Business growth remained flat for the insurance industry in general in the 2021-2022 period, but leading insurers posted solid performance despite the challenges brought on by Covid-19 as well as economic and geopolitical uncertainties.
Turbulent capital markets, however, have wreaked havoc on insurers' investment portfolio with a number of insurers suffering massive mark-to-market losses. Opportunistic products sold to protect against Covid-19 have also backfired. In Thailand, at least four insurers went bust from selling low-cost Covid-19 policies that they later had to pay out when infections skyrocketed. In Taiwan, the top 12 insurers reportedly had to pay US$1 billion in Covid-related claims in 2022.
Nevertheless, the market as a whole remained healthy enough and there was no need for leading insurance companies to resort to pricing competition in order to gain or retain market share.
Instead, the insurers beefed up servicing capabilities by strengthening online distribution platforms, which gained critical importance during the pandemic, and offering more value-added products and services.
With the rise of environmental, social and governance (ESG) investing, leading insurers also began undertaking promotional and educational initiatives on sustainable investing. It’s still early days but there is clearly growing interest in the market.
It is in this context that we are announcing the winners of The Asset Triple A Insurance Awards 2022. And the winners are:
Insurance Company of the Year, ESG
Hong Kong
HSBC Life
HSBC Life is spearheading the trend towards sustainability investing in Hong Kong’s insurance industry by undertaking numerous sustainability-linked initiatives during the awards period. It has built up a sustainable portfolio amounting to hundreds of millions of US dollars in assets under management during the awards period.
Insurance Company of the Year, General Insurance
Malaysia
Etiqa General Insurance Berhad
Etiqa General Insurance Berhad is recognized for its proactive approach in offering innovative and responsive auto insurance solutions that directly addressed the requirements of its clients during the pandemic.
Insurance Company of the Year, Life Insurance
Hong Kong
HSBC Life
HSBC Life remained resilient amidst challenging market conditions including prolonged cross-border restrictions arising from the pandemic by leveraging on its diversified distribution models and providing a wide range of products and solutions covering protection, illnesses, savings, education, and retirement.
Insurance Company of the Year, Life Insurance
Philippines
AXA Philippines
AXA Philippines leveraged its digital capabilities and strong product suite to offer investment solutions that are responsive to the changing requirements of its clients in view of the pandemic. It has also undertaken sustainability education initiatives for its staff and clients.
Insurance Company of the Year, Employee Benefits
Hong Kong
HSBC Life
In response to changing mindsets and work habits as a result of the pandemic, HSBC Life provided corporate clients and their employees with a flexible benefits platform tailored to their specific requirements.
Editors’ Triple Star
HSBC Life
HSBC is also recognized for leading the trend of offering video consultation service by medical practitioners through a health-tech platform, a solution that became urgently needed by insurance clients during the pandemic lockdowns.
For a full list of winners, please click here.
