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| Interviews - Hannover Life Re's New Ideas
Presenting a mathematical approach to identifying quality clients, Dr Wolf Becke, Chief Executive Officer, Hannover Rückversicherung AG, Life & Health Business Group, raised some eyebrows with this unique concept at the 23rd Pacific Insurance Conference (PIC) held in Kuala Lumpur in November last year. Asia Insurance Review caught up with Dr Becke on the sidelines of the conference to find out more about this concept as well as a couple of new ideas for the industry.
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| Country Profile: India - The Indian Reinsurance Industry
Mr Randip Singh, Deputy Director, Non-Life, IRDA, presents an overview of the issues and challenges facing the Indian reinsurance industry as it reaches the crossroads of becoming an industry on par with the best international standards or turning into a regional market.
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| Country Profile: India - LIC: The Best-Known Service Brand in the Country
The Life Insurance Corporation of India (LIC), the country’s largest life insurer, has been facing severe competition in the past seven years from new private players in the market, but has continued to hold on to its market position by a huge margin. In an exclusive interview with Asia Insurance Review, the company’s Chairman T S Vijayan talks about the challenges and future of the company.
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| Country Profile: India - Agriculture Insurance Has Tremendous Potential in India
The Agriculture Insurance Company of India Ltd (AIC) was formed by the Government of India with a mission to provide financial security to persons engaged in agriculture and allied activities through insurance products and other support services. In an exclusive interview with Asia Insurance Review,
Mr M Parshad, CMD of the company, spells out the company’s future plans and strategies to become a major force in Asia.
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| Country Profile: India - Highlighting the Indian Insurance Industry on the Asian Map
ICICI Lombard General Insurance Company, a joint venture between ICICI Bank of India and Fairfax Financial Holdings of Canada, was awarded the General Insurance Company of the Year Award at the 11th Asian Insurance Industry Awards held in Singapore recently. It is the first Indian company to be given this prestigious Award. Here, in an exclusive interview with Asia Insurance Review, the Company’s MD & CEO, Mr Sandeep Bakhshi, explains what the award means to them and the industry.
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| Country Profile: India - Private Players Have Contributed to Higher Awareness Levels among Consumers
ICICI Prudential Life Insurance Company, a joint venture between ICICI Bank of India and Prudential plc of the UK, is the largest private life insurance company in India. The company, for three years in a row, has been voted India’s Most Trusted Private Life Insurer by The Economic Times-AC Nielsen ORG Marg survey of “Most Trusted Brands” in India. In an exclusive interview with Asia Isurance Review, the company’s MD & CEO, Ms Shikha Sharma, talks about how the company has managed to retain its position in spite of severe competition in the life industry in India.
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| Cover Story - 2007: Asia in Review
As a special New Year treat, we look back on the key developments that occurred in the regional insurance markets last year, which was pillared by further liberalisation across Asia and a greater emphasis by regulators to create stronger and more robust companies.
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| Technical Feature: P&I Clubs - Skuld Rallies the Test of Rising Pool Claims
Despite the industry facing one of its worst years for incoming pool claims in pool history for 2006, and roughly four times the yearly average for the years 1990 to 2003, Mr Christopher Hall, Vice President and Head of the Singapore Representative Office of Skuld, said its own claims have been within an acceptable range for 2007.
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| Technical Feature: P&I Clubs - Strike Club Celebrates 50 Years
Although structured like a P&I club, The Strike Club is different as its primary role is to provide protection, on a mutual basis, against delay incidents affecting the marine trades, said Mr Bill Milligan Chief Executive for The Strike Club. It is therefore not affected by ship losses, whether total or partial.
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| Think Tank - International Solvency Requirements: Towards More Risk Based Regimes
The powerful cocktail of globalisation, liberalisation of markets, financial innovation, financial convergence, growth of international capital markets, and the establishment of international regulatory and professional organisations is driving the need for international financial standards and requirements, with international solvency requirements for insurers as part of this. This article from The Geneva Papers, explains why risk-based regimes are desirable and talks about how the International Association of Insurance Supervisors (IAIS) approached the development of these international solvency requirements.
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| Insights - The Big 10
There are, of course, dozens of ways for industrial, commercial and institutional properties to be protected against fire and natural hazards. But here, FM Global narrows it down to 10 basic qualities of a well-protected facility.
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| Insights - Addressing the Global Business Challenge
Global businesses need locally compliant solutions. What may sound like a statement of the obvious can become a complex challenge for companies operating outside their home markets. International expansion offers opportunities across a vast range of industries, products and services, but requires companies to comply with regulatory regimes which can differ within regions and even from country to country. XL Insurance explains why a global solution requires a vast and detailed local knowledge – and why insurance is no exception.
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| Specials: Spotlight on EAIC - ICMIF Set Roadmap for Next Five Years
The International Cooperative and Mutual Insurance Federation (ICMIF)’s new board, which will serve till 2011, has set the vision for the organisation to become “a world leader in providing information and services to members, and representing the interests of the global co-operative and mutual insurance sector”. This was announced at the ICMIF biennial conference held in Brussels, Belgium which drew a record attendance of 310 delegates from 47 countries. We report on the uniqueness and strategies that mutual insurers can develop, to grow this business.
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| Specials: Spotlight on EAIC - PIC Tackles Core Life Issues
More than 340 life insurance executives from 25 countries gathered at the 23rd Pacific Insurance Conference (PIC) held for the first time in Kuala Lumpur, Malaysia, in October 2007. Speakers debated and discussed bread-and-butter life issues of distribution, convergence and the need to go back-to-basics and work on closing the protection gap and offering long-term care coverage. We bring you a wrap-up of the conference.
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| News - Zurich Establishes New Corporate Business Unit in Asia Pacific
Zurich Financial Services Group (Zurich) has expanded its services for corporate customers into the Asia-Pacific region, with the establishment of a new business unit Global Corporate in Asia Pacific (GCiAP) based in Hong Kong and covering three regions: Japan, Greater China/Southeast Asia and Australasia.
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| News - Australia: AMP Announces Sale of Cobalt/Gordian
AMP Ltd has sold its closed reinsurance and general insurance operations, Cobalt/Gordian, to Enstar Group Ltd, a NASDAQ-listed company which specialises in the management of closed insurance books for A$585 million (US$516 million).
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| News - China: Euler Hermes and BOCI Sign Agreement
Euler Hermes, the world’s leading credit insurer and member of the Allianz group, and the Bank of China Insurance Company Ltd (BOCI) have signed a trade credit insurance co-operation agreement which will give corporate clients of the Bank of China (BOC) access to easy financing options by signing an insurance contract with their group insurance company BOCI.
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| News - India: Higher Demand for K&R Policies
With more kidnapping cases being reported, demand for kidnap & ransom (K&R) insurance policies has been increasing in recent times, said a Tata AIG General Insurance official. Although this has proven to be a worrying concern for the police and general public, this provides an additional opportunity for insurers.
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| News - India: IRDA Steps in to Control the Shortage of Actuaries
Concerned over the dearth of actuaries, the Insurance Regulatory and Development Authority (IRDA) and Government of Andhra Pradesh have set up the Institute of Insurance and Risk Management (IIRM) in Hyderabad that offers a two-year course for training actuaries, said an IRDA official.
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| News - India: Birla Sun Life Insurance Increases Capital
In order to meet with Birla Sun Life’s plans on capital expenditure to support the expansion of infrastructure and to conform to the solvency margin requirements as stipulated by the Insurance Regulatory and Development Authority (IRDA), the promoters of the insurer have infused an additional capital of Rs123 crore (US$313 million) into the capital base of the company.
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| News - Indonesia: Life Insurance Premium Income up 71%
Owing to the excellent performance of unit-linked products in Indonesia, the life insurance industry’s premium income for the first three quarters of 2007 has grown by 71% from Rp18.9 trillion (US$2.03 billion) in September 2006 to Rp32.4 trillion.
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| News - Japan: Millea to Acquire Kiln
Millea Holdings, Inc, entered into a process of acquiring 100% of the outstanding shares of Kiln Ltd, a leading UK-listed Lloyd’s insurance group, through its wholly owned subsidiary Tokio Marine & Nichido Fire Insurance Company Ltd (TMNF), to be implemented by an amalgamation under the Bermuda Companies Act.
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| Global News - AEGON Raises its 2010 Value of New Business Target by 14%
AEGON has raised the value of its new business target (VNB) up 14% to €1.25 billion (US$1.8 billion), revealing an annual average increase of approximately 18% from 2005-2010. In recent quarters, AEGON’s businesses in the Americas, Europe and Asia have performed better than expected towards the firm’s original 2010 target of €1.1 billion.
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