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| This month in Asia Insurance Review |
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Interviews - Sompo Japan walks the CSR talk
It is not uncommon for insurers to have some form of CSR initiative. But what makes Sompo Japan stand out is how fervently it works to make sure that it walks the talk of its CSR programme. Mr Tadashi Baba, Sompo Japan Asia Holdings’ Managing Director, and Mr Masao Seki, Sompo Japan Insurance’s Associate Director & Chief CSR Officer, share the company’s CSR efforts.
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Interviews - “The Asian region is very important for Guy Carpenter”
Always a strong force in its home markets in North America, Guy Carpenter is now targeting newer regions, with Asia being its prime focus. In this exclusive interview, Mr Henry Keeling, President and CEO of International Operations, Guy Carpenter, talks about the company’s plans and visions for the region.
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Interviews - Aviva’s optimistic outlook on Singapore
The outlook for Singapore’s life insurance sector is “very positive” and the sector acts as a good role model for other Asian countries, says Mr Simon Newman, CEO, Aviva Singapore. He identifies two key ingredients for growth, and shares how he aims to increase Aviva’s footprint across the island.
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Interviews - AXA commits to creating a sustainable market
It has been a nail-biting experience for the Singaporean general insurance market with motor claims continuing to spiral, and the marine market contracting with the financial malaise. Despite this, Mr Alain Adiceom, CEO, AXA Insurance Singapore, stands firm on technical underwriting and capturing opportunities in the health insurance market.
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Country Profile – Singapore : LIA - Roundup of 2009 and prospects for 2010
The Singapore life insurance industry saw an upturn in business from the second quarter of 2009.Ms Pauline Lim, Executive Director, Life Insurance Association, Singapore, details the performance of the industry for 2009 as well as talks about Policy owners’ protection fund, under-insurance and the introduction of Guidelines on Fair Dealing to the sector.
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Country Profile – Singapore : Shaping a fairer landscape
During the height of the financial crisis, cases of mis-selling were reported in various parts of Asia as well as in Singapore by anguished investors. The Singapore government had then introduced a guideline on fair dealing to address this and other related issues. Mr Joel Carpenter, Marketing Manager – SE Asia, Friends Provident International Ltd looks at this new Guideline, and shares what initiatives financial organisations need to put in place so as to deliver fair dealings to customers.
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Country Profile – China : Insurance market update
The Chinese non-life insurance industry is developing in tandem with the galloping economy.
Mr Y C Wei, General Manager, Aon-COFCO Insurance Brokers Shanghai Branch, gives an update of the local market and the development of the relatively new broking sector in China.
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Country Profile – China : A turning point in the non-life insurance market
The Chinese non-life insurance industry is one of the most promising in the world but many issues may hinder growth or pose risks for companies and consumers. Mr Steve Chang, China CEO at Munich Re, tells us that the CIRC has started to address these problems and stresses that new regulations should be seen as opportunities rather than restrictions.
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Country Profile – China : Life insurance industry: Sustaining healthy growth
In the aftermath of the global financial crisis, China is working to stimulate domestic demand and increase the role of private consumption in its economy. Mr Stephan Binder, Director, McKinsey’s Shanghai office and Leader of McKinsey’s insurance practice in Asia, explains how insurance can help the government achieve this aim.
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Country Profile – China : Marching forward with opportunities and challenges
In recent years, and particularly during 2009, China Pacific Life (CPIC Life), one of the top-three life companies in China, has enjoyed a period of strong performance while undergoing transformational change. Mr Patrick Poon, Chairman of Operation Committee and Director, China Pacific Life Insurance Co Ltd, China, tells us about the recent successful listing in Hong Kong and how the company is meeting the challenges of increasing competition and demands from customers.
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Cover Story – CEO Strategic Issues : Tipping point: Transformation-enabled profitability for Property and Casualty Insurance
The last two to three years have seen an onslaught of challenges for the property and casualty (P&C) industry from regulatory, weather, customer expectations, claims expenses, new products, price competition, declining revenue, to new distribution channels. But the last 18 months have been historic… creating a tipping point for the industry. Ms Denise Garth, Vice President Global Industry Affairs, Innovation Group, tells us that organisations need to be transformed urgently and with the right partners, they can achieve that.
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Cover Story – CEO Strategic Issues : Leading a post-crisis world
The past nine years had seen the CEO Insurance Summit in Asia deliver on its promise of providing a premier platform for insurance leaders to discuss issues that concern their pursuits to become world-class players. As we head for the biggest of this event so far, we look back at the feats it has accomplished these nine years.
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Focus on Training - A real class act
With quality instruction and intensive hands-on mentoring, FM Global’s loss prevention engineering training programme is indeed a distinctive one. We take an inside look into this comprehensive training programme.
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Think Tank - Insuring Long-Term Care risk
Asia’s elderly population is a ticking economic time bomb. The Geneva Association outlines some ideas on the problem of covering the risk of dependency and pays special attention to long-term care insurance.
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The Last Page - It’s all happening in India!
Driving through any Indian city, some of the brightest billboards that catch your eye would be promoting insurance products. Most of them are from joint ventures of big international brands like Max New York Life, Aviva, Tata AIG and MetLife. India’s top life insurer, the Life Insurance Corporation of India (LIC), is also not left out, it being a regular advertiser as well.
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News - South Korea: Lockton and IMI form Lockton Korea
Lockton, the world’s largest privately held broker, has obtained a significant equity holding in South Korean insurance broker IMI with options to purchase an increased shareholding. IMI has been renamed Lockton Companies (Korea) Inc (Lockton Korea).
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News - Singapore: MSIG subsidiaries in Singapore to integrate operations
Mitsui Sumitomo Insurance Company, Ltd. of Japan (MSIGJ) has announced that MSIG Insurance (Singapore) Pte Ltd (MSIG) and Mitsui Sumitomo Insurance (Singapore) Pte Ltd (MSIS), both wholly-owned subsidiaries of MSIG Holdings (Asia) Pte Ltd (MSIG Asia) are planning to combine their operations under MSIG to create one unified company in Singapore.
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News - Singapore life sector grew 6% in 4Q last year
Singapore’s life insurance sector posted growth in the fourth quarter of last year, recording S$449 million (US$317.9 million) of total weighted new business premiums, a 6% increase over the preceding quarter, says the Life Insurance Association (LIA).
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News - Taiwan: Top 5 life insurers see net worth surge in 2009
Taiwan’s top five life insurance companies saw an increase of NT$150 billion (US$4.69 billion) in net worth in 2009, according to the media. The five are Cathay Life Insurance, Fubon Life Insurance, Shin Kong Life Insurance, China Life Insurance and Taiwan Life Insurance.
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News - Thailand: Sompo Japan sells Thai farmers drought cover
Sompo Japan Insurance, Japan’s third-biggest non-life insurer, has started selling weather index insurance to farmers in northeast Thailand, providing them revenue protection against drought. The policy will be sold by Sompo Japan Insurance (Thailand), the company’s Thai subsidiary.
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