2019 Asia Market ReportMarch 19 2019
As a result of technology enhancements and increasing political and economic uncertainty, this report outlines the urgent need for insurance buyers to go beyond traditional brokerage services, including assessment, transfer, placement and claims.
The global broker argues risk engineering should be present at all stages of the purchasing process, with data and analytics being used to inform conversations with companies to help them look beyond current risks, allowing businesses to take a more strategic approach to insurance.
The Asia Market Report was compiled from Willis Towers Watson data across its corporate risk and broking business in the Asian region. Produced annually, it highlights the key trends that are shaping the insurance marketplace across industry lines of business and looks ahead to how the market will develop in 2019.
This includes examining the following markets: P&C, marine, construction, terrorism, natural resources, aviation, financial lines and captives; in addition to several market reviews.
- August 20
The move comes as the broking group's MGA division acquires AIG's HNW home and contents portfolio.
- July 2
The Asia chief executive discusses Covid-19, going digital and restructuring.
- April 10
Climate change, increased urbanisation and a growing concentration of assets were on the risk agenda for 2018.
- March 11
Life and health premium growth is expected to outpace GDP gains in eight Asian markets.
The consultant is exploring potential acquisitions in Australia and New Zealand, and expanding its footprint in South-East Asia, Korea and Japan.
Managing these daunting risks will require a multi-stakeholder approach to risk identification, financing and mitigation.
Electric ferries are increasing in popularity but there is plenty of work ahead to move away from ships using heavy diesel oil.