MSIG Asia, a core component of the MS&AD Insurance Group’s international operations, has unveiled its strategic growth plans through 2029.
The company is focusing on digital transformation, partnerships, and emerging insurance trends to strengthen its position as a key growth driver for the group, with Asia contributing 35% of MS&AD’s international adjusted profits in 2023.
MSIG Asia noted that the general insurance (GI) market across Asia Pacific (excluding China, Korea, and Taiwan, except for cyber insurance) is expected to expand significantly in the coming years.
MSIG Asia said it aims to achieve a compound annual growth rate (CAGR) of over 15% in profit after tax (PAT) by 2029. The company plans to achieve this by leveraging three key pillars:
MSIG is increasing its investment in digital distribution channels by partnering with major consumer platforms across Asia. A new B2B2C platform, currently under development, will employ open APIs to improve accessibility and streamline the insurance purchasing process for customers.
The insurer has expanded its cyber insurance portfolio across the Asia-Pacific region, capitalising on a growing demand for protection against cyber risks.
In collaboration with global partners such as Coalition and telecommunications firms, MSIG aims to offer enhanced underwriting services and risk management tools.
Through its recent investment in Serenity, an MGA specialising in healthcare insurance, MSIG is set to expand its healthcare offerings. Serenity is expected to commence operations in early 2025, providing data-driven mid-market health solutions tailored for brokers and corporate clients.
In a move to improve the sustainability of its healthcare portfolio, MSIG Singapore recently announced the appointment of Inova Care as its new health claims management provider, effective Jan. 15. The partnership comes in response to rising medical costs driven by an aging population and increasing utilisation of healthcare services.
MSIG is forging new partnerships with fintech companies, airlines, and online travel agents to expand its travel insurance offerings.
The company’s stronghold in markets like Thailand, where it holds approximately 20% of the travel insurance market, is expected to serve as a model for regional growth.
In the renewable energy space, MSIG is working with MGAs like RiskPoint to develop underwriting solutions tailored to the sector.
The company is also advancing its electric vehicle insurance offerings by creating cross-regional frameworks for policies, claims handling, and reinsurance agreements.
MSIG has established a dedicated M&A team to pursue opportunities for transformative deals or bolt-on acquisitions that align with its strategic goals.