This is the first of a three-part series of interviews with general insurance (GI) experts. The General Insurance Community believes this series will benefit members by offering broad insights into different markets and the evolving role of GI actuaries. The featured experts were selected for their extensive experience across Southeast Asia, Hong Kong, and the Middle East, as well as their strong recognition within the community.
Our first interview is with TJ Cheow, FSA. TJ has held various leadership roles in risk management, underwriting, and strategy and is currently an appointed actuary at QBE in Malaysia.
What led you to start working in general insurance?
I began my career in pensions consulting and later transitioned to general insurance. During that period, the general insurance industry was experiencing regulatory liberalization, which made it an exciting field undergoing significant changes—so I decided it was the perfect opportunity to jump in.
Based on your work and experience, what are the distinctive features of general insurance compared to other lines of business?
General insurance is in some ways, more dynamic, in the sense that product coverage is broader and keeps pace with societal and technological change.
For instance, the motor insurance space is experiencing massive changes (e.g., autonomous driving, rise of EVs, and changes in industrial policy), necessitating evolving actuarial support.
How do you view the insurance market in your country?
General insurance business is still relatively fragmented, with the largest players each having less than 16% market share. Motor insurance dominates the landscape, contributing approximately half of total premiums.
As financial literacy rises, consumers will expect better service. Easy, seamless customer touchpoints are key to retaining loyalty.
Are there any recent changes in regulation that have a significant impact on the industry?
The new local solvency framework, RBC2, is going to be implemented in the coming years. This will impact the way insurance companies deploy and invest capital. Meanwhile, climate change continues to be an important topic as regulators place increased emphasis on modeling, resilience, and sustainability.
Can you share recent innovations or technologies in this market?
Recent innovations include developments in the connected car space, which have generated more data than ever before for analysis and decision-making. We are also in the early stages of embedding AI into our daily work. AI has the potential to significantly enhance or even disrupt the way actuaries work.
What are the potential future challenges and opportunities?
Apart from mandatory motor insurance policies, the general insurance penetration gap remains wide. Convincing the public to adopt voluntary lines such as fire, personal accident, travel, and liability requires overcoming persistent underinsurance.
What advice would you give to actuaries interested in this field?
The demand for actuaries remains robust, especially in the GI space. In addition to traditional reserving, pricing, and capital management roles, there is an increasing trend of actuaries moving into underwriting, claims, catastrophe/climate modeling, product, and strategy roles. Actuaries are well equipped to excel in these areas.
This article is provided for informational and educational purposes only. Neither the Society of Actuaries nor the respective authors’ employers make any endorsement, representation or guarantee with regard to any content, and disclaim any liability in connection with the use or misuse of any information provided herein. This article should not be construed as professional or financial advice. Statements of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Society of Actuaries or the respective authors’ employers.
Jay An, ASA, is an Underwriter Property Treaty at Munich Re in Seoul, South Korea. He can be reached at jaan@munichre.com.