From Editor-in-chief
Taiwan FSC: Striking a delicate balance
Validus Re: Size matters in CAT space
Standard Life: The party has just begun
Building robust models for Asia
2012 Asia Insurance Industry Awards - Celebrating that Award
Shimmering with vibrant optimism
Sri Lanka’s trusted reinsurance partner
Market primed for take off
Looking forward to life?
EAIC - A say in the future
EAIC - A case for an insurance world that pulls
EAIC - Hashing out EAIC
The Geneva Association - Ageing of the European population and its effects on financial markets
Ageing Asian population pushes a greater role for insurance
Impact of “Building Information Modelling” on insurers
D&O Feature: D&O risks in Asia on the rise
D&O Feature: Securing the existence of small- and medium-sized businesses
Innovation in Insurance
Effective Customer Care - Insuring leadership with Smarter Analytics
Investment Update - Investing for better returns
Legal spotlight on China: China’s insurance investment channels expands
Is Malaysia ready for tomorrow?
Is Indonesia riding the waves of change to transform the industry?
Is China’s privatisation policy spelling big boom?
Risk appetite for reinsurance optimisation
Global regulatory dynamics – Opportunities or challenges for Asian insurers?
Marine Update: Marine insurance continues to underpin global trade
Asia: Allianz in 10-year life distribution deal with HSBC in Asia
Asia: ING’s asset sale stalled in Korea
Asia: HSBC withdraws from Islamic retail business in six countries
Australia to see more weather-related events – Munich Re
Australia: IAG to cross-sell life insurance
China: PICC in talks with insurers for its HK IPO
Hong Kong: Insurance sector predicted to have highest salary increase in 2013
India: Insurance regulators must work closely with industry – IRDA
India: ERGO, Avantha enter into life insurance JV
Indonesia: Fitch predicts stable outlook for insurers in 2013
Malaysia: Tokio Marine to set up new reinsurance subsidiary in Labuan
New Zealand: AIG is major global sponsor of New Zealand Rugby Union
Pakistan: Pakistan’s life sector growing
Philippines: Multisectoral agency to draft country's first EQ insurance pool
Thai Floods- A year later
Thailand: World Bank to promote Thailand as ASEAN insurance hub
Thailand: Prudential plc to acquire Thanachart Life for US$585 mln
Hurricane Sandy may cost up to US$25 bln
AIG returns core insurance operations to AIG brand
FSA imposes largest retail fine of US$16.7 mln for mis-selling
IAIS proposes policy measures for global systemically important insurers
Diary of Events
People on the move
Buy Now
Dr Huang Tien-Mu, the longest-serving former Director General of the Insurance Bureau, Financial Supervisory Commission, Taiwan, who stepped down this year to become the Director General of the Securities and Futures Bureau, looks back on his tenure and shares with Asia Insurance Review the tough balancing act a regulator has to play and his most...
Recognising that size matters in catastrophe reinsurance, Validus Re continues to build its business and, with its acquisition of Flagstone Re, aims to matter more to clients and offer them greater capacity as it expects to have more than US$5 billion of capital under its belt once the deal is completed, says Mr Ed Noonan, Chairman & CEO of...
On a visit to Asia to mark the establishment of its first full-service branch in Singapore, Mr Gerry Grimstone, Chairman, and Mr Nathan Parnaby, CEO, Asia & Emerging Markets, of Standard Life plc say despite the projections of slowdown in Asia, the party has just begun, and the group will accelerate its access to the high-growth, high-value...
Asia Risk Centre’s (ARC)’s CEO Roman Hohl shares the company’s plan for the region and what goes into building robust agricultural models for Asia.
Winners of the 16th Asia Insurance Industry Awards take some time off from revelling to tell us how they will celebrate their victory and do their bit for the industry.
In spite of the global recession, Sri Lanka is on a growth path. General insurance jumped by 21% while life rose by 5% in the first half of last year. Read on for the industry's self assessment of the market leading to a picture of optimism and vibrancy.
The National Insurance Trust Fund (NITF) is Sri Lanka’s national reinsurer and is empowered by the Government to accept 20% compulsory reinsurance cessions from local general insurers. In an exclusive interview with Asia Insurance Review, Dr Lohitha Samarawickrama, Director of the company, speaks about the unique role NITF plays in the Sri Lankan...
According to the Insurance Board of Sri Lanka (IBSL) – the industry regulator, the Sri Lankan insurance industry with 22 registered companies has grown 13% year-on-year in the first six months of 2012 in terms of total Gross Written Premiums (GWP). We speak to two players in the market to find out the ground realities and what the future holds for...
Once owned and operated exclusively by the State for more than 40 years, the introduction of a relatively friendly foreign investment regime and an active insurance regulator (IBSL) and ombudsman has resulted in an increasingly international insurance market in Sri Lanka. By Ms Maria Steeples, Senior Associate, Norton Rose (Asia) LLP
With 50 years under its belt, EAIC is now ready to play a bigger role in the region as insurers want to have a say in the future.
It is time to act now and transform the East Asian insurance industry – after years of calls to get back to the basics of the business. And what better way to do this than to create a world of insurance that “pulls” and takes pride in its noble role? This was the call made at the 26th East Asian Insurance Congress as the esteemed industry...
The 26th EAIC had a fairly high bar of expectations to meet or beat, as it coincided with the Congress’ 50th anniversary and adopted an ambitious theme of transforming the East Asian insurance industry. How did it fare all in all? By Manuelita Contreras
Though everyone knows the European economy is going through some very hard times, Mr Bruno Pfister of Swiss Life SA highlights the problem of its ageing population that may well turn out to be the biggest challenge of them all.
Asia’s ageing populations and the continuing rise in healthcare spending are “push” factors that would make the insurance industry an integral player in this sector in Asia. Insurance experts discuss the best ways to traverse the road towards retirement.
The Hong Kong Housing Authority will implement Building Information Modelling in all its projects by 2014/15. Mr Patrick Perry of Clyde & Co looks at the legal implications and its potential impact on professionals in the construction industry and their insurers.
The landscape for Directors & Officers Liability Insurance market in Asia continues to evolve rapidly. Experts give a close up on the changing landscape and the need for more D&O covers for SMEs in Asia.
SMEs need D&O covers! Mr Christian Diedrich of ERGO Insurance Group looks at the potential for this market in Asia, drawing from experiences in Germany.
Innovation can be the smallest idea or process or the biggest invention ever. We narrow the field to draw from the entries that made it to the top three finalists in this year’s Asia Awards for Innovation. They range from policies that restore the sum assured once it is exhausted, modelling via a different route and allowing shorter periods of...
To attract, engage and retain policyholders in a competitive market, insurers must tailor products and interactions to meet their evolving expectations, says Mr Primo B Aguas from IBM.
Insurance experts and investment practitioners got together in Hong Kong recently to discuss the portfolio management needs of insurers. Much of the discussions centred on the regulatory and market dynamics.
Ms Wendy Ding of Deacons Shanghai Office looks at recent new rules giving insurers more investment options, both overseas and domestically.
The Malaysia Insurance Summit looked at industry growth, takaful market performance, the aftermath of M&As as well as whether the country can withstand natural catastrophes and pandemics.
Indonesia’s insurance industry finds itself at a key juncture as it comes under a super regulator, faces the IFRS implementation and another round of capital increases, and sees more foreign players entering the market. We bring you the update from the 18th Indonesia Rendezvous.
At the 13th China Rendezvous, delegates explored the Chinese government’s moves toward privatisation and discussed their impact on the industry.
Mr David Maneval of Aon Benfield Asia Pacific discusses the importance of aligning risk appetite statement and its metrics to arrive at the best decisions.
Besides looking at the protection of policyholders, Mr Clarence Yeung of ACR Capital Holdings Pte Ltd says regulators now also have the objective of strengthening overall financial stability through more rigorous and “smarter” capital and risk governance requirements.
IUMI’s President Ole Wikborg gives an update from the annual conference of the marine insurers which looked at the turmoil created by the adverse economic times on the business.
Allianz and HSBC have entered a 10-year exclusive bancassurance distribution agreement for life insurance in Asia. HSBC will distribute Allianz insurance products in China, Indonesia, Malaysia, Australia, Sri Lanka and Taiwan, while strategic partners of Allianz will provide life insurance products in Brunei and the Philippines.
Eight months ago, KB Financial Group Inc had indicated its keen interest to buy ING Groep NV’s Korean insurance assets but till now the sale is still unconfirmed. It is reported that price could be the issue.
HSBC Bank is ceasing operations of its retail Islamic banking business in the UK, UAE, Bahrain, Bangladesh and Mauritius, as well as Singapore, where it also offers takaful products.
Losses from weather-related events in Australia have increased four times in the last 30 years and it is likely that this trend will continue if not worsens, said Professor Peter Hoeppe, the head of Geo Risks Research centre at Munich Re.
IAG will cross-sell life insurance along with its traditional motor and home insurance policies as sales from traditional car and home policies remain subdued.
State-owned insurer, People’s Insurance Company (Group) of China (PICC), is in talks with American International Group Inc, SCOR, China Life Insurance and others to be cornerstone investors for its planned listing in Hong Kong.
The insurance sector in Hong Kong is projecting the highest salary increase in the territory at 6.1% for 2013, according to the latest Salary Increase Survey issued by Aon Hewitt, the global human resource solutions business of Aon plc.
Insurance regulators were urged to work closely with insurance companies and understand the complexities of the business they govern, said insurance experts at the recent International Association of Insurance Supervisors (IAIS) annual conference in Washington.
ERGO will be joining hands with the Avantha Group in India to form a new insurer - Avantha ERGO Life Insurance Company - which will primarily offer unit-linked and traditional life products to private customers in India.
The outlook for Indonesia’s life and non-life sectors in 2013 is stable on the back of a developing domestic market, sustainable growth in premiums, and strengthening regulatory requirements, said Fitch.
Tokio Marine & Nichido Fire Insurance has received regulatory approval from Labuan FSA to set up a new reinsurance subsidiary in Labuan, Malaysia.
American International Group, Inc. (AIG) and the New Zealand Rugby Union (NZRU) have announced a five-and-a-half year agreement for AIG to sponsor six NZRU rugby teams: the All Blacks, Maori All Blacks, All Blacks Sevens, New Zealand Black Ferns (women’s fifteens), New Zealand Women’s Sevens, and New Zealand Under 20. Financial terms of the...
Pakistan’s life insurance industry, buoyed by rising income and higher employment levels, is witnessing unprecedented growth over the past five years, with close to 13.6 million people now having a life insurance policy.
The private insurance industry, government and multilateral lending agencies are teaming up to create the country's first-ever earthquake insurance pool due to the frequency of Nat CATs wreaking havoc in the country. The pool will cover the middle class residential and medium-sized enterprise property owners.
Guy Carpenter & Company, LLC has published a new report titled “Thailand Flood 2011, One Year Retrospective” recently. The report provides an in-depth review of the meteorological and man-made factors that contributed to the scope of the catastrophe and resulting insured losses, estimated to be between US$15 and 20 billion.
The World Bank and Japan will promote Thailand as the insurance centre of ASEAN to help develop the industry in neighbouring countries and provide professional services to the more advanced economies.
Prudential Thailand will acquire entire stake in Thanachart Life, a wholly-owned life insurance subsidiary of Thanachart Bank, for a total settlement of THB18 billion (US$585 million). The acquisition of Thanachart Life will immediately double Prudential Thailand’s market share.
Hurricane Sandy may cost the insurance industry up to US$25 billion, according to the latest estimate at press time from Risk Management Solutions Inc. Earlier, AIR Worldwide, a leading catastrophe modelling firm, had put the estimate at between US$7 billion and $15 billion while EQECAT, another leading catastrophe modelling firm, had estimated...
AIG is again the go-to-market brand of American International Group, Inc’s global property casualty business in most locations while the company’s life and retirement segment is now AIG Life and Retirement.
For the “widespread” mis-selling of two of UK’s Card Protection Plan (CPP)’s main products, the Financial Services Authority (FSA) has fined CPP, a credit card insurer, the joint largest retail fine ever at GBP10.5 million (US$16.7 million).