Malaysia sees CEO shake-ups, AI set to reshape insurance operations.

From 1 to 5 December, the insurance sector across Malaysia and Hong Kong experienced notable developments and leadership changes. Allianz Life Insurance Malaysia Berhad has appointed Giulio Slavich as its new Chief Executive Officer. Slavich joined Allianz Malaysia as Chief Financial Officer in 2022. Prior to this, he was the global head of the Centre for Competence for Life & Health at Allianz SE Group and led the life segment in Allianz Italy.

Another key appointment is Ben Quah as CEO of Labuan IBFC Inc. He brings over two decades of experience in financial technology, digital marketing, and business development, having held senior roles across Malaysia, Mainland China, Hong Kong, and other regions.

Industry experts predict that by 2026, artificial intelligence (AI) will move from experimental use to a central role in underwriting, claims, and policy administration. This comes amid pressures from economic uncertainty, climate risks, and regulatory changes.

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.

Meanwhile, the recent fire at Wang Fuk Court in Hong Kong will increase claims in the property and casualty sector. The sector has already been under pressure from Super Typhoon Ragasa and severe rainfall events. S&P Global Ratings noted that the fire will affect underwriting margins, although insurers’ capital positions make the impact manageable.

KhaborwalaAJ