Guest Editorial - ICA: Being more transparent and communicative
Guest Editorial - Brokers joining forces to be bigger
Risk Management Feature - Business resilience versus operational efficiency
Thoughts on Diversity - Delivery not distribution: The risk of unintended consequence
Global News - Industry falls short in its response to reputational risk – Willis
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The need for alternative operational capabilities in the event of a disruption to normal business is often viewed as an expensive overhead. Mr Stuart Selden of FM Global explores how developing a risk-focussed understanding of a business can clearly bring business continuity objectives into alignment with its strategic goals.
Distribution and delivery are virtually used as synonyms in our industry. Mr Praveen Gupta of the Diversity Action Group at Chartered Insurance Institute (UK) noted that distribution dominates in terms of usage and application and wonders if it represents some form of diversity or diversion.
Awhopping 95% of major corporations have suffered at least one major reputational crisis in the last 20 years, but less than 10% of these events are insurable, said Mr Phil Ellis, CEO of Willis Global Solutions Consulting Group, at a seminar on emerging risks in London.
After pulling out of talks to buy a stake in Lloyd’s insurer Omega, Bermudian insurer and reinsurer Haverford is now focussing its sight on Asia and keen to carve a niche in one or two Southeast Asian markets and to join the Lloyd’s Asia platform. Founder & Chairman Mark Byrne, who is particularly interested in Singapore and Hong...
Mr Alvin Nathan, Director of Eureka Call Centre Systems, shares how his call centre for insurance is helping the visually challenged find employment. By Seow Kai Lun
It has been “an unprecedented year” for Australia’s insurance industry. Our country profile includes a roundtable where 12 highly respected executives debate the challenge to rebuild the reputation of the insurance business, and take-aways on the lessons learnt, the urgent need for non-life to focus on underwriting, for life to...
The year 2011 will be one that the Australian insurance industry will remember as the most expensive for insured losses ever. Mr Heinrich Eder, Mr Stefan Golling and Mr Nico Conradie of Munich Re’s subsidiary, Munich Holdings of Australasia Pty Ltd share details of the catastrophes, the industry’s reactions to them and the lessons...
Despite the current low investment environment, insurers in Australia still need to pay their shareholders satisfactory returns, given that the Australian market has been inherently volatile. Right now those returns must, more than ever, come from the underwriting side of the business, says Mr Grant Robson, President & CEO (Asia Pacific) of...
Australia’s market for life insurance is at what appears to be an interesting crossroads. Ms Pauline Blight-Johnston from RGA Reinsurance Co of Australia Ltd provides some insight.
Mr David Matcham from the Australian Reinsurance Pool Corporation (ARPC) gives an overview of this nine-year-old scheme, the work it is accomplishing today and the review which will be completed in the middle of this year.
The Australian Underwriting Agencies Council’s new Chairman Mr John Iles aims to build on the solid framework put in place by his predecessors. Kate Tilley reports.
Messrs Stephen Hope and Robert Williams, both from Cunningham Lindsey, present the state of loss adjusting which today requires more experts as losses become increasingly complex. The loss adjusting process thus needs to be managed assiduously so that a fair outcome can be reached for all involved parties.
By Ms Marnie McConnell, Partner, Norton Rose Australia
In conjunction with our Country Profile this month, Chambers and Partners presents the best ranking list for insurance law firms in Australia.
Pakistan had seen some tough times in the last few years, and the economy is struggling with a 12% rate of high inflation, a weak currency and falling investments. But the insurance industry is counting on a recovery to fuel its growth though the market is still fragmented and buffeted by diverse challenges. For the long term, there is still...
In an exclusive interview, Mr Shahid Aziz Siddiqi, Chairman, State Life Insurance Corporation of Pakistan, the largest life insurer in Pakistan, talks about the current state of the country’s life insurance industry and the challenges ahead. By Jimmy John
The Pakistani non-life industry is shrugging off political uncertainty, economic struggles, terrorism activities, and the global financial crisis to find growth again with the support of the Securities & Exchange Commission of Pakistan (SECP), the industry regulator. There is a common strong view that despite the challenges, there is a huge...
Finding a complete and perfect solution in retirement planning can be an elusive task. But having the right environment and incentives are basic needs. Insurance experts in the region share what elements are needed to bring us nearer to this “holy grail”.
Mr Bruno Pfister of Swiss Life drives home a serious ironic dramatic message: that the requirement for increased capital for insurers can lead to greater financial and societal instability.
Mr Ian Cocking, Mr Gilbert Kwok and Mr Tom Palmer at Clyde & Co Hong Kong explain the new law on arbitration and its implications for policy disputes.
Insurance CEOs are at a crossroads. To help them steer their companies through the numerous critical challenges facing them, a Charter for Success was proposed at the recent Asia Insurance CEO Summit.
Mr Ian Cheng and Ms Joanna Wong of Ernst & Young Asia Pacific explain how insurers can establish a sustainable and scalable operating model which can support growth and give that competitive edge.
Ms Helen Shen from Deacons Shanghai Representative Office gives an overview of the recently issued Measures on Insurance Clauses and Rates of Life Insurers and the Draft rules on Operating Life Insurance Business, aimed at extending more protection for consumers.
Mr Sam Yeung of Munich Re Hong Kong looks at the development of the proposed Health Protection Scheme and key factors needed to ensure its long-term sustainability in the territory.
Mr Paul Weigall from InterGlobal gives pointers on selecting the right level of cover and benefits for expatriates.
CSC has been modernising insurance-administration systems by moving them to Java. Mr Andrew Dart shares some of their experiences when migrating one of the systems from an Oracle database to Microsoft SQL Server database.
Mr Philippe Brahin of Swiss Re highlights the challenges in securing the anticipated long-term benefits of Solvency II.
Mr Peter Rogers of Mitsui Sumitomo Reinsurance Ltd seeks the elusive truth of the role of the insurer towards the client as one of stewardship.
As the International Insurance Society (IIS) 48th Annual Seminar heads out to Rio de Janeiro in June, Mr Andrew Giffin of the IIS examines the principles of sustainable insurance (PSI).
Other than bringing the Million Dollar Round Table (MDRT) Annual Meeting experience to producers outside of the US and giving a taste of it to non-members, the MDRT Experience was rich with lessons and inspirations for insurance advisers and executives alike. We bring you the highlights. By Benjamin Ang
At the recent 14th Global Conference of Actuaries (GCA) held in Mumbai, about 700 participants from India and around the world discussed issues concerning the actuarial profession today. With risks becoming more complex and regulations becoming more rigorous, actuaries are more and more in demand. We bring you highlights of this two-day event....
HSBC has agreed to sell its general insurance portfolios in Hong Kong and Singapore to AXA Group along with a 10-year bancassurance agreement for AXA to become the exclusive provider of general insurance products to HSBC’s customers in Hong Kong, Singapore, China, India and Indonesia.
Ms Khadijah Abdullah, CEO of the Malaysian Insurance Institute (MII) received the “Asia’s Leading Woman in Finance and Investment” award, in appreciation of her commitment and leadership values to the development of insurance education and training in the country, as well as her dedication to elevate the professionalism of...
A new insurance group specialising in helping companies protect against the threat of a terrorist attack in Asia was launched in Singapore. Xin Consortium comprises four syndicates operating on the Lloyd’s Asia Platform in Singapore – Amlin, Markel, Canopius and Argenta. It received license from the Monetary Authority of Singapore...
European life insurers’ presence in the Asian (ex-Japan) markets has a credit-neutral effect on their credit profiles presently, said Moody’s Investors Service in a recent Special Comment. However, over the longer term, if the insurers expand profitably in the region, the credit implications might be positive.
All bancassurance efforts are directed to retail today and the corporate side is only looked at as an afterthought, said Mr Darren Thomson, Asia Regional Head, Strategic Channel Development, Manulife Financial.
Simpler and easier-to-understand products are what life insurance and pension market customers in Asia Pacific want, even as insurer try to cope with the varying array of market dynamics and customers’ preferences, reports Ernst and Young’s (E&Y) Global Insurance Customer Survey.
Insurance is an all-encompassing business and hence it must practise diversity in letter and spirit to ensure inclusivity for all its stakeholders, said Mr Praveen Gupta, the newly elected Deputy Chair of Diversity Action Group (DAG) of the Professional Standards Board at Chartered Insurance Institute (UK).
The Australian Prudential Regulation Authority (APRA) said it will defer the introduction of the horizontal requirement of the Insurance Concentration Risk Charge (ICRC) after calls from the insurance industry to delay its commencement.
Cunningham Lindsey has acquired the Australian business of RGL Forensics. The acquired business will operate as an independent division and will expand Cunningham Lindsey Group’s major loss and forensic accounting capability in Australia and Asia.
The Chinese insurance regulator, in a milestone move, is allowing some qualified insurers to set terms and premium rates for auto insurance using their own data and the market value of vehicles, according to a notice on the CIRC’s website. Insurance companies seen as qualifying for the limited liberalisation move include Ping An and...
Hong Kong’s insurance industry grew to HK$225.8 billion (US$29.1 billion), registering a 9% y-o-y growth announced the OCI as it released the provisional statistics of the sector.
In a bid to hasten the introduction of new insurance products, the Indian Finance Ministry is looking at a principle-based regulatory approach, where the IRDA would be able to draw up broad guidelines and insurers would be able to launch products without needing to seek prior approval, as is practised now.
Despite the 11 March earthquake and tsunami as well as the Thailand floods last year, Japanese life insurers are sufficiently prepared to face current challenges while non-life insurers have adequate capital buffer to cope with other prevailing challenges, according to Fitch Ratings.
The Japan Ship Owners’ Mutual Protection & Indemnity Association has announced that it will only be able to provide a fraction of insurance coverage to tankers that transport Iranian oil under new European Union (EU) sanctions.
With a Muslim population of 213 million compared with 17 million in Malaysia, it is not surprising that Malaysia’s Islamic insurers are keen to expand in Indonesia, the world’s most populous Muslim country.
The Monetary Authority of Singapore (MAS) plans to broaden its corporate governance (CG) framework to include locally incorporated (re)insurers. This move means that locally incorporated (re)insurers will be required to have at least one third of their boards comprise independent directors.
Several Taiwanese insurers have gained approval to invest in China’s stock market from Chinese authorities, as China seeks to boost its local markets through the introduction of foreign funds.
The Office of Insurance Commission (OIC) has increased the foreign shareholding limit for insurance companies from 25% to 49%.
The government sponsored Catastrophe Insurance Promotion Fund is expected to add THB15-20 billion (US$640 million) in new premiums to the Thai insurance industry.
European insurance and reinsurance federation CEA has announced that it has changed its name to Insurance Europe. It has also unveiled new corporate identity that reflects the dynamism and importance of the industry it represents.
Global corporate (GC) business will be the most exciting business in the insurance industry, said Mr Thomas Hürlimann from Zurich Insurance Co Ltd. And that is not just because he is the CEO of Global Corporate in Zurich.