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Read the latest edition of AIR and MEIR as an Interactive e-book

Read the latest edition of AIR and MEIR as an Interactive e-book

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Risk Features

Interviews - EQECAT: RQE CAT models to understand the world’s risks

There is now a demand for improved, more accurate, relevant catastrophe models. Mr Bill Keogh, President, EQECAT Inc, shares that their updated Risk Quantification & Engineering (RQE) platform meets this demand through robust methodology and a seamless user experience.

Cover Story – CATs: Facing future CATs - Japan tsunami – No longer an unmodelled risk

Geologists, climatologists, natural catastrophe experts, underwriters, are all working on the deluge of data obtained from 2011’s slew of events. New and improved CAT modelling tools are now available which will help with understanding the risks better. Experts including reinsurers, modellers and consultants explore the impact and lessons...

Cover Story – CATs: Elevated seismic risk in the Tokyo area

Mr Thomas Lillelund from Aspen Re’s Asia office in Singapore and Dr Kirsty Styles of Aspen Re, explain the reinsurer’s approach to increased earthquake risk in the Tokyo area.

Cover Story – CATs: Taming the CATs in China: Catastrophe risk management in the Chinese insurance industry

It is in the interest of the international reinsurance industry to continue to play a key role in assisting the Chinese market improve its data and loss models and meet CIRC’s push to move China in line with global best practices, says Mr Dustin Fabbian of Aon Benfield China Ltd. Effective earnings volatility management is also important...

Risk Management Feature - Who will stop the rain?

Mr Stuart Selden of FM Global looks at how clients in the region have mitigated the effects of catastrophic flooding.

Others

Interviews - GIAK: Supporting the push for Korean global insurers

Mr Moon Jae-Woo, Chairman and CEO of General Insurance Association of Korea (GIAK) talks about the association’s current focus to further lay the groundwork for member companies’ overseas expansions through measures such as MoUs with overseas counterparts and the hosting of the International Insurance Society (IIS) Seminar next year....

Interviews - Premium product, premium service

Cigna is a relatively late entrant to the individual private medical insurance (iPMI) market, having launched its business in 2010. But it is making headway, as Mr Phil Austin, Head of Cigna Global Health Options, says that the opportunities in this sector are huge (US$50 billion) and that as Cigna is well-known for its premium group...

Interviews - Brokers feel the heat of global pressures

Brokers are feeling the pressure of global economic woes and the need to prepare for Solvency II, and are finding ways to boost their balance sheets. But they are also seeing opportunity in adversity as more companies look to emerging markets and increasingly rely on brokers to help them manage their risks, says Mr Julian James, CEO of Lockton...

Country Profile – Vietnam: Non-life: Growing rapidly and sustainably

As with all emerging and fast-growing economies, the general insurance industry is expected to grow. The challenge lies in curbing severe competition. So it is with Vietnam. As one industry player says: “Hot growth results in hot competition”. We speak with some general insurance players who share their views on the market and the...

Indonesia Life Spotlight – Interview with the Regulator: Ready for super-regulator OJK

With less than half a year to the transition from the Ministry of Finance’s ambit to that of Otoritas Jasa Keuangan (OJK), Indonesia’s Insurance Bureau has been busy making the necessary preparations. We speak with Bureau Chief Mr Isa Rachmatarwata on the changes to be expected, as well as on the second round of capital requirement...

Indonesia Life Spotlight – Making the case for increased consumer education

Ms Nini Sumohandoyo of PT Prudential Life Assurance looks at the efforts of the insurance industry, the regulator and other stakeholders to reach the masses on the importance of insurance.

Indonesia Life Spotlight – Financial soundness rules tightened up for Indonesian insurers

The Ministry of Finance has issued a new regulation to tighten up the financial soundness requirements for insurance companies. Norton Rose gives the lowdown.

Cover Story – CATs: 2011 Thai floods: What shaped them and how they will shape the industry

Precipitation-induced floods typically result from the interplay of several factors. These include precipitation, soil moisture conditions (or antecedent conditions), terrain characteristics (slope) and water and land management practices related to dams, reservoirs, and urbanisation, says Dr Peter Sousounis of AIR Worldwide.

Cover Story – CATs: Severe natural catastrophes in Asia: Lessons learned and what lies ahead?

2011 brought devastating natural catastrophes to the Asia-Pacific region. What lessons can be learned and are the more frequent and more intense weather-related events forerunners of climate change? Can an answer be found in the world’s largest natural catastrophe database? Prof Peter Höppe of Munich Re’s Geo Risks Research unit...

Think Tank – The Geneva Association: A historical view of the term “Moral Hazard”

In an extract taken from The Geneva Association’s Insurance Economics Newsletter, Dr David Rowell and Dr Luke B Connelly from The University of Queensland give an in-depth understanding of the term “Moral Hazard”.

Legal Page - “Triggering” insuring clauses – context is everything

Mr David Smyth and Mr Warren Ganesh, from the merged firm of Clyde & Co and Barlow Lyde & Gilbert, consider two important cases in which the highest courts in the UK and Hong Kong have recently had to interpret the wording of insuring clauses.

Microinsurance Focus - Philippines: Making stride but needs systemic approach

The Philippines has made a stride in microinsurance by adapting regulations to microinsurance. But it needs a systemic approach where microinsurance is combined with other tools of protecting the low-income segments of the population

Olympics Insurance Feature - The mammoth task of insuring the Olympics

Due to gagging orders, the insurance of the Olympics is one that is shrouded in secrecy. We shed some light on how the various risks related to the Olympics are mitigated through the use of insurance.

Corporate Social Responsibility Spotlight - Samsung Life: Tackling societal and global issues

Samsung Life won the 2011 Asia Insurance Award for Corporate Social Responsibility, impressing the judges with their leadership in the CSR movement. We present an extract from their submission entry for the Awards which details their various projects.

Corporate Social Responsibility Spotlight - Sompo Japan: CSR for the whole company

Mr Masao Seki from Sompo Japan Insurance Inc says that to make corporate social responsibility (CSR) sustainable, they are anchoring it on their employees and the whole company.

Specialty Lines Focus - Something special about specialty lines

They are not the types of insurance people recall at first thought, but specialty lines are very much a part of the insurance basket of products. Mr Patrick Kim of JLT Re Asia gives an overview of some of these lines in Asia.

Training Needs in the Market - Tailoring global leadership

The Singapore College of Insurance discusses the need to identify and implement a global leadership strategy as part of the toolkit for managing talent in today’s fast-growth global environment.

Conference reports - CFO Challenge: Be a business partner to your CEO

The universe of CFOs has expanded. Gone are the days when their world revolved around financial gatekeeping, acting as head of accounts, managing data, and performing analytical and routine tasks. CFOs of today, with their evolving and expanding roles, need to wear many hats and be a partner to their CEOs, said speakers at the 6th Asian...

Conference reports - Health insurers: Seeking sustainability

It is all about costs and ultimately the sustainability of the health insurance ecosystems among patients, insurers and healthcare providers depends on a win-win for all. This was the key message at the 8th Asia Conference on Healthcare and Health Insurance held in Mumbai where the health insurance system in India came under close scrutiny. By...

Conference reports - Bancassurance boosts access in countries with distribution constraints

Sales through bancassurance reached a high of 88% for life insurance in Portugal, cites a speaker at the 13th Asia Bancassurance Conference, highlighting the potential of this channel. Other speakers share how to make the channel a success, the need to constantly evolve faster than the competition, and facing challenges such as raising costs and...

Personality Profile - A passion driven by teamwork

Fresh from winning Asia’s Leading Woman in Finance and Investment award this year, Ms Khadijah Abdullah, CEO of Malaysian Insurance Institute, shares what it took to turn her organisation around and the challenges women leaders face.

News - Asia: Asia remains an attractive investment zone – World Economic Forum

Despite a series of natural disasters in 2011 which caused damage estimated at US$370 billion, Asia remains an attractive investment destination for global investors, thanks to its growth prospects.

News - Asia: ASEAN: Ageing demographics dictate changes in retirement funding

Areport, published by Manulife Asset Management last month, casts doubt on the assumption that ageing populations are exclusively a challenge of already recognised “grey” Asian nations such as Japan and Korea.

News - Asia: Aviva to sell some Asian firms

Further to the news that Aviva is looking to sell its share in its Malaysian joint venture with CIMB Group, it was reported that the UK insurer is also intending to sell its Sri Lankan and South Korean business.

News - Asia: ING’s Asian sales enter second round

Manulife Financial Corp, AIA Group Ltd, Korea Life Insurance Co and KB Life Insurance Co of Korea, are some of the companies put on the shortlist by ING to make second-round bids for ING Groep NV’s Asian insurance business, it was reported.

News - Asia: SEA: Fighting inflation with smart price differentiation


Smart price differentiation is what companies in Southeast Asia need, according to Simon-Kucher & Partners Strategy & Marketing Consultants.

News - China: CIRC gives insurers more flexibility in investments

The CIRC is easing controls on insurers to give them more flexibility in making investment decisions.

News - China: Roadblocks in China’s motor market


The opening up of China’s estimated US$50 billion motor insurance industry to foreign players to offer a full range of insurance products presents immense opportunities, but there are roadblocks aplenty – from poor driving standards to a new generation of car owners unfamiliar with the concept of buying insurance against accidents...

News - India: Munich Re committed to the Indian market

The prevailing soft market in the non-life reinsurance sector is leading to restricted non-life reinsurance volume, based on Munich Re’s standard of risk-based underwriting that requires prices and terms to match the environment, said the world’s leading reinsurer.

News - India: Health market to grow five times to US$7.6 bln by 2015


The health insurance market in India is expected to grow five times to cover 10% of the population by 2015, according to a recent survey.

News - Indonesia: PT Askes and PT Jamsostek to become non-profit bodies

PT Askes and PT Jamsostek, two state-owned insurance companies, have been asked to separate their assets and participants, including assets in their subsidiaries in preparation for their transformations into non-profit organisations.

News - Japan: The ISJ marks 40th Anniversary


The Insurance School (Non-Life) of Japan (ISJ) marks the 40th Anniversary of its foundation in 1972 and in commemoration of the anniversary, had invited Mr Jimmy Poon, the Chairman of General Insurance Council of the Hong Kong Federation of Insurers and an ISJ graduate who plays an active role in the Asian insurance market, as a keynote...

News - Japan: LIAJ received State Minister’s commendations

The Life Insurance Association of Japan (LIAJ) has received a State Minister’s commendation for contributors to consumer support in 2012 which is based on the commendation programme in charge of the Consumer Affairs Agency.

News - Malaysia: Tokio Marine acquires MUI Continental’s non-life book

Tokio Marine Insurans (Malaysia) Bhd (TMIM) has officially agreed with MUI Continental Insurance Berhad (MUI), a general insurer in Malaysia, on the transfer of MUI’s general insurance business to TMIM.

News - Philippines: Insurers file court challenge against capital increases

Non-life insurance companies have asked a regional court to halt capital increases imposed by the government that started last year and which would lead to a number of firms having to close down next month.

News - Taiwan: AXA remains committed to set up a life insurance branch


AXA has taken notice of the decision of the FSC not to approve the branch license application but it has reiterated its desire to establish a life insurance branch in Taiwan in 2012 and to address the specific concerns raised by FSC.

News - Thailand: Take-up of crop insurance up but still low

Ajump in crop insurance in Thailand is projected for 2012, with a total of 30,000 drought insurance policies covering 24,000 hectares of rice fields expected to be taken out this year.

News - Vietnam: PVI Holdings and Sun Life Financial to form life JV


PVI Holdings and Sun Life Assurance Company of Canada, a wholly-owned subsidiary of Sun Life Financial., have signed an agreement to form a joint venture life insurance company, PVI Sun Life Insurance Co Ltd (PVI Sun Life).

Global News - S&P – Advance notice of proposed criteria change for insurance companies

Standard & Poor’s Ratings Services (S&P) is reviewing the assumptions and methodologies it uses to assign global-scale ratings to insurers (excluding bond insurers and mortgage insurers).

Global News - IAIS releases assessment methodology for G-SIIs in insurance


The International Association of Insurance Supervisors (IAIS) had released its proposed assessment methodology for the identification of global systemically important insurers, or G-SIIs in June.

Global News - John Fitzpatrick to succeed Patrick Liedtke as Secretary General and Managing Director of The Geneva Association

International insurance economics think tank, The Geneva Association, has announced the appointment of Mr John H Fitzpatrick as Secretary General and Managing Director.

Others

Interviews - GIAK: Supporting the push for Korean global insurers

Mr Moon Jae-Woo, Chairman and CEO of General Insurance Association of Korea (GIAK) talks about the association’s current focus to further lay the groundwork for member companies’ overseas expansions through measures such as MoUs with overseas counterparts and the hosting of the International Insurance Society (IIS) Seminar next year....

Interviews - Premium product, premium service

Cigna is a relatively late entrant to the individual private medical insurance (iPMI) market, having launched its business in 2010. But it is making headway, as Mr Phil Austin, Head of Cigna Global Health Options, says that the opportunities in this sector are huge (US$50 billion) and that as Cigna is well-known for its premium group...

Interviews - Brokers feel the heat of global pressures

Brokers are feeling the pressure of global economic woes and the need to prepare for Solvency II, and are finding ways to boost their balance sheets. But they are also seeing opportunity in adversity as more companies look to emerging markets and increasingly rely on brokers to help them manage their risks, says Mr Julian James, CEO of Lockton...

Country Profile – Vietnam: Non-life: Growing rapidly and sustainably

As with all emerging and fast-growing economies, the general insurance industry is expected to grow. The challenge lies in curbing severe competition. So it is with Vietnam. As one industry player says: “Hot growth results in hot competition”. We speak with some general insurance players who share their views on the market and the...

Indonesia Life Spotlight – Interview with the Regulator: Ready for super-regulator OJK

With less than half a year to the transition from the Ministry of Finance’s ambit to that of Otoritas Jasa Keuangan (OJK), Indonesia’s Insurance Bureau has been busy making the necessary preparations. We speak with Bureau Chief Mr Isa Rachmatarwata on the changes to be expected, as well as on the second round of capital requirement...

Indonesia Life Spotlight – Making the case for increased consumer education

Ms Nini Sumohandoyo of PT Prudential Life Assurance looks at the efforts of the insurance industry, the regulator and other stakeholders to reach the masses on the importance of insurance.

Indonesia Life Spotlight – Financial soundness rules tightened up for Indonesian insurers

The Ministry of Finance has issued a new regulation to tighten up the financial soundness requirements for insurance companies. Norton Rose gives the lowdown.

Cover Story – CATs: 2011 Thai floods: What shaped them and how they will shape the industry

Precipitation-induced floods typically result from the interplay of several factors. These include precipitation, soil moisture conditions (or antecedent conditions), terrain characteristics (slope) and water and land management practices related to dams, reservoirs, and urbanisation, says Dr Peter Sousounis of AIR Worldwide.

Cover Story – CATs: Severe natural catastrophes in Asia: Lessons learned and what lies ahead?

2011 brought devastating natural catastrophes to the Asia-Pacific region. What lessons can be learned and are the more frequent and more intense weather-related events forerunners of climate change? Can an answer be found in the world’s largest natural catastrophe database? Prof Peter Höppe of Munich Re’s Geo Risks Research unit...

Think Tank – The Geneva Association: A historical view of the term “Moral Hazard”

In an extract taken from The Geneva Association’s Insurance Economics Newsletter, Dr David Rowell and Dr Luke B Connelly from The University of Queensland give an in-depth understanding of the term “Moral Hazard”.

Legal Page - “Triggering” insuring clauses – context is everything

Mr David Smyth and Mr Warren Ganesh, from the merged firm of Clyde & Co and Barlow Lyde & Gilbert, consider two important cases in which the highest courts in the UK and Hong Kong have recently had to interpret the wording of insuring clauses.

Microinsurance Focus - Philippines: Making stride but needs systemic approach

The Philippines has made a stride in microinsurance by adapting regulations to microinsurance. But it needs a systemic approach where microinsurance is combined with other tools of protecting the low-income segments of the population

Olympics Insurance Feature - The mammoth task of insuring the Olympics

Due to gagging orders, the insurance of the Olympics is one that is shrouded in secrecy. We shed some light on how the various risks related to the Olympics are mitigated through the use of insurance.

Corporate Social Responsibility Spotlight - Samsung Life: Tackling societal and global issues

Samsung Life won the 2011 Asia Insurance Award for Corporate Social Responsibility, impressing the judges with their leadership in the CSR movement. We present an extract from their submission entry for the Awards which details their various projects.

Corporate Social Responsibility Spotlight - Sompo Japan: CSR for the whole company

Mr Masao Seki from Sompo Japan Insurance Inc says that to make corporate social responsibility (CSR) sustainable, they are anchoring it on their employees and the whole company.

Specialty Lines Focus - Something special about specialty lines

They are not the types of insurance people recall at first thought, but specialty lines are very much a part of the insurance basket of products. Mr Patrick Kim of JLT Re Asia gives an overview of some of these lines in Asia.

Training Needs in the Market - Tailoring global leadership

The Singapore College of Insurance discusses the need to identify and implement a global leadership strategy as part of the toolkit for managing talent in today’s fast-growth global environment.

Conference reports - CFO Challenge: Be a business partner to your CEO

The universe of CFOs has expanded. Gone are the days when their world revolved around financial gatekeeping, acting as head of accounts, managing data, and performing analytical and routine tasks. CFOs of today, with their evolving and expanding roles, need to wear many hats and be a partner to their CEOs, said speakers at the 6th Asian...

Conference reports - Health insurers: Seeking sustainability

It is all about costs and ultimately the sustainability of the health insurance ecosystems among patients, insurers and healthcare providers depends on a win-win for all. This was the key message at the 8th Asia Conference on Healthcare and Health Insurance held in Mumbai where the health insurance system in India came under close scrutiny. By...

Conference reports - Bancassurance boosts access in countries with distribution constraints

Sales through bancassurance reached a high of 88% for life insurance in Portugal, cites a speaker at the 13th Asia Bancassurance Conference, highlighting the potential of this channel. Other speakers share how to make the channel a success, the need to constantly evolve faster than the competition, and facing challenges such as raising costs and...

Personality Profile - A passion driven by teamwork

Fresh from winning Asia’s Leading Woman in Finance and Investment award this year, Ms Khadijah Abdullah, CEO of Malaysian Insurance Institute, shares what it took to turn her organisation around and the challenges women leaders face.

News - Asia: Asia remains an attractive investment zone – World Economic Forum

Despite a series of natural disasters in 2011 which caused damage estimated at US$370 billion, Asia remains an attractive investment destination for global investors, thanks to its growth prospects.

News - Asia: ASEAN: Ageing demographics dictate changes in retirement funding

Areport, published by Manulife Asset Management last month, casts doubt on the assumption that ageing populations are exclusively a challenge of already recognised “grey” Asian nations such as Japan and Korea.

News - Asia: Aviva to sell some Asian firms

Further to the news that Aviva is looking to sell its share in its Malaysian joint venture with CIMB Group, it was reported that the UK insurer is also intending to sell its Sri Lankan and South Korean business.

News - Asia: ING’s Asian sales enter second round

Manulife Financial Corp, AIA Group Ltd, Korea Life Insurance Co and KB Life Insurance Co of Korea, are some of the companies put on the shortlist by ING to make second-round bids for ING Groep NV’s Asian insurance business, it was reported.

News - Asia: SEA: Fighting inflation with smart price differentiation


Smart price differentiation is what companies in Southeast Asia need, according to Simon-Kucher & Partners Strategy & Marketing Consultants.

News - China: CIRC gives insurers more flexibility in investments

The CIRC is easing controls on insurers to give them more flexibility in making investment decisions.

News - China: Roadblocks in China’s motor market


The opening up of China’s estimated US$50 billion motor insurance industry to foreign players to offer a full range of insurance products presents immense opportunities, but there are roadblocks aplenty – from poor driving standards to a new generation of car owners unfamiliar with the concept of buying insurance against accidents...

News - India: Munich Re committed to the Indian market

The prevailing soft market in the non-life reinsurance sector is leading to restricted non-life reinsurance volume, based on Munich Re’s standard of risk-based underwriting that requires prices and terms to match the environment, said the world’s leading reinsurer.

News - India: Health market to grow five times to US$7.6 bln by 2015


The health insurance market in India is expected to grow five times to cover 10% of the population by 2015, according to a recent survey.

News - Indonesia: PT Askes and PT Jamsostek to become non-profit bodies

PT Askes and PT Jamsostek, two state-owned insurance companies, have been asked to separate their assets and participants, including assets in their subsidiaries in preparation for their transformations into non-profit organisations.

News - Japan: The ISJ marks 40th Anniversary


The Insurance School (Non-Life) of Japan (ISJ) marks the 40th Anniversary of its foundation in 1972 and in commemoration of the anniversary, had invited Mr Jimmy Poon, the Chairman of General Insurance Council of the Hong Kong Federation of Insurers and an ISJ graduate who plays an active role in the Asian insurance market, as a keynote...

News - Japan: LIAJ received State Minister’s commendations

The Life Insurance Association of Japan (LIAJ) has received a State Minister’s commendation for contributors to consumer support in 2012 which is based on the commendation programme in charge of the Consumer Affairs Agency.

News - Malaysia: Tokio Marine acquires MUI Continental’s non-life book

Tokio Marine Insurans (Malaysia) Bhd (TMIM) has officially agreed with MUI Continental Insurance Berhad (MUI), a general insurer in Malaysia, on the transfer of MUI’s general insurance business to TMIM.

News - Philippines: Insurers file court challenge against capital increases

Non-life insurance companies have asked a regional court to halt capital increases imposed by the government that started last year and which would lead to a number of firms having to close down next month.

News - Taiwan: AXA remains committed to set up a life insurance branch


AXA has taken notice of the decision of the FSC not to approve the branch license application but it has reiterated its desire to establish a life insurance branch in Taiwan in 2012 and to address the specific concerns raised by FSC.

News - Thailand: Take-up of crop insurance up but still low

Ajump in crop insurance in Thailand is projected for 2012, with a total of 30,000 drought insurance policies covering 24,000 hectares of rice fields expected to be taken out this year.

News - Vietnam: PVI Holdings and Sun Life Financial to form life JV


PVI Holdings and Sun Life Assurance Company of Canada, a wholly-owned subsidiary of Sun Life Financial., have signed an agreement to form a joint venture life insurance company, PVI Sun Life Insurance Co Ltd (PVI Sun Life).

Global News - S&P – Advance notice of proposed criteria change for insurance companies

Standard & Poor’s Ratings Services (S&P) is reviewing the assumptions and methodologies it uses to assign global-scale ratings to insurers (excluding bond insurers and mortgage insurers).

Global News - IAIS releases assessment methodology for G-SIIs in insurance


The International Association of Insurance Supervisors (IAIS) had released its proposed assessment methodology for the identification of global systemically important insurers, or G-SIIs in June.

Global News - John Fitzpatrick to succeed Patrick Liedtke as Secretary General and Managing Director of The Geneva Association

International insurance economics think tank, The Geneva Association, has announced the appointment of Mr John H Fitzpatrick as Secretary General and Managing Director.