In the August 2013 issue

This month in Asia Insurance Review


  • RGA: Eye on demographics more critical than interest rates

    The impact of changing demographics is permanent, and public-private partnerships will be required to solve this societal issue, says Mr Greig Woodring, President and Chief Executive Officer, Reinsurance Group of America, Incorporated. By Benjamin Ang

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  • Toa Re finds strength in diversifying

    The past two years had not been easy for Toa Re as it took a hit from major catastrophes in Asia, incurring a net insured loss of approximately JPY75.2 billion (US$749.8 million) from the Thai floods alone. But thanks to such efforts as cutting its CAT property business and diversifying its portfolio, the company has restored its strong business profile, says President & Chief Executive Tomoatsu Noguchi. By Manuelita Contreras

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  • Markel: Building for permanence

    Markel Corporation acquired Alterra Capital Holdings for approximately US$3.13 billion in May. Asia Insurance Review speaks to Mr William Stovin, President of Markel International, on what the deal brings to the organisation, and the importance of Asia. By Benjamin Ang

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  • AXA IM: Non-traditional investments attractive in current environment

    Mr Philippe Descheemaeker, Global Head of Fixed Income at AXA Investment Managers tells Asia Insurance Review that insurers have done well to diversify their asset allocation to maximise returns, and should continue doing the same as despite the US Federal Reserve's recent stance that the looser monetary policy will continue, it is likely that there will be a move towards tighter monetary policies in the near future. By Ridwan Abbas

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  • McKinsey: Tackling talent & marketing the digital way

    Hot issues such as the global talent crunch and the dilemma of adopting social media as a marketing strategy have posed much challenge to players in the insurance industry. Mr Michael Pritula, Director of International Operations at McKinsey & Company, shares some of his views and tips in marketing and talent management in Asia. By Dawn Sit

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Cover Story

Country Profile

  • Something new, but all things good

    A new regulator, changes in some rules and a possible of review of other regulations - are seen to be actions that will benefit the insurance industry. Insurers are positive about the new super regulator, OJK, whose current top priorities are to standardise Indonesia's industry practices and to create a level playing field. With growth in both life and general, and strong numbers supporting the optimistic outlook, the future is certainly bright.

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  • Interview with Regulator: Hitting the ground running

    Since the start of 2013, the Otoritas Jasa Keuangan (OJK) has officially taken over full authority of the regulation of the Non-Bank Financial Institutions (NBFI) sector. Mr Dumoly Pardede, Deputy Commissioner for NBFIs, speaks about the transition made, as well as OJK's priorities and plans going forward. By Dawn Sit

  • Non-life insurance: Strong numbers all round

    The Indonesian non-life market is both posting and forecast to post strong numbers. Local players give an update of the market, and how the new super regulator OJK is expected to help further improve the sector's performance. By Benjamin Ang

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  • Non-life insurance: Monopoly or not...

    Sustainable reference rates - anti-competition or not? Industry players share their thoughts on the premium rates guidelines, which were dropped after just a short duration of less than a month. By Benjamin Ang

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  • Life insurance: Growth is everywhere

    Indonesia's life insurance market has been enjoying robust growth in recent years, and last year was no different. Life insurance revenue grew 20.7% to post IDR133 trillion (US$13.38 billion) in 2012. Life players and the life association head share their views on market trends as well as their companies' focus. By Dawn Sit

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  • A super reinsurer for the Indonesian market?

    There are plans to create a large domestic reinsurer in Indonesia. Mr Robby Loho, President Director, PT Maskapai Reasuransi Indonesia Tbk (Marein), gives his take on what it will mean for the industry. By Benjamin Ang

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  • Undeniably challenged, undauntedly pressing on

    As chief of the Asosiasi Perusahaan Pialang Asuransi dan Reasuransi Indonesia (APPARINDO), Indonesia's association of insurance and reinsurance brokers, Mr Nanan Ginanjar has the challenging task of helping to ensure brokers stay relevant in the face of stiff competition in the insurance industry. By Dawn Sit

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  • New corporate governance rules for insurers

    By Ms Susandarini, Partner, and Mr Andrew Frans, Associate, Susandarini & Partners in association with Norton Rose Fulbright Australia

India Focus

  • The buzzword is Financial Inclusion

    Speakers at a recent seminar at the National Insurance Academy (NIA) spoke on the critical role of insurers in achieving the government's call for financial inclusion.

  • The untapped opportunity in Indian health insurance

    India's health insurance industry is well-positioned to grow robustly in the coming decade. Mr Amit Kalra and Mr Tarun Kumar of Swiss Re say India should leverage on private health insurance to diversify the source of healthcare financing and to support a broadening of health insurance coverage.

Think Tank

  • The case for a Southeast Asian agriculture risk pool

    In this extract from the Geneva Association's Newsletter, Dr Suzanne Corona from Asia Capital Reinsurance Malaysia Sdn Bhd says adequate protection of agricultural interests is fundamental in managing food security, an area of vital focus for governments and one in which the insurance industry has an important role to play.

Legal Page

Special Feature

  • IIS Report: Swim in the sea of changes

    Insurers are hit with changes and need to respond by adapting fast or otherwise sink in the sea of risks and threats to their business. We bring you a close up of the 49th IIS Seminar where some 50 speakers discussed these changes at length and explored ways to capitalise on them while strengthening the industry's business proposition.

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  • Motor focus: Accelerating towards direct motor insurance in Asia

    As in other markets, motor insurance in Asia increasingly turns from a traditional intermediary business towards a direct sales business model. Mr Joachim Michaely of Munich Re discusses the opportunities and pitfalls for direct insurance in the region.

HR & Training

Conference Reports

  • LIMRA/LOMA: Beat all odds with a winning strategy

    Given the prevailing low interest rates environment, life insurers need to reassess their strategic plans now more than ever. Speakers at the 21st Annual LIMRA/LOMA Strategic Issues Conference in Singapore discussed the building blocks of a winning strategy to beat the odds. By Vandana Gupta

  • CFO Summit: A bigger voice for the CFOs

    CFOs have traditionally been very low key and introverted. But with the greater demand on their role and the greater scrutiny from regulators, analysts and the media, they need to take on a more active responsibility and assume a bigger voice in their organisations. This and the multitude of issues surrounding insurance CFOs took centre stage at the 7th Asian Insurance CFO Summit held recently in Hong Kong. By Manuelita Contreras

  • Specialty Risks: Managing risks wisely

    Industrial insurers will likely go out of business if they do not boost their existing capacities, particularly for the Fortune 500 companies, as the world's major industries head towards a huge consolidation process. This, and various other risk management issues were raised by speakers at the Asia Specialty Risks Summit held recently in Singapore. By Vandana Gupta

Curtain raiser

  • FAIR - Going on 50, going on strong

    The Federation of Afro-Asian Insurers & Reinsurers (FAIR) will turn 50 next year. Mr Hammam Badr, Secretary General of FAIR, looks back at the achievements of the Federation, and what more can be expected from FAIR and him as the Secretary General, moving forward. By Benjamin Ang

  • Impact of IAIS

    Mr Martin Noble from KPMG notes that as expected, 2013 is turning into a year of significant regulatory change. He says the second half of 2013 will witness many key developments, including steps towards the first global insurance capital standard.

People on the move

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