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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This month we look at the insurance landscape one year after detariffing and how companies have fared over the past year.
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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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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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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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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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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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Mr Praveen Gupta, FCII, Chartered Insurer, General Manager, Bajaj Allianz General Insurance Company Ltd, shares findings of a recent study by the Bombay Chamber of Commerce and Industry (BCCI) on the status of the Indian insurance advisory and what needs to be done to take the nascent sector to the next level of development.
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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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Last year, P&I clubs were faced with a mix of technical underwriting losses, increasingly expensive claims and shrinking investment returns. However, the American Club’s experience has been little different from the other clubs in the International Group.
Mr Joe Hughes, CEO of Shipowners Claims Bureau Inc, Managers of the American Club elaborates on the Club’s issues.
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With the market situation changing for the worse, Mr Richard Corwin, Regional Director of Gard AS, says it is necessary that the operation must be structured to withstand and adapt to the changes. Here, he tells us what the strategies are.
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The Shipowners’ Club suffered its first underwriting loss in seven years as the entire P&I Club industry saw a difficult year in 2007. Mr Simon Swallow, its CEO, explains how they are working to return to underwriting surplus again amidst increasing claims costs and crew shortage.
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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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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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Increasing shipowners’ liabilities, inflation, record pool claims and claim volatility are all bearing down hard on P&I Clubs. Mr Frans Malmros, Managing Director of The Swedish Club, gives us an insight into these conditions.
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Although the Club’s financial position remains strong, Standard Club has targeted a 15% general increase in premium rates for 2008. Mr Robert Drummond, General Manager, Charles Taylor Mutual Management (Asia), explains why this is necessary.
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There were fewer claims in GAC Dubai in 2007 than in 2006, although the claims were bigger ones, said Ms Meena Mathews, Protection & Indemnity (P&I) Regional Manager – Middle East/Business Manager, Gulf Agency Company (Dubai) LLC.
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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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This article looks at the critical challenge of cultivating stakeholder relations and how it can significantly impact the financial performance of an insurance company.
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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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As Hong Kong gears up to host the 24th East Asian Insurance Congress (EAIC) next November, the Organising Committee, headed by Mr CF Choy, unveiled plans for the event during the recent EAIC Executive Board Meeting.
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Regarding the definite initiatives for the 1st East Asian Insurance Day in Tokyo, the General Insurance Association of Japan (GIAJ) and the Life Insurance Association of Japan (LIAJ) have made efforts to promote the East Asian Insurance Congress (EAIC).
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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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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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Mr Ramaswamy Athappan will succeed Mr Hwang Soo Jin as Chairman of the Corporation and Executive Committee, with Mr Hwang assuming the role of Senior Advisor.
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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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More than 150 million people globally could be reliant on flood defences by 2070 - more than three times the 40 million people today.
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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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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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Ping An Insurance (Group) Company of China Ltd has become the first Mainland Chinese insurer to receive approval from CIRC to invest up to 15% of its previous year’s total assets overseas.
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According to the provisional statistics released by The Office of the Commissioner of Insurance (OCI), for the first three quarters of 2007, Hong Kong’s insurance industry recorded a modest growth in its gross and net premiums for its general insurance industry.
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A historic labour surplus means Indian companies may not have to worry about competing for employees, but the changing needs of workers and employers in a surging economy point to a growing role for employee benefits, said the findings of a MetLife survey on “Employee Benefits Trends”.
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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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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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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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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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The non-payment debacle continues to plague Japan’s life market, as fresh reports from the Financial Supervisory Agency (FSA) indicate that nonpayment of claims by all 38 life insurance companies in Japan totalled ¥96.4 billion (US$868 million) in 1.31 million cases in the five years through March 2006.
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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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Dubai International Financial Centre (DIFC) has welcomed Tokio Marine Group to its growing portfolio of financial and management service providers.
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In a long-awaited move that will likely spur growth of the life insurance industry, the Department of Finance has endorsed a bill to cut premium tax on life insurance policies to 2% of the gross amount of yearly premium, from the present 5%.
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Milli Re has established a new branch office in Singapore, marking a new milestone in the history of Milli Re as this is its first-ever branch office.
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The three distinct factors that contributed to the S$40 million (US$28 million) loss in the third quarter of 2007 for motor results were the rising claims cost, high acquisition costs and underpricing due to fierce competition, said GIA President Derek Teo.
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ERGO Insurance Group, the primary insurance operation of the Munich Re Group, has reached an agreement with Daum Communications and LIG Insurance concerning the purchase of a 65% stake in the South Korean monoline insurer Daum Direct Auto Insurance.
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Moody’s Investors Service has maintained a Stable outlook on the Korean non-life insurance industry, with the number of rating actions over the next 12-18 months likely to be moderate and probably driven more by the characteristics of individual firms rather than sector-wide conditions.
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Fitch Ratings has upgraded Union Insurance Company’s (Union) Insurer Financial Strength (IFS) rating to “BB-” from “B+”.
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Samphan Insurance, Thanasin Insurance and Saha Life Insurance will be closing deals with new investors so as to spare its licences from being revoked and will commence their operations by the first quarter of 2008, said an official from the Office of Insurance Commission.
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Vietnam will have to compensate an estimated 2.5 trillion dong (US$155.25 million) for the National Health Insurance Fund to keep it alive next year, said an official from the Health Insurance Department under the Ministry of Health.
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RGA Technology Partners (RTP), Inc, a wholly owned subsidiary of Reinsurance Group of America, has entered into a commercial agreement with Sovereign Services Ltd to implement the Automated Underwriting and Risk Analysis (AURA) Product Suite in the New Zealand market.
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The International Labour Organisation (ILO) together with the Bill and Melinda Gates Foundation plan to work towards developing new kinds of insurance and enhancing existing products to promote decent work for low-income people in the developing world.
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The global reinsurance sector remains robust and the low levels of losses during 2006 have improved the industry’s financial condition, said the “Global Reinsurance Market Report 2007”, which was published by the International Association of Insurance Supervisors (IAIS) and issued by the IAIS Reinsurance Transparency Group.
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THB Group plc (THB) has confirmed that negotiations are taking place with the board of PWS Holdings plc for the acquisition by THB of the Lloyd’s broking business of PWS International Ltd and overseas interests of the PWS group (together, the “Acquired Business”).
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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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