|
|
|
| Interviews - IASL: Leading the Initiative
One of the upsides of working in a developing market is that it gives someone much room to drive initiatives and to innovate. This is exactly what Mr Jagath Alwis, Technical Director of the Board of Ceylinco Insurance and President of the Insurance Association of Sri Lanka (IASL), has found himself doing as a leading figure in Sri Lanka’s insurance market. Our Journalist, Ms Manuelita Contreras, chats with him to know more about his and IASL’s endeavours to keep Sri Lanka on track to become a thriving insurance market.
|
Buy
Now
|
 |
|
|
| Interviews - Giving Clients Time to Cope
With the global financial crisis leaving a trail of destruction among companies in almost all industries, the reinsurance industry is also seeking to increase rates in these difficult times. However, Mr Seymour Matthews, Managing Director of Cooper Gay Reinsurance Brokers, told our Journalist, Ms Min Yong, during the East Asian Insurance Congress in Hong Kong last November, that reinsurers should not expect the primary market to accept a hike in rates overnight as these companies are also facing a harsh business climate themselves.
|
Buy
Now
|
|
|
|
| Interviews - Weathering a 'Perfect Storm'
Much has been said about the current financial crisis, but so far not much has been articulated about the turmoil’s real impact on insurers. Our Journalist, Ms Manuelita Contreras, speaks to Mr Graham Handy, Advisory Services and Practice Leader, Asean Actuarial Services, Ernst & Young Solutions, to get an expert view of the issue and of insurers’ changing needs and how they can weather a “perfect storm”.
|
Buy
Now
|
|
|
|
| Interviews - Riding Out the Crisis in Asia
When the US hits bottom, are the emerging markets going to be vibrant? This key question was a focal point for Dr Ian Bremmer, President of New York-based Eurasia Group’s speech at the Terrorism Conference held in Singapore late last year. Here, he tells Asia Insurance Review what could happen to the markets in Asia in today’s economic climate.
|
Buy
Now
|
|
|
|
| Interviews - IFAA: Sharing Knowledge
Mr Paul May, the Deputy President of the International Federation of Adjusting Associations (IFAA), and a past president of the UK’s CILA and FUEDI, the European Adjusting Association, talks to Asia Insurance Review about the IFAA’s aspirations, what it hopes to achieve in the international arena in the next two to three years as well as its plan to develop global best practice guidelines and global training programmes for its members.
|
Buy
Now
|
|
|
|
| Country Profile - India: Still Riding High
Thanks to the restricted investment regulations meted out by the IRDA, most insurers in India have escaped the financial fallouts which had hammered some of the international insurers. Though they are wary of the impending economic recession looming worldwide of which they may not be totally immune to, most industry players are optimistic and believe that consistent growth is really not going to be a problem in the Indian market.
|
|
|
|
| Country Profile - India: 'The Indian Market is Poised for Consistent Growth'
Having been in charge since June 2008, a critical time when the government was looking at pushing a legislation to increase the foreign direct investment (FDI) in the insurance sector, Mr J Hari Narayan, the Chairman of the Insurance Regulatory and Development Authority (IRDA), is now positive about the country’s insurance industry.
|
Buy
Now
|
|
|
|
| Country Profile - India: Indian Life Insurance Industry - Growing a Profitable Portfolio and Servicing it Successfully
The Indian insurance market exploded with growth when it was privatised almost 10 years ago and new players started setting up shop here. However, with the current financial turmoil of which India is not immune to, the life insurance industry is gearing up to meet the difficult times. Mr Vijai R Swaminathan, Lead – Insurance Capability, Accenture, India Delivery Center, shares with Asia Insurance Review what key business and technological imperatives life insurers in India should be looking at in order to thrive in the changing landscape.
|
|
|
|
| Country Profile - India: 52 Years and Still Going Strong
The Life Insurance Corporation of India (LIC) is the country’s largest and oldest life insurer as well as one of the largest life insurers in the world. Ranked as the most trusted service brand for the fifth consecutive year by the Economic Times Brand Equity Survey, the company also boasts one of the best claim settlement ratios in the world. Mr T S Vijayan, Chairman, of LIC, gives Asia Insurance Review an insight into how the company did in 2008 and its strategies to move forward in this very critical juncture when financial markets worldwide are in a state of flux.
|
Buy
Now
|
|
|
|
| Country Profile - India: Aiming to Be the Most Admired Company in India
Max New York Life Insurance Co is a joint venture between New York Life International, LLC, international business company of New York Life and Max India Limited, one of India’s leading multi-business corporations. Having only recently taken over the reign of one of the fastest growing life insurers in India, Mr Rajesh Sud, CEO & Managing Director of Max New York Life Insurance Co talks about the Indian life industry and the challenges ahead for him and his company in the wake of the global financial market turmoil.
|
|
|
|
| Country Profile - India: Non-life Players Vie for Market Domination
Since the opening up of the insurance sector in late 2000, the incumbent four public sector companies and the new private sector companies have been competing aggressively for business. There are currently 16 companies in the Indian non-life insurance market and with an economic slowdown forecast, it is going to be difficult times ahead for everyone. Our Indian Correspondent, Mr Jimmy John, speaks with the CEOs of two of the major private players in the industry to understand the market realities and the challenges that they are facing.
|
|
|
|
| Country Profile - India: Indian Insurance Market Has Ample Scope for Growth
GIC Re, India’s national reinsurer, had a great year, having being ranked 16th in the S&P Top 40 global reinsurers. In an exclusive interview with our Indian Correspondent, Mr Jimmy John, Mr Yogesh Lohiya, Chairman-cum-Managing Director of the company talks about the challenges of doing business in the Indian market today, GIC Re’s expansion into the international arena and how he plans to keep his company competitive in the midst of the global financial meltdown.
|
|
|
|
|
|
| Country Profile - India: Innovations in Agriculture Insurance – Developing Protection Options for Farmers
The compelling insight that poverty and economic marginalisation can be banished through financial empowerment had brought innovations like microfinance. Mr P C James, General Manager of Agriculture Insurance Company of India Ltd (AIC), the company which won the prestigious 2008 Innovation of the Year Award at the 12th Asia Insurance Industry Award held in Hong Kong in November last year, elaborates how AIC’s innovation of yield-based insurance products and weather index insurance products are changing the insurance landscape for farmers in India as the products now cover nearly 20 million farmers bringing with it immense goodwill for all involved.
|
|
|
|
| Country Profile - India: Pension Reforms and the Emerging Annuity Market in India
India is a young country with the average age of its population being 26 years. But this may not continue for long as the growth rate of an elderly population (those above 60 years of age) is 3.8%, higher than the general population growth of 1.8%. Dr H Sadhak, CEO of LIC Pension Funds tells Asia Insurance Review that with the average life expectancy increasing and there being no universal social security in India, the New Pension System is seen as a welcome solution as it requires mandatory annuitisation at withdrawal. He also examines if India has a vibrant annuity market to support this mandatory requirement.
|
|
|
|
| Country Profile - India: Indian Non-life Insurers – Victims of "Victimless Crimes"
Insurance fraud is a crime. However in a country like India where the concept of insurance is not popular among the population, insurance fraud is regarded rather lightly. In this article, Dr George E Thomas, Chief Manager, Tariff Advisory Committee, gives his views that concerted actions are required by the Indian government, the regulator and insurers to stop these crimes and insurers should also have internal fraud prevention strategies in place, integrated with the companies’ overall business strategies.
|
|
|
|
| Spotlight on South Korea: Era of Global Challenges – Reinsurance in South Korea
Few could have predicted the rapid turn of events over the past few months. Almost overnight, the financial world completely shifted. The reinsurance market is also feeling the effects of change. The soft market, which has lasted for more than four years, is now over. Munich Re looks at the implications of the financial crisis on reinsurance in South Korea.
|
|
|
|
| Cover Story: 2008 – Asia In Review
A year does not pass without Asia’s insurance industries leaving changes or developments that mark important traits in their respective markets. Be these good or bad news, 2008 ended with a huge concern focused on the current global financial crisis. Within the insurance industry, the markets’ resilience are now being tested. Insurance regulators are working hard to put together various pre-emptive facilities to help the industry even as they continue with plans of liberalisation in their markets. Here is a roundup of the 2008 insurance happenings in 15 Asian countries.
|
Buy
Now
|
|
|
|
| Technical Feature - P&I Clubs: Perils Ahead!
It is a time of plummeting earnings for shipowners compounded with a dismal investment climate. In this Technical Feature, eight P&I Clubs talk about the need to focus on underwriting results, proper pricing of risks, strengthen their financial positions and giving best service to their members. There is also a report from the 34th AGM of the Federation of ASEAN Shipowners’ Associations wherein members expressed deep concern about the increased hijacking scenario in the Gulf of Aden.
|
|
|
|
| Technical Feature - P&I Clubs - FASA: Pirate and Climate Concerns
Against the background of increasingly boldly attacks from pirates in the Gulf of Aden, members of the Federation of ASEAN Shipowners’ Associations (FASA) met in Hanoi, Vietnam late last year for their 34th Annual General Meeting, and discussed about the urgent need to focus on issues relating to the safe navigation of ships. The FASA also reaffirmed its strong commitment to protect marine and air environments, in the light of climate change concerns, with sustainable technologies. This report gives highlights of the event.
|
|
|
|
| Technical Feature - P&I Clubs: American Club Cautiously Optimistic About the Future
Committed to increasing the levels of capital adequacy and bolstered by good underwriting performances, the American Club is confident of its capital and surplus requirements even in these tough times. Mr Joe Hughes, Chairman and CEO, Shipowners Claims Bureau, managers for the American Club, said that the plan is to call an increase of 7.5% for the 2009 policy year and if needed, a further 20% by way of a forecast supplementary call in the future. Here, he tells Asia Insurance Review the optimism he has despite the avalanche of bad news in the industry.
|
|
|
|
| Technical Feature - P&I Clubs: Gard Continues with Strategy to be Long-term Partner
One of the largest P&I clubs in the world, Gard’s overall volumes have continued to grow in 2008. Mr Richard Corwin, Regional Director of Gard AS, said that while it is almost impossible to escape the current problems in the financial markets, Gard did not suffer any credit losses due to the failure or suspension of any counterparties. He also tells Asia Insurance Review what the core purpose and strategies of Gard are, adding that history shows all too often that straying away from one’s core purpose is never a good thing.
|
|
|
|
| Technical Feature - P&I Clubs: Heading Towards Uncertain Times
With claims costs going up and insurers looking for premium increases in these difficult times, P&I Clubs need to be stringent about their underwriting as investment incomes are no longer a safety blanket they can hide under. Mr Simon Swallow, Commercial Director of Shipowners Protection Limited, calls on everyone in the industry – vessel owners, P&I mutuals, fixed premium P&I providers, insurers – to work together to ride out the current turmoil and for the International Group to forge ahead and continue its long and proud history.
|
|
|
|
| Technical Feature - P&I Clubs: Skuld Continues Strategy to Price Risks Accurately
In the past five years, Skuld has asked for one of the lowest general increases, and has not asked for any supplementary calls. Mr Christopher Hall, Vice President and Head of Skuld Singapore Representative Office, said that such saving is the “bottom line” advantage enjoyed by their members as a result of their sophisticated and responsible approach to underwriting. He also shares with Asia Insurance Review his views on the current crisis, updates on P&I claims as well as what Skuld’s strategies are for 2009.
|
|
|
|
| Technical Feature - P&I Clubs: Standard Club to Focus on Financial Security and Service
Standard Club is calling for a 15% general increase in premium rates for all its members and Mr Robert Drummond, Director, Charles Taylor Mutual Management (Asia) Pte Ltd as managers, said that the Club does not however expect to make supplementary calls for any open year. Affirming that the free reserves of Standard Club remain strong, he shares with Asia Insurance Review the health of the Club, its view of the new pooling structure and Solvency II and what Standard Club’s key priorities will be in 2009.
|
|
|
|
| Technical Feature - P&I Clubs: The Swedish Club Working Towards Sustainable and Healthy Growth
Calling for a 15% general increase and a decision for supplementary calls, The Swedish Club is confident that with these capital injections, the Club will be in a good position to move forward. Mr Henric Gard, Director, Marketing & Business Development, The Swedish Club, tells Asia Insurance Review that in addition to focusing on claims, they will continue working towards safeguarding their members’ investments to achieve a sustainable and healthy growth.
|
|
|
|
| Technical Feature - P&I Clubs: UK Club Strengthens Its Financial Position
The UK Club’s initiative in 2008 of raising US$100 million in hybrid capital – so as to provide a long-term financial bedrock in its reserves and prepare for the demand for higher levels of solvency by regulators – created a buzz in the P&I community. In this article, Mr Nick Whitear, Marketing Director of Thomas Miller P&I Ltd, the London agents of the UK P&I Club’s Bermudan management, shares more about this hybrid capital move as well as their views on the current claims environment and the UK Club’s strategies in Asia and elsewhere.
|
|
|
|
| Technical Feature - P&I Clubs: GAC Dubai to Maintain Supremacy in P&I
Appointed as the ME Correspondents for 13 International Group Clubs, GAC Dubai, has been diligent in its work of handling the Clubs’ claims in the Middle East. Ms Meena Mathews, P&I Regional Manager – Middle East/Business Manager of Gulf Agency Company (Dubai) LLC gives us a brief update on the claims situation there.
|
|
|
|
| Think Tank - The Geneva Association: Credit Crisis and Insurance – A Comment on the Role of the Industry
Last year, when some banks and financial guarantors began running into severe (and in some cases ultimately bankruptcy-triggering) shortages of liquidity, The Geneva Association wondered about the risks that this financial crisis might pose to the insurance industry. Mr Patrick M Liedtke of The Geneva Association tells us what they found out and also notes that while the crisis is creating havoc in the world economy, most insurers have been more resilient.
|
|
|
|
| Legal Page - Notifications Under the Spotlight: HLB Kidsons v Lloyds Underwriters (& Others)
The UK Court of Appeal’s decision in Kidsons concerned the interpretation of a deeming provision in a claims-made policy, and dealt with everyday issues for the insurance market, such as the timing and content of notifications of circumstances. The team at Barlow Lyde & Gilbert LLP discusses the case, the significance of the ruling and what it means for the insureds, insurers and brokers.
|
|
|
|
|
|
|
|
| Insights - Be a Snowbird – But Watch Out for Tax Solutions
People who flock to other countries to retire must not forget to check out the taxation landscapes of these new countries. Friends Provident International looks at what plans one can undertake when retiring to the southern part of Asia.
|
|
|
|
|
|
|
|
|
|
| Spotlight on EAIC - Building Sustainable EAIC Markets
At last year’s East Asian Insurance Congress (EAIC) in Hong Kong, it was refreshing to see the large number of over 1,100 delegates amid the financial markets rough and tumble. We give a report on the important discussions which dominated the event.
|
Buy
Now
|
|
|
|
|
|
| News - Asian Insurers Avoid Liquidity Problems
Asia’s insurance companies are expected to avoid major liquidity problems stemming from the global financial crisis, but investment income will decrease as interest rates fall in the medium term, and companies will focus on underwriting profit, said AM Best.
|
|
|
|
|
|
| News - Asia's Emerging Markets to Remain Resilient in '09
Asia’s emerging economies will continue to grow this year despite the global financial crisis and economic slowdown. Their GDP will grow by 5.9% this year, after 7.2% in 2008, according to Allianz Dresdner Economic Research’s economists.
|
|
|
|
|
|
|
|
|
|
| News - RSA Slows Expansion in China
With the financial crisis prodding regulators to exercise more caution, UK-based RSA Insurance Group said it was slackening its plans for expansion in China, according to news reports.
|
|
|
|
| News - China: Ping An P&C Unit Hikes Capital to 4 Bln Yuan
Ping An Insurance (Group) Co’s Ping An Property & Casualty Insurance Company of China, won regulatory approval to hike its capital to 4 billion yuan (US$585 million) from the previous 3 billion yuan, said the China Insurance Regulatory Commission.
|
|
|
|
|
|
|
|
|
|
|
|
| News - IAG Increases Stake in Malaysian General Insurance
Insurance Australia Group Limited (IAG) increased its stake in the general insurance business of AmAssurance, its joint venture in Malaysia, from 30% to 49%, lifting its overall investment in Malaysia to around A$20 million (US$13.3 million).
|
|
|
|
|
|
| News - The Philippines: State Insurance Fund to Raise Benefits
Pensioners of the state insurance fund Government Service Insurance System (GSIS) would receive increased financial benefits starting this year, with pensions for old-age and disability beneficiaries to be hiked from PHP7,200 (US$153.3) to PHP7,800 a month, said GSIS President and General Manager, Mr Winston Garcia.
|
|
|
|
| News - Singapore: CPFTA Took Centre Stage at SII Seminar
“CPFTA” was the buzzword of a recently held seminar by the Singapore Insurance Institute (SII) that addressed the facts and myths of the Consumer Protection (Fair Trading) Act (CPFTA), which was recently passed in Singapore Parliament, in relation to the insurance and financial sectors.
|
|
|
|
|
|
| Global News - Lloyd's Unveils Three-Year Vision
To maintain prudent underwriting discipline; have ongoing evaluations of the standards framework; review claims and underwriting protocols that apply to overseas trading centres; manage relationships with rating agencies; develop Lloyd’s presence in key markets and enhance business information tools through more robust IT platforms – these are among the key missions set out for Lloyd’s in the next three years, according to its Strategy Plan which was released in December last year.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Global News - 'Rotterdam Rules' May Increase Terminal Operators' Liability
A new United Nations convention on carriage contracts (‘Rotterdam Rules’) will impact the liability of marine terminal operators when it comes into force, according to TT Club, a leading provider of insurance and related risk management services in the international transport and logistics industry.
|
|
|
|
| News Feature - Aon, Benfield: Deal Sealed
The deal was sealed, and the broking world saw the biggest acquisition between two brokers in recent years. In November last year, Benfield Group officially merged with Aon Corp’s reinsurance broking arm and had since become Aon Benfield. Along with this came the announcement of restructuring plans that would cut about 500-700 jobs and result in savings costs of around US$185 million over a three-year period. Our journalist, Ms Manuelita Contreras, speaks with Aon as well as checks out what some industry players in Asia have to say about it.
|
|
|
|
|
|
|
|
|
|
|
