EY: Top Concerns for Risk Chiefs at APAC Insurers
The landscape for insurance companies is becoming increasingly complex with technological advancements and shifting regulations. EY outlines the top concerns for insurers in Asia Pacific.
Cybersecurity is the number one concern for APAC insurers, as agreed by 62 percent of regional chief risk officers (CRO), according to the second annual EY-IIF Global Insurance Risk Management Survey. Conduct risk was the runner-up at 46 percent followed by third-party risk, operational resilience, compliance risk and interest rate risk all tied at 31 percent.
Globally, the leading concerns cited were cybersecurity (66 percent), third-party risk (32 percent), compliance risk (29 percent), strategic risk (24 percent) and interest rate risk (22 percent).
Longer Term Worries
In the longer term, cybersecurity continues to be the top worry for insurers in APAC (62 percent) alongside geopolitical risk (62 percent). Respondents worldwide also cited cybersecurity as a long-term priority (66 percent), followed by machine learning and AI, including generative AI (48 percent).
«The risk landscape for APAC insurance CROs has never been so complex, with geopolitical uncertainty, regulatory divergence and rapid technology adoption reshaping the entire ecosystem,» said Tze Ping Chng, EY Asia-Pacific consulting insurance sector leader.
The report, which was made in a collaboration between EY and IIF, was based on a survey of CROs and other senior risk executives from 86 IIF member firms and other insurance companies in EMEIA (Middle East, India and Africa), the Americas and Asia Pacific between October 2024 and January 2025. The research included a cross-section of the insurance sector in terms of asset size, geographic reach and line of business.
