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| This month in Asia Insurance Review |
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Interviews - Must have the right risk structure
At the Singapore International Reinsurance Conference (SIRC) last year, Dr Nikolaus von Bomhard, Chairman of the Board of Management, Munich Re, highlighted the importance of disciplined financial steering and having a responsible risk management culture. We talk to him about this and more.
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Interviews - Evolving to stay ahead
Not resting on his laurels after Great Eastern Life (Singapore) won the Life Insurer of the Year at the 15th Asia Insurance Industry Awards, Mr Christopher Wei, Group CEO of Great Eastern Holdings Ltd, has bigger plans for the Group and shares with Asia Insurance Review how Great Eastern plans to be more than just a life insurer and why social media will be key in the initiative.
By Benjamin Ang
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Interviews - Pan-regional capability through acquisition
Aiming to be one of Asia Pacific’s leading insurance brokers, Howden Broking Group recently acquired the Asia operations of Accette Insurance Group. The company, said its CEO, Mr Tim Coles, continues to be on the lookout for new acquisitions and has an exciting outlook for its business in the region amidst the growing demand for increasingly sophisticated products.
By Manuelita Contreras
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Interviews - Will grow despite volatility
With operations in China, India and Hong Kong, Standard Life Group Chief Executive David Nish sees Asia as a key component of its plans given the region’s growing wealth and propensity towards savings which complement its offer of investment propositions.
By Seow Kai Lun
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Country Profile – Japan : One year on and the industry is hailed!
It has been almost a year since the tragedy of the Great East Japan Earthquake. Life and non-life insurers have been working in overdrive, putting top priority on paying claims and benefits, volunteering to work in affected areas and helping those affected get back on their feet. The tragic disaster has pulled the country together, showing magnanimous self-sacrifice and generosity and for the industry, “reconfirms that insurance has the spirit of self-help and public benefit”.
We speak to the leaders of the life and non-life associations who pay tribute to the support of the government and the necessary partnerships between private and public spheres. The insurance industry was tested severely but it passed the test, inspiring confidence all round.
Away from the disaster, we also look at a prospective trend of foreign insurers changing their business form as there is expectation that there will be a relaxation in the rules in this arena.
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Country Profile – Japan : General insurance industry: Tried, tested and still robust
Non-life insurers are looking to pay a total of US$15.5 billion for the Great East Japan Earthquake (Earthquake Insurance on Dwelling Risks) but the sector is still financially sound despite this monumental event. We speak with Mr Yasushi Kuriyama of the General Insurance Association of Japan, who shares with us some of the thoughts of the industry and the support they got from the regulator and the public. He also dwells on the effectiveness of the Japanese Earthquake Reinsurance scheme and that it only needs to be enhanced, not changed drastically.
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Cover Story – The 2012 CEO Challenge : Key indicators for CEOs - Eye on your dashboard
Operations, culture, people factor, financials, rating environments, markets and the list goes on. The CEOs’ dashboard is full with many a red alert as they steer their companies through 2012.
To mark our annual CEO Summit, organised jointly with The Geneva Association, with the theme: “A Dashboard for CEOs – A Vision for Success”, we bring you the priorities and preoccupations of nine CEOs as they drive towards success and sustainability.
But beyond the indicators, there is still the need for judgment and intuitive feel of the operations and markets by an experienced CEO.
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Risk Management Feature - Chemical Pro Action
Reactive chemical accidents pose a significant threat. Mr Stuart Selden from FM Global explains how flexible services and specially trained engineers help chemical customers reduce their risks.
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Risk Management Feature - Underwriting in MDF factories
Mr Xiaoling Qin of Mitsui Sumitomo Reinsurance Ltd discourses comprehensively about the nature of the associated fire hazard in Medium Density Fireboard (MDF) factories and the need for protection through critical checkpoints.
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Credit Rating Focus - Pushing the boundaries of credit analysis
The treatment of counterparty default credit risk depends on ratings from external credit rating
agencies. Prof Duan Jin-Chuan and Dr Oliver Chen from the Risk Management Institute at the National University of Singapore demonstrate a public good alternative to traditional credit ratings that has applications in insurers’ economic capital decisions.
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Going Green - Call for a “Green Investment Revolution”
Prudential Asia’s Chairman, Mr Donald Kanak, who also chairs the World Economic Forum’s Global Agenda Council on Insurance and Asset Management, tells us why our industry can be a huge potential for “green” investment and what policymakers have to do to make that happen.
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News - Asia: AIA considering buying ING Asia
The AIA group is believed to be exploring making a bid for ING’s Asian insurance operations, said to be worth US$6 billion, according to industry observers. It was noted that AIA had invited four banks to pitch for advisory roles to conduct the feasibility study.
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News - Malaysia: Life to see robust growth
The life insurance industry in Malaysia expects to see new business premiums growth by between 14 and 15% in 2012, higher than in 2011, said the Life Insurance Association of Malaysia (LIAM).
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News - Philippines: Govt to roll out higher capital requirements
The Philippines government is adhering to scheduled increase in capitalisation requirements for non-life insurers and has plans to further raise the capital requirements in a bid to align it with those of neighbouring countries. It believes that the move would enhance the solvency of insurers and protect public interest.
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News - Singapore: AIA successfully transfers insurance business locally
AIA has successfully transferred its insurance business in Singapore from a branch to a Singapore-incorporated and wholly-owned subsidiary of American International Assurance Company, Ltd. AIA in Singapore is now known as AIA Singapore Private Ltd, with all business transacted under this name.
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News - Thailand: Insurers urged to set up CAT reserves
Local insurers should consider setting up “natural catastrophe reserves” to protect themselves against disasters and higher reinsurance charges, said Fitch Ratings, especially after the months-long flood that plagued Thailand in 2011.
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Global News - Aon will move HQ to London
Aon Corp has announced it will move its corporate headquarters to London from Chicago. It said that the move “provides greater access to emerging markets and takes better advantage of the strategic proximity to Lloyd’s and the London market as one of the key international hubs of insurance and risk brokerage”.
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