We talk to insurance veterans in the country, learning about the costs of the floods, the effect on the industry, as well as efforts made by the industry to mitigate risks and help policyholders.
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The Thai Life Association gives an update on the numbers and how they are working hard to help policyholders affected by the floods.
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Recent Nat CAT events have caused great concerns in China. Mr Steven Chang, CEO of Munich Re China, shares his hope for a public-private partnership with the Chinese government on this, the role the China Insurance Regulatory Commission (CIRC) could play, and possible regulatory changes in the pipeline.
By Benjamin Ang
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Mr Eric Gao, Lloyd’s China Chairman and CEO, shares the strategy to profitable operations in the country’s notoriously competitive market and how Lloyd’s China will grow even if the economy slows down.
By Benjamin Ang
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The future still looks bright for Indian insurers, both life and non-life, even as they grapple with competition and regulatory changes. Most of the players are predicting fairly strong growth, anticipating economic expansion, fine-tuned regulations, increasing wealth and an enlightened population.
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The Indian general insurance industry is operating on wafer-thin margins as a result of cut-throat competition, which has given rise to indiscriminate pricing leading to worsening underwriting losses. We speak to a number of CEOs of the challenges that detariffing has brought about in the industry and the way forward for the sector.
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The Indian life insurance industry is going through trying times as new regulations have hit players hard. In spite of this, the industry is expected to grow at double digit in the next few years and even contribute up to 10% of the global life insurance premiums by 2015, according to a global consultant. Two insurance CEOs share with us their profit expectations, and why they think the future is definitely bright for the sector.
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Medical inflation and rising hospital expenses are resulting in more people signing up for medical insurance, with the number of policyholders increasing from 8.3 million in 2004 to over 200 million in 2011. The local health insurance market is one of the fastest growing within the insurance sector and, although there are several challenges, these are seen as opportunities by most insurers.
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GIC Re, which now ranks 14th in the world, is targeting to be among the top 10 reinsurers in the not too distant future. We find out more about this aspiration and track how the reinsurer had progressed from its domestic beginnings to the global powerhouse it is today.
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By Ms Leena Chacko, Partner and Mr Indranath Bishnu, Principal Associate, both from Amarchand & Mangaldas & Suresh A Shroff & Co Advocates and Solicitors
Mr Rajagopalan Krishnamurthy of Towers Watson analyses the major changes in India’s bancassurance distribution, the channel coveted by every insurer in the country.
Comparing the present situation of the Indian insurance industry to the fable of the Gordian knot,
Mr Vidyesh Khanolkar of Mastek Ltd says that the sword needed to cut this knot for the industry is innovation. But not any innovation though, it must be the right one for the industry.
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One of the reasons why some insurance claims are processed with frustrating slowness is inflated assessment. Mr R P Samal from the National Insurance Academy in Pune, India, elaborates.
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Ms Megha Asnani from Accenture Services Pvt Ltd won the 2nd India Insurance Industry Essay Writing Competition with her essay which stood out for its originality and in-depth analysis on the subject. We produce a short summary.
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Looking back at 2011, it was a year filled with an unending barrage of disasters. The constant spell of Nat CATs from earthquakes in Japan and New Zealand to floods in Australia and Thailand was a clear reminder to players of the tumultuous nature of the P&C market. We look back at 2011, and as 2012 has approached, what will this year bring?
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Mr Richard Keady and Ms Melissa Chim of Clyde & Co Hong Kong consider the Bill going through the Hong Kong legislature, and raise some potential concerns for mediators.
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At the 12th China Rendezvous, speakers said the outlook remains positive for China’s insurance industry which is set to grow in significance in the world market. Some changes are needed though, as the Chinese market develops.
By Benjamin Ang
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Putting in place a strong ASEAN Insurance Council (AIC) Secretariat is Ms Evelina Pietruschka’s top priority as she takes on the role of the Council’s Secretary General. She plans to achieve this by building an infrastructure for the Secretariat and repositioning it as an independent body.
By Manuelita Contreras
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The stress at the Congress was on Enterprise Risk Management (ERM). Insurers and reinsurers were also reminded of the importance of having underwriting discipline and a prudent investment philosophy in the current uncertain financial climate. We bring you highlights of the Congress.
By Benjamin Ang
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ASEAN insurance regulators and insurers met late last year in Singapore for their annual gathering to discuss numerous matters.
By Manuelita Contreras
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With the insurance industry expected to be one of the hardest hit by climate change, are insurers doing enough in response?
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Mr Keith Leung and Dr Angela Yeo from JLT Re say that the insurance industry is still the pivotal player to ensure that emerging technologies are designed to combat climate change risks.
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Ms Maggie Ji from Swiss Re discusses the development of environmental pollution liability insurance in China and its attendant challenges.
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P&I Clubs share their concerns on rising claims, falling investments and piracy. Despite these challenges, they remain optimistic for the year ahead.
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Ms Denise Garth of Innovation Group shares highlights of the 7th Insurance Executives’ Summit for Strategy, Operations & Technology 2011, while tackling the new normal.
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Ms Karine Kam of Singapore College of Insurance (SCI) asks if companies can afford not to train in today’s fiercely competitive fight for talent.
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With Nat CATs raging, modeling agencies are working hard to provide players with new and improved models.
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CAT models are embedded in the insurance industry. Mr James Goodchild from Chartis discusses the accuracy of the models as well as the difficulties in applying these models to recent Thai floods.
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The agency force is the dominant channel in Asia but it faces threats. We take a look at these threats and propose a pioneering approach for agents to target a neglected market segment – the emerging rich.
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Agents are here to stay. Mr Ben Tan of Great Eastern Life Assurance Co and Ms Jennifer Borislow, MDRT President, opine that the approach of trust and professionalism is the reason why.
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Mr Walter de Oude of HSBC Insurance (Singapore) shares the findings of their Future of Retirement survey, and says annuities can address retirement concerns.
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Whoever said when Singaporeans drive their Ferraris on Singapore roads, one step on the accelerator and they end up in the sea! Whoever said India and F1! Whoever said F1 and women drivers! The first two, though seemingly impossible, did eventually happen. For those who believe the latter will never happen, there is some interesting history waiting to repeat!
By Mr Praveen Gupta
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Asia Insurance Review, Munich Re, friends and colleagues convey their deepest sympathies and heartfelt condolences to the family of the late Mr Kua Ka Hin, who passed away on 6 December 2011 following a long and valiantly-fought battle with his illness.
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Globally, economic weakness, fiscal tightening and an accommodative monetary policy are keeping government yields low, particularly in the US and Germany, which poses a huge challenge to the insurance industry as it reduces investment yields and undermine the profitability of life savings products with interest rate guarantees.
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Caisse Centrale de Reassuarance (CCR) announced that it will halt writing new business in Thailand as well as New Zealand and Australia last month, while Lloyd’s Syndicate 1965 has also said it will stop writing new business in Asia as a result of the large number of Nat CATs in the region.
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The Japanese earthquakes and tsunami were found to be the main cause of supply chain disruption in 2011 in Asia.
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The Japanese government plans to establish a disaster insurance facility for the Asia Pacific region that will assist developing countries that are hit by Nat CATs such as earthquakes and typhoons.
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Mr Kevin Koh Kok Keong, Assistant Vice President, Head of Information Technology, Manulife (Singapore) Pte Ltd, has won this year’s Young ASEAN Manager Award (YAMA).
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MetLife is expanding its presence in China, India and Brazil and sees great potential beyond the next five years in these areas, with GWP growth expected to be in the range of 20-25%, said Mr Bill Toppeta, President, MetLife International at a media symposium in New York late last year.
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Insurance Australia Group Limited (IAG) announced that it had entered into an agreement to purchase the AMI insurance business for NZ$380 million (US$290 million). The acquisition excludes all liabilities relating to the earthquakes which have affected the Canterbury region. It will be funded from internal resources.
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China’s life insurance market is expected to grow and become the second largest market in the world by 2020 and the largest in Asia, leapfrogging over Japan, reported BRICdata, a UK based research firm. The US will still retain its number one position.
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The insurance sector in China is poised to continue seeing growth in 2012, despite poor investment performance and gloomy economic outlook, said Fitch Ratings, giving both the life and non-life sectors a ‘stable’ rating. However changes by the CIRC and persistent weakened capitalisation aret threats to the market’s growth.
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Despite the stable ratings and annual premiums exceeding CNY1.5 trillion (US$236 billion) in 2010, some foreign insurers have chosen to exit the market.
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Local insurance brokerages can now set up shop in the Guangdong province of China from April 2012 onwards, after a supplementary agreement was signed under the Closer Economic Partnership Arrangement (CEPA), which substantially lowered the barriers of entry.
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Bajaj Allianz and Berkshire India are teaming up to offer life and non-life insurance products online. Mr Santosh Balan, Head of corporate communications at Bajaj Allianz, said they see growth potential in online sales for insurance products and hope that it will bring in new customers.
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Founder of Micro Insurance Academy (MIA), Prof Dr David Dror was awarded the “Global Citizen Lifetime Achievement Karmaveer Puraskaar” by the Indian Confederation of NGOs (iCONGO) for his work as a social entrepreneur.
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The IRDA has issued guidelines for life insurers looking to raise capital via initial public offering (IPO) or subsequent public fund raising from the equity markets.
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A proposal to increase the limit on foreign direct investment (FDI) in insurers to 49% from 26% has been rejected by a panel of Indian lawmakers.
Bharti has called off its agreement with Reliance Industries Ltd (RIL) and will retain its 74% stake in Bharti AXA.
Life insurers are providing a greater number of microinsurance packages with more affordable premiums.
Mr Hendrisman Rahim, Chairman of the Indonesia Life Insurance Association (AAJI), said a large number of life insurers had designed specific microinsurance packages for those in the lower to middle-income brackets, seeing it as the market with potential for expansion.
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Fitch Ratings considers that Japanese non-life companies have an adequate capital buffer to cope with the prevailing challenges – such as the global catastrophes of 2011. A stable sector outlook indicates that the agency believes that most non-life insurer ratings will be affirmed as they are reviewed over the next 12-24 months.
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Vogo Fund is seeking to sell its stake in Tong Yang Life Insurance, worth approximately KWR1 trillion
(US$888 million). Its majority stake is estimated to be as high as 60.7%.
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Non-life insurers in the Philippines are lobbying the Department of Finance to defer the capital buildup programme for the insurance industry that requires insurance companies to have a capital of at least PHP175 million (US$4 million) by the end of the year.
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Allied World Assurance Co Holdings, AG, has announced that Allied World Assurance Co Ltd will commence writing reinsurance business in Malaysia from its Labuan branch.
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Friends Life FPL Ltd and AMAB Holdings are joining hands to set up AmFamily Takaful which will manufacture and sell Shariah-compliant family takaful business.
Insurance companies in Taiwan were given flexibility in the booking of their unrealised losses last year.
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In an affirmation of its outstanding quality offered to their customers, Ceylinco Insurance received the prestigious World Quality Commitment Award in the Gold Category at the World Quality Commitment Convention at the International Quality Awards 2011, which was held in Paris late last year.
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In response to the floods last year, the Office of Insurance Commission (OIC) and the General Insurance Association (GIA) have said they are looking into the establishment of a disaster fund, similar to existing ones in Japan, Taiwan and the US.
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Global reinsurers should be able to contain the Thailand flood losses in their fourth-quarter earnings, said Moody’s Investors Service.
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After months of a takeover saga, reinsurer Transatlantic Holdings Inc has agreed to be acquired by US P&C insurer Alleghany Corp for US$3.4 billion in cash and stock.
The global insurance industry is facing three main challenges from the current economic and political environment: low government bond yields, the euro debt crisis, and slowing growth with elevated inflation in emerging markets, said Swiss Re.
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