In another head-spinning but generally improved FY21 for general insurers, COVID-19, new customer regulations and climate change are proving to be the biggest issues affecting insurers, according to Taylor Fry’s recently released annual analysis of the general insurance sector, RADAR. Read the key findings, which draw on the latest APRA data.
The survey, conducted by Willis Towers Watson, found Life and Property & Casualty (P&C) insurers are likely to enhance their use of automation over the coming five years to streamline processes.
How has the Asian insurance market responded and adapted to the COVID-19 pandemic?
Last year, with key insurance risks rapidly changing due to COVID-19, APRA conducted a series of stress tests on the 21 largest life insurers, comprising 14 direct insurers and seven reinsurers, accounting for 90% of GWP. They also stress tested four active Lenders Mortgage Insurers, again covering most of the sector by GWP.
