Structural and technological changes to the insurance industry are testing the ability of insurers to respond and adapt accordingly. The Malaysian cut of the Insurance Banana Skins 2017 survey report discusses where insurers see the greatest risks over the next 2 - 3 years.
Malaysian insurers are particularly concerned over the quality of management in the insurance industry and the availability of human talent to staff it. The report also raises concerns about the industry's ability to address the agenda of digitisation, especially with InsurTech as one of the key disruptors.
As an emerging market, alongside countries like Thailand and Indonesia, the anxiety level of Malaysian insurers is relatively high (compared to countries like Singapore and Japan).
However, Malaysia produced an above average score on the Preparedness Index, implying a higher level of preparedness among local insurers (compared to some of their Asian and European counterparts) in handling these risks.
Find out more in the report, published by the Centre for the Study of Financial Innovation (CSFI) in collaboration with PwC.
Also, explore the key concerns of insurers globally in the global Insurance Banana Skins 2017 report.
Find out in the AICB-PwC Malaysia FinTech survey: Insurance Cut
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