Interviews - Must have the right risk structure
Think Tank – The Geneva Association : Solvency II and incentives for systemic risk exposures
Risk Management Feature - Chemical Pro Action
Risk Management Feature - Underwriting in MDF factories
Risk Management Feature - Putting the concept of Three Lines of Defense to work for you
ERM Feature - Aspirational leadership can help support a risk management culture
At the Singapore International Reinsurance Conference (SIRC) last year, Dr Nikolaus von Bomhard, Chairman of the Board of Management, Munich Re, highlighted the importance of disciplined financial steering and having a responsible risk management culture. We talk to him about this and more.
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Solvency II has changed profoundly during the last months and years. Mr Philipp Keller of Deloitte shows how Solvency II in its current formulation gives incentives – if not checked by strong supervision – for insurers to invest in risky and illiquid assets.
Reactive chemical accidents pose a significant threat. Mr Stuart Selden from FM Global explains how flexible services and specially trained engineers help chemical customers reduce their risks.
Mr Xiaoling Qin of Mitsui Sumitomo Reinsurance Ltd discourses comprehensively about the nature of the associated fire hazard in Medium Density Fireboard (MDF) factories and the need for protection through critical checkpoints.
Mr Monson Marukatat of The Siam Commercial Samaggi Insurance PCL shares provides insightful experience about implementing this concept in an insurance company.
It is most challenging task, trying to implement a successful risk management culture. In this respect, Mr Bob Aubrey and Mr Julien Parasie, both from Mazars, elaborate on the Aspirational Leadership concept and how this can support such a culture.
Not resting on his laurels after Great Eastern Life (Singapore) won the Life Insurer of the Year at the 15th Asia Insurance Industry Awards, Mr Christopher Wei, Group CEO of Great Eastern Holdings Ltd, has bigger plans for the Group and shares with Asia Insurance Review how Great Eastern plans to be more than just a life insurer and why social...
Aiming to be one of Asia Pacific’s leading insurance brokers, Howden Broking Group recently acquired the Asia operations of Accette Insurance Group. The company, said its CEO, Mr Tim Coles, continues to be on the lookout for new acquisitions and has an exciting outlook for its business in the region amidst the growing demand for...
With operations in China, India and Hong Kong, Standard Life Group Chief Executive David Nish sees Asia as a key component of its plans given the region’s growing wealth and propensity towards savings which complement its offer of investment propositions. By Seow Kai Lun
Young ASEAN Manager Award (YAMA) 2011 winner, Mr Kevin Koh, AVP, Head of Information Technology, Manulife (Singapore) Pte Ltd, impressed the judges with his strong leadership skill in grooming talent. Asia Insurance Review speaks with him about his leadership philosophy. By Benjamin Ang
It has been almost a year since the tragedy of the Great East Japan Earthquake. Life and non-life insurers have been working in overdrive, putting top priority on paying claims and benefits, volunteering to work in affected areas and helping those affected get back on their feet. The tragic disaster has pulled the country together, showing...
Non-life insurers are looking to pay a total of US$15.5 billion for the Great East Japan Earthquake (Earthquake Insurance on Dwelling Risks) but the sector is still financially sound despite this monumental event. We speak with Mr Yasushi Kuriyama of the General Insurance Association of Japan, who shares with us some of the thoughts of the...
Mr Yoshinobu Tsutsui, Chairman of the Life Insurance Association of Japan, gives an update on the situation in the country, attributing the ability to pay claims smoothly to successful partnerships between the public and private sectors as well as among member companies. By Seow Kai Lun
By Mr Shinichi Takahashi, Partner; and Mr Yoshihide Matsushita, Associate of Nishimura and Asahi
Operations, culture, people factor, financials, rating environments, markets and the list goes on. The CEOs’ dashboard is full with many a red alert as they steer their companies through 2012.
To mark our annual CEO Summit, organised jointly with The Geneva Association, with the theme: “A Dashboard for CEOs –...
Mr Andrew Holderness and Mr William Tsang, both from Clyde & Co, review the recent M&A activity across Asia Pacific.
Ms Wendy Ding at Deacons Shanghai Representative Office shares details of the “Amendment to Primary and Secondary School Students in Shanghai Injury Treatment Regulation” that came into effect in the last quarter of 2011.
The treatment of counterparty default credit risk depends on ratings from external credit rating agencies. Prof Duan Jin-Chuan and Dr Oliver Chen from the Risk Management Institute at the National University of Singapore demonstrate a public good alternative to traditional credit ratings that has applications in insurers’ economic...
Mr David Wu from Ernst & Young Asia Pacific shares how insurers can embark on a sustainable improved cost management exercise and hence optimising the cost factor in the company.
Prudential Asia’s Chairman, Mr Donald Kanak, who also chairs the World Economic Forum’s Global Agenda Council on Insurance and Asset Management, tells us why our industry can be a huge potential for “green” investment and what policymakers have to do to make that happen.
The AIA group is believed to be exploring making a bid for ING’s Asian insurance operations, said to be worth US$6 billion, according to industry observers. It was noted that AIA had invited four banks to pitch for advisory roles to conduct the feasibility study.
AXA announced that it will close down its Ipac Wealth Management Asia operations in Hong Kong and Singapore in the first half of 2012. It plans to focus instead on insurance business in Asia.
Residents of Queensland now face higher insurance premiums for flood insurance even though more insurers are offering it. The state was hit by devastating floods last year and people are still struggling to rebuild their homes and lives.
Despite the difficult conditions, China’s insurance industry amassed CNY1.43 trillion (US$227 billion) in premiums for 2011, making it an increase of 10.4% y-o-y, said the CIRC.
Accette Insurance has changed its name to Howden Insurance Brokers, following the acquisition of its operations by Howden Broking Group in London, a member of the Hyperion Insurance Group.
The IRDA is considering allowing domestic private sector insurance companies to set up overseas joint venture firms and subsidiaries through buying a stake in foreign insurers.
IRDA has announced that it will scrap the unpopular Indian Motor Third Party Insurance Pool (IMTPIP) and replace it with an Indian Third Party Motor Declined Risk Insurance Pool with effect from April 2012.
Non-life insurers in Korea experienced a drop of 52% in their earnings in overseas markets from April to September 2011, compared to the same period the previous year.
The life insurance industry in Malaysia expects to see new business premiums growth by between 14 and 15% in 2012, higher than in 2011, said the Life Insurance Association of Malaysia (LIAM).
Philippine insurers are bullish about the industry’s growth for 2012 as the country is expecting a higher GDP growth, fuelled by remittances, as well as public-private partnership projects to be rolled out by the government.
The Philippines government is adhering to scheduled increase in capitalisation requirements for non-life insurers and has plans to further raise the capital requirements in a bid to align it with those of neighbouring countries. It believes that the move would enhance the solvency of insurers and protect public interest.
AIA has successfully transferred its insurance business in Singapore from a branch to a Singapore-incorporated and wholly-owned subsidiary of American International Assurance Company, Ltd. AIA in Singapore is now known as AIA Singapore Private Ltd, with all business transacted under this name.
Chinatrust Life Insurance is aiming to become the number one retirement insurance provider in Taiwan within in the next four years. It plans to focus its efforts on wealth management and retirement insurance products.
Local insurers should consider setting up “natural catastrophe reserves” to protect themselves against disasters and higher reinsurance charges, said Fitch Ratings, especially after the months-long flood that plagued Thailand in 2011.
The Vietnam government is planning to introduce an insurance plan for the nuclear power plants it intends to build together with Japan, which is scheduled to begin operations in 2020.
Mr Yogesh Lohiya retired from GIC Re at the end of last year. We salute this visionary, taking a quick look at his work at the company, as well as his foresight and achievements there. By Jimmy John
A study published by Swiss Re quantifies the total mortality protection gap across 12 insurance markets in the Asia Pacific to be US$41 trillion. Mr Paul Turner and Mr David Alexander, both from Swiss Re, highlight some key findings of the study.
Aon Corp has announced it will move its corporate headquarters to London from Chicago. It said that the move “provides greater access to emerging markets and takes better advantage of the strategic proximity to Lloyd’s and the London market as one of the key international hubs of insurance and risk brokerage”.
Mr Ikuo Uno, Executive Advisor to the Board and former Chairman, Nippon Life, is the 2012 Insurance Hall of Fame winner, announced the International Insurance Society (IIS), which administers the award.