Guest Editorial -Michael Diekmann: Then in 1991... and now
Guest Editorial - Patrick Liedtke: AIR, 20 years young
Guest Editorial - Leslie J Mouat: Hopping into the Year of the Rabbit
Guest Editorial - David Fried: The world's strongest savers expect to pay own way through retirement
Guest Editorial - Dr Ludger Arnoldussen: Asia Pacific 2011 – Opportunities in a competitive environment
Guest Editorial -Martyn Parker: Innovation and partnership in a changing risk landscape
Risk Management Feature - Protect the heart of your facility from an attack : Push for the pump
ERM Focus - Enterprise Risk Management implementation
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Mr Peter Madeley of FM Global shares his insight on the importance of keeping a well-maintained fire pump to prevent and mitigate property damage.
In this second part, Dr Irene Merk from SCOR Global Life, focuses on the practical implementation of ERM in an organisation.
In the era of WikiLeaks and stress on Corporate Governance and nurturing leaders, as part of our 20th anniversary offerings, we share with you from the files including a management interview with Asian Wall Street Journal, the thoughts and wisdom of Asia Insurance Review (AIR)’s Life President, Mr Hwang Soo Jin, with his timeless advice...
The lack of high quality data in Asia still poses one of the biggest problems for the modeling and ultimately, the insurance industry, as models are as good as what is put in them, says Mr Ming Lee, President and CEO of AIR Worldwide (AIR). He demystifies the world of modeling, highlights Asia’s highly-cat-prone landscape, and addresses...
According to statistics, the average Singaporean has three insurance policies, and yet they are still 75% underinsured. This has been an ongoing challenge for the life insurance industry here. In an interview, Ms Annette King, CEO & President of Manulife Singapore, shares the company’s plans to educate consumers about buying according...
Markel International’s first Asian operation was established in Singapore in 2007 under the Lloyd’s Asia platform, and it has since set up service offices in Labuan and Hong Kong. In an exclusive interview, Mr William Stovin, President & COO of Markel International, talks about its growth strategy for Asia and plans going...
The Indian insurance industry is burgeoning with double-digit growth rates and the Regulator is keeping a close watch on the sector, introducing a slew of guidelines to raise the standard of practices. While some players may be less enthusiastic about the changes, there is no doubt these changes are meant to protect policyholders....
It had been an eventful year for the Indian insurance industry. The Insurance Regulatory and Development Authority (IRDA) had introduced a series of guidelines and regulations for the insurance sector, especially for life insurers in 2010, eventually eliciting the Regulator to assure the sector that it will go slow this year. We bring you a wrap...
Registering double-digit growth figures, the Indian non-life industry is charging ahead and the potential is tremendous. Mr G V Rao, CEO of GVR Risk Management Associates and a former Chairman and Managing Director of Oriental Insurance Co, reminds the industry that more improvements are required in many areas.
There have been some upheavals on the regulatory aspect in the life insurance industry. Mr Sanket Kawatkar, Practice Leader – Life Insurance (India) Mr Richard Holloway, Managing Director – South East Asia and India (Life), both at Milliman, identify key lessons and suggest steps for the healthy and sustainable growth of the industry...
In an exclusive interview with Asia Insurance Review, Mr M Ramadoss, CMD of the country’s largest non-life insurer, the New India Assurance Co, speaks about the challenges and trends ahead for general insurers and how India is going to play a major role in the insurance markets of Asia.
Aviva India won the prestigious Corporate Social Responsibility (CSR) Award at the Asia Insurance Industry Awards in Bali recently. In an exclusive interview with Asia Insurance Review, the company’s CEO & MD, Mr T R Ramachandran talks about how CSR is at the core of the company’s plans and strategies for the Indian market....
GIC Re has been creating waves worldwide and has carved a niche for itself in the reinsurance arena. Under the dynamic leadership of Mr Yogesh Lohiya, Chairman cum Managing Director, the company is keen to maintain its growth trajectory and charter new territories. Mr Lohiya speaks to Asia Insurance Review on the company’s plans and...
Mr PC James, General Manager, United India Insurance Co Ltd, says that to the public, insurance is “often difficult and opaque with the fear of service failure looming large”. Service is thus the key to building credibility and faith in the product. Here, he gives detailed advice on what insurers can do to enhance the service...
Financial discipline ensures a sound, transparent and efficient financial sector in any country. Mr S Sankaramuthukumar, Assistant Professor, Management Research Division at Dayananda Sagar Institutions, Bangalore, and Mr A Devamohan, Lecturer, Jimma University, Ethiopia, analyse the penalties and warnings meted out by IRDA and say that this...
There are ample opportunities for India to shine on the global map and to contribute to the world economy. With infrastructure improvement being crucial for GDP growth, the Government, on its part, is laying much emphasis on infrastructure development projects. Mr Venkatesh Ganapathy, General Manager (Corporate) at Firepro Systems Pvt Ltd,...
From monopoly to privatisation to standardisation and strict regularisation, the insurance industry in India has undergone and continues to undergo major changes. Mr Vidyesh Khanolkar, Head – Insurance Practice, Asia Pacific, Mastek Ltd, advises insurers to use IT to adapt to these changes quickly, effectively and efficiently.
This is the winning entry from Dr N Sivakumar in the Energise India Essay writing competition organised in conjunction with the 4th India Rendezvous this month in Mumbai by Asia Insurance Review and GIC Re.
Climate change is wreaking havoc and the undertaking to save ourselves is thus urgent. In this section, one insurer talks about the mission to make the planet sustainable by 2050, while two other re/insurers examine the role insurers can play and what they themselves are doing to help in the mitigation and adaptation measures.
As winner of our prestigious Green Company of the Year Award for 2010, Sompo Japan Insurance has been at the forefront of several green initiatives. Here, Mr Masao Seki, Associate Director, Chief CSR Officer, Sompo Japan Insurance, fills us in on climate change developments, giving us information on the 1992 Rio Declaration and says that the...
The number and scale of weather-related natural catastrophe losses in 2010 were exceptionally high – worldwide, but especially in Asia Pacific: significant monsoon rains, flooding and landslides in Asia – from Pakistan to China, Thailand, Vietnam and Cambodia – but also in Africa and Europe, wildfires in Russia, and super...
The Catlin Arctic Survey has contributed significantly to the study of the effects of climate changes on our planet. Mr Mark Newman, CEO, Catlin Asia-Pacific, tells us why they are involved and continuing to be involved in this demanding mission.
In this retrospective report, Mr Kunio Ishihara, Co-chair of The CC+I Project, talks about the insurance industry’s ongoing efforts to advance climate science and risk assessment.
Mr Patric McGonigal of Barlow Lyde & Gilbert LLP discusses a case where the question of which law governed the reinsurance contract had arisen.
Solvency II looms ahead. Dr Kai-Uwe Schanz of Dr Schanz, Alms & Co AG tells us what Asian regulators and insurers can do to prepare for it.
Mr Clarence Wong from Swiss Re says that insurers must ensure that premium rates are adequate to cover increasing risk exposures.
In our yearly feature on P&I Clubs, we look at their renewal plans on rates and how the increase in world trade will affect them.
With China’s trade dynamo and new trade engines emerging, P&I Clubs share their growth plans and expectations for Asia.
Aon Benfield China’s Ms Helen Ye examines the progress of China’s reinsurance market over the past decade.
Mr Darren Stevens of Bravura Solutions shares the IT strategies needed to support life insurers today and for the future.
CSC Leading Edge Forum advocates the use of straight-through claim processing to reduce unnecessary costs in the handling of routine claims.
Insurers can actively use information technology to boost business and customer experience as well as control fraud and enhance risk management, heard delegates at the 6th Insurance Executives’ Summit for Strategy, Operations & Technology held in Taipei. The two-day conference also looked at how insurers are using technology as a...
The International Federation of Adjusting Association’s (IFAA) 2nd Regional Claims Conference 2010 gathered claims specialists from all walks of the insurance industry to discuss and embark on canvassing a more effective and sustainable claims life-cycle in Asia.
AIR turns 20 this month. Over the years, it has proved its mantle as the voice of Asia’s insurance industry and boosted the region’s image and profile globally.
We bring you our memories over these two decades as we look forward to the next 20 years and more.
Some of his industry associates call him “young man”. This does sound ironic given that he is now 83, but Mr Rey De Dios, founder of Insurance Asia, the predecessor of Asia Insurance Review, still has the energy of a young man judging by the amount of work and the number of travels he does. Indeed, he can still give young industry...
Since its first issue in January 1991, AIR has grown from a humble bi-monthly publication to a premier insurance magazine in the region that offers both print and online content.
Every organisation has someone who runs the show behind the scene, someone who holds the fort and keeps things intact. At Ins Communications, we have Ms Jennifer Chee, our Administration Manager, who has been with Asia Insurance Review since Day One and has kept the house and business in order. She shares with us the story of AIR.
They are usually the unsung souls of every publication. We flip through the pages of a magazine or newspaper without seeing the creative hands and minds behind them, or without realising the hard work that put those pages together. As we celebrate this merry milestone, we let our pages sing the voices of AIR’s creative souls: Mr Charles...
Insurance markets of China and India are flourishing due to a fast emerging middle-class and strategies to nurture them to meet world-class standards. How far have they come and where will they be heading to next?
The global microinsurance market could generate premiums of up to US$40 billion, with the Asia Pacific region seen as the fastest growing and the largest segment of the market, said Swiss Re’s latest sigma study “Microinsurance - risk protection for 4 billion people”. Microinsurance has also grown considerably in African and...
In the first 11 months of 2010, Asian issuers have raised the most capital ever, fuelling the global IPO recovery which sees global IPO fundraising activity setting record levels in 2010 with funds likely to exceed US$300 billion, according to Ernst & Young’s Year-end Global IPO Update.
The ASEAN Insurance Council (AIC) has awarded the prestigious Young ASEAN Manager Award 2010 (YAMA) to Mr Carlo Angelo Diaz who hails from the Philippines. Mr Diaz, who is a Senior Manager of Malayan Insurance, was selected from 31 nominees across the ASEAN countries based on his commendable leadership qualities, series of achievements and...
The Australian government has unveiled reforms to its A$1.3 trillion (US$1.28 trillion) pension sector, that would result in a cut in fees on Australians’ retirement funds, and a more efficient superannuation system. The government is also introducing a new no-frills, low-fee default superannuation product called MySuper.
Global reinsurance broker Guy Carpenter has announced that it has been awarded the Wholly-Owned Foreign Enterprise (WOFE) broking license by the China Insurance Regulatory Commission (CIRC).
The P&C market in India is expected to see tremendous growth in the near future, reaching US$1.4 billion in 2014, up from its current market size of US$770 million, as insurance carriers are increasingly evaluating technology investments to meet growth and efficiency objectives, according to Celent, a US-headquartered research and advisory...
Indonesian lawmakers are reported to have agreed to set up a long-awaited new supervisory body for insurance, banking and other financial services. The legislators said that a board of commissioners for the new body would be vested with full powers by 1 January 2013.
Japan’s Financial Services Agency (FSA), which supervises the insurance and other financial services sector in the country, is overhauling its inspection methods in preparation for the stricter method of calculating insurers’ solvency margin ratios that is due to be introduced in the fiscal year starting 1 April 2011, and the strict...
Fluctuating liabilities resulting from proposed international rules that require mark-to-market accounting may end up sharply eroding net profits at insurance companies, said the Life Insurance Association of Japan (LIAJ) which recently argued against the new accounting rules.
Most Koreans are not ready for life after retirement because they have inadequate financial assets, according to a joint study by Fidelity Investment Managers and Seoul National University’s Research Institute of Human Ecology. According to the study, financial assets that a household in Korea needs after retirement are estimated at KRW850...
Retakaful provider BEST RE has moved its headquarters from Tunisia to Labuan while announcing capital injections of US$140 million and US$10 million into its two newly created general and life companies, respectively.
Great Eastern Takaful Sdn Bhd (GETSB), a joint venture company between I Great Capital Holdings Sdn Bhd (i-Great), a subsidiary of Great Eastern Holdings Ltd, and Koperasi Angkatan Tentera (M) Berhad (KAT), has been officially launched.
The Philippine insurance industry regulator, the Insurance Commission, is seeking to gather data that will form the basis for the adoption of indexed insurance products to provide protection against catastrophes. And it hopes to work with the privately-owned insurers on this.
Hardy Underwriting Bermuda Ltd, the specialist insurer and reinsurer has commenced its underwriting operations at Hardy Underwriting Asia Pte Ltd (Hardy Asia) within the Lloyd’s Asia platform.
A new survey by UK insurer Aviva shows that Singapore holidaymakers are underinsured and fail to recognise the benefits of travel insurance.
CSC has unveiled its new state-of-the-art regional headquarters and client engagement hub, representing an investment of over S$85 million (US$65 million). The newly expanded facility represents the latest phase of growth for CSC in the region.
ING has sold its 5% stake in Fubon Financial Holding to institutional investors for a total amount equal to €395 million (US$522 million). This sale is in line with ING’s stated objective to reduce complexity and divest non-core assets.
HSBC celebrates the 10th anniversary of the Mandatory Provident Fund which has become a cornerstone of retirement planning in Hong Kong. HSBC manages one in three MPF savings of Hong Kong’s working population and will continue to work closely with their customers in Hong Kong.
Insured losses from catastrophes in 2010 have totalled US$36 billion, 34% higher than in 2009, according to initial estimates from Swiss Re’s sigma report.
The global markets for credit insurance and surety bonds are showing positive developments, although challenges still persist, noted a Guy Carpenter & Co report.
Investment income in the Protection and Indemnity (P&I) insurance market, which provides ship owners with marine legal liability coverage, bounced back to US$680 million in 2009/10 after record losses cost the market US$840 million in 2008/09, according to a new report from Willis Group Holdings.
Despite continuing favourable results, Bermuda’s non-life insurers are facing deteriorating fundamentals in a market cycle due to persistent pricing pressures, investment portfolios that lack sufficient yield and loss-reserve releases, according to AM Best in a special report.
The Swiss Financial Market Supervisory Authority has given the green light to Catlin Re Switzerland to operate as a reinsurance company, capitalised with approximately US$1.1 billion.