Between 1 and 5 December, significant developments were observed in the Asian insurance sector. Giulio Slavich has been appointed Chief Executive Officer of Allianz Life Insurance Malaysia Berhad. Slavich joined Allianz Malaysia as Chief Financial Officer in 2022. Previously, he served as global head of the Centre for Competence for Life & Health at Allianz SE Group and led the life segment in Allianz Italy.
Ben Quah has been appointed CEO of Labuan IBFC Inc., bringing over twenty years of experience in fintech, digital marketing, and business development. He has held senior positions across Malaysia, Mainland China, and Hong Kong. This leadership change is expected to bring new direction and innovative policies to the sector.
Industry experts forecast that by 2026, artificial intelligence (AI) will assume a central role in underwriting, claims, and policy administration. AI is expected to ensure faster, more accurate, and transparent processes, moving beyond experimental use to core operations.
In Singapore, demand for remote work in the insurance sector increased by 15.3% year-on-year. In October, 8.2% of job postings mentioned remote or work-from-home options, up from 7.7% the previous year. Although remote work opportunities remain limited, they are gradually increasing.
The recent fire at Wang Fuk Court in Hong Kong will add further pressure to property and casualty insurance claims. Earlier in the year, Super Typhoon Ragasa and heavy rainfall already affected the sector. S&P Global Ratings reported that the Wang Fuk Court fire will impact underwriting margins, though insurers’ capital positions make the effect manageable.
In this environment of change and pressure, new leadership combined with AI technology will play a crucial role in making the sector more responsive, efficient, and secure.
AJ