Our Guest Editor for January is Mr Takeo Inokuchi, Chairman and CEO of Mitsui Sumitomo Insurance.
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In early August
last year, SCOR SA saw its financial strength rating raised from BBB+ to A-
by Standard & Poor’s after almost two years of being downgraded out
of the A range by S&P and other rating agencies in late 2003. Asia Insurance
Review spoke with Mr Patrick Thourot, President and Chief Operating
Officer, about how the French reinsurer staged its dazzling comeback –
by regaining the confidence of investors and more importantly, clients –
and his plans to make it last.
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With the infusion
of fresh capital and the extension of its membership roll, inter-governmental
organisation Asian Reinsurance Corporation (Asian Re) looks set to play a more
active role in the region. Newly-appointed General Manager and CEO Mr S A Kumar elaborates in an interview with Asia Insurance Review.
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After six years
of discussions with the MAS, Zurich International Life finally obtained a branch
life licence in Singapore. We spoke with Mr Carlos Sabugueiro, Regional
Director, Asia, Zurich International Life, about his consistent belief in Singapore
and why he is so optimistic about this market.
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Takaful Re was
launched in late November in Dubai with a paid-up capital of US$125 million,
making it the strongest capitalised Islamic reinsurance company filling what
Arig Chairman Khalid Ali Al Bustani termed the “missing-link in the rapidly
growing takaful insurance industry”. Here, we bring you an interview with
Mr Chakib Abouzaid, CEO of the new company on his dreams to serve the
Islamic world all over.
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There is a real need for solutions for distressed insurance businesses in Asia, says run-off specialist Whittington, which has chosen to be Singapore as the home for its new global headquarters. Find out why in this article.
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Here, we bring
you a five-year assessment through an interview with its dynamic Chief Executive,
Mr Alex Letts, who walks, talks and breathes the standards dreams. After
all these years, he is still upbeat that the time has come for the industry
to fully understand and appreciate the value of standardised contracts and dealings
in real time with full certainty and clarity, not just as a cost-saving device
but also as a fundamental need in the business process. No let up for him on
the march to realise the dream for the industry, and he is still full of energy
and determination to take every opportunity to make that happen. And they are
at a major breakthrough this time for sure.
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Starting from this
year, as part of its commitment to the WTO, the China Insurance Regulatory Commission
(CIRC) will lift all restrictions on insurance business for international insurers.
This is good news for the country’s burgeoning number of foreign insurers
who have set up on the mainland, lured by growth rates and the promise of immense
long term potential. In an exclusive interview with Asia Insurance Review,
Mr Frank Zhang, Deputy Commissioner of the CIRC Shanghai Branch, shares
his regulatory priorities and how the Commission is keeping pace with the changes
and demands in the market.
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China is ripe with
opportunities and yet it is not without its share of pitfalls. What can the
industry do in this era of uncertainty and opportunity? This topic, presented
in various forms, met with extensive dialogue at the 6th China Rendezvous in
Shanghai recently under the banner of “Meeting the Insurance Needs of the
Innovative, Fast-Growing Market”. Our Journalist Wong
Mei-hwen reports.
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Museums have always
been a potent symbol of a country’s cultural heritage, prestige, success
and power, and as China develops into one of the most successful economies in
the world, it is moving into the museum business with equal gusto and flair.
Ms Clare Pardy, Associate Underwriter, XL Insurance Fine Art & Specie,
looks at the role of insurance in this niche area.
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In huge market
where size and reach is everything, AEGON-CNOOC has adopted a path less traveled,
preferring to focus on a measured strategy of growth and building upon a strong
base in Shanghai. This strategy has proved to be a phenomenal success, as today
the company stands proud at 8th place of 22 foreign insurers in China’s
burgeoning life market, up from 14th place out of 19 insurers in 2004. In an
exclusive interview with Asia Insurance Review, Mr Ringo Choi,
President and CEO of AEGON-CNOOC, shares his assessment of the market and his
key challenges going forward.
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Mr Cong Xuesong, General Manager for the Central Region Management Center and Shanghai branch gives a lowdown on the growth strategy of the country's 10th largest general insurer.
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Lloyd’s received the go-ahead to set up an on-shore reinsurance operation in November last year. Mr Anthony Egerton, President of Lloyd’s Asia said that this is the first step in the journey of a thousand miles and that they are building for the future and not expecting any immediate windfall.
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Mr Keitaro (Ken)
Mizuochi, General Manager of Mitsui Sumitomo Insurance’s Branch office
in Shanghai, shares his experiences in China and his plans for the company in
the coming year.
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President Maggie Taw explains how the joint-venture is planning to operate a healthy and sound business model in an increasingly competitive environment.
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Brokers need to
differentiate themselves more and strengthen their relationships with insurers,
says the chief of Shanghai Asian Insurance Brokers Co (SAIBC), one of the first
local entrants into the country’s fledgling broking industry.
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The People’s
Republic of China joined the WTO on 11 December 2001. As a result of reforms
after accession, China has now mostly fulfilled its commitments under the WTO
Protocol. During the past four years, the insurance sector has been further
opened to foreign investment. Ms Heida Donegan, Partner, and Mr Stewart
Wong, Associate, in the Hong Kong office of Barlow Lyde & Gilbert, discuss
China’s market access commitments under the WTO Protocol and the regulatory
changes which have presented more opportunities for foreign insurers.
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The number of claims
against directors and officers and the compensation sought by plaintiffs has
increased considerably. Such claims are no longer confined to mainly US-domiciled
corporations but in other parts of the world as well. In this article, Mr
Enrico Nanni, Director, FinEx International, Willis Ltd, gives an overview
of the D&O insurance sector and the new areas of exposures as well as the
regulations that came into effect to improve investors’ confidence.
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Corporates in Asia
are undergoing an evolution in its approach to D&O insurance. JLT Asia’s
Managing Director for Financial Solutions, Mr Tony Mitchell, draws upon
the findings of a recent survey to illustrate just how far the region has come.
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Demand for D&O
and professional indemnity cover in Asia is certain to rise, but how do you
price these risks in such a rapidly changing environment? This question will
be a critical challenge to underwriters, says Mr Raj Ahuja, a partner
of EMB, Europe’s largest firm of non-life actuaries.
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The general increase
for the International Group P&I Club’s renewal is between nil to 12.5%
and Mr Nick Sansom, Senior Vice President, Head of Marine, Asia, Marsh
Marine & Energy, said that reinsurance costs will also be the other cost
factor that will likely increase. With his background as a P&I underwriter
before and now as a broker, he gives insights into the P&I market today
as well as how the various Clubs seek to grow and manage their Asian portfolios.
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Paying close attention
to costs and establishing premium levels which are consistent with the anticipated
volume and value of future claims is the most important task of the UK Club,
the world leader in terms of gross tonnage. Mr Nick Whitear, Marketing
Director of Thomas Miller P&I Ltd as agents for Thomas Miller Bermuda Limited,
spoke about the P&I claims environment and the UK Club’s renewal strategy.
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As one of the five
clubs that made a technical profit for the year ending 2004, the American Club
said its assessment of the P&I market today is one of cautious optimism
for the future. Mr Joe Hughes, Chairman and CEO of Shipowners Claims
Bureau Inc, managers of the American Club, shares with Asia Insurance Review
why this is so.
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Gard is the world’s
second largest P&I Club in terms of gross tonnage and is said to be closing
the gap with market leader, UK P&I Club. Mr Sven-Henrik Svensen,
Senior Vice President, said that while being large is beneficial, it is not
an important objective to be the largest. He shares with Asia Insurance Review
what their focus is instead.
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There are not many
Asian P&I insurance providers outside Japan and many Asian insurance companies
had found it hard to penetrate the P&I market which is now dominated by
the Clubs in the International Group. Malaysian National Insurance Berhad (MNI),
a leading marine hull insurer in the Malaysian market, has taken the first step
to venture into this new class of business in October last year with a fixed
premium P&I product. Encik Mohd Najib Hj Abdullah, Chief Executive
Officer/Director, tells Asia Insurance Review why he sees this as an
opportunity for MNI.
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The Shipowners’
Club celebrated its 150th anniversary last year and is one of the five clubs
to make a technical profit for the year ending February 2004. The year 2005
looks good so far, registering increased free reserves and so the Club has decided
that they will not post any increase for the renewal this year. Mr Simon
J Swallow, Chief Operating Officer of Shipowners’ Protection Limited,
talks about the uniqueness of Shipowners’ Club and how it continues to
return an underwriting surplus in today’s difficult market.
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Members must pay
the right technical price to renew or gain entry into their Club, says Mr
Robert Drummond, General Manager of Charles Taylor Mutual Management (Asia)
Pte Ltd (CTMMA), managers of Standard Steamship Owners’ Protection and
Indemnity Association (Asia) Ltd (Standard Asia). He explains what they are
doing to ensure that the Club remains financially strong and well-reserved.
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The market leader
in a niche area of delay insurance, the Strike Club is not exactly a P&I
insurer although it is a mutual and is structured like a P&I insurer. Mr
Bill Milligan, Chief Executive Officer, Strike Club Management and Mr
Guy Debry, Strike Club Underwriter, specialising in Asia tell us the Club’s
concerns on the increasing claims situation in 2005 and its renewal plans.
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There are new challenges
and legislations which have increased exposures facing shipowners today. Mr
Claes A Lindh, Director Underwriting & Marketing of The Swedish Club,
said their challenge is to face, manage and absorb these new exposures. Here,
he tells Asia Insurance Review the Club’s assessment of these new
risks.
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Mr Peter Coates,
CEO of Axiom Asia Pacific, and Mr Suresh Dhanushkoti, CEO of iMantras,
highlight the key issues facing ceding insurers in the Australasian market in
managing outward reinsurance and consider ways to manage these issues more effectively.
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Siem Reap, Land
of Angkor Wat, was host to a series of Asean meetings last week with some 100-odd
senior leaders and young managers attending the Asean Insurance Regulators Meeting,
the Asean Insurance Council, Council of Bureaux relating to the implementation
of Protocol V on insurance to facilitate the road transit of goods through easy
insurance access, the Asean Reinsurance Exchange Scheme, and the Meeting of
Asean Insurance Education Committee and Asean Insurance Training and Research
Institute, as well as the Asean Insurance Congress. The gathering provided a
fertile base for networking among the leaders and nurturing the younger managers
as well as forum to share expertise and exchange views towards further liberalisation
of insurance services in Asean and greater regional co-operation. Here we bring
you excerpts of the various events that took place there.
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From globalisation and liberalisation to agricultural insurance and education, the ICDC has covered issues that are relevant to developing countries. Read this for a sneak preview of the next conference coming up in March.
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Acquisitions are an important tool for growth in the insurance industry. The Asian market is increasingly seeing the “growth through acquisition” strategy implemented, and CEOs in the region need to understand the risks and opportunities in this strategy, to ensure that they make the right decisions when acquiring both “live” and runoff targets. Ms Vijaya Vivekananda, Head of Claims and Recoveries at Cobalt Solutions in Sydney, outlines the methodologies that can help ensure that CEOs know what they are buying.
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Mr Gordon Perchthold
observes how the insurance markets in all countries have only now become truly
competitive, which not only raises the bar for effective positioning and execution,
but also has significant implication for configuring capable management teams
and integrated regional operating models.
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In this article
extracted from the Geneva Papers, Mr Geoffrey Heal, Columbia Business
School, looks at corporate social responsibility (CSR) as a programme of actions
to reduce externalised costs or to avoid distributional conflicts, pointing
out the causes for conflicts between corporations and society, and highlighting
the benefits of CSR which can play a valuable role in ensuring that the invisible
hand acts, as intended, to produce the social good, improve corporate profits
and guard against reputation risks.
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Ms Rachel Fitton,
Managing Director, SearchBank Executive Search Ltd, draws from the events of
last year’s high profile dismissal of former FEMA head Mr Michael Brown,
in the aftermath of Hurricane Katrina, and identifies how employers can spot
tell-tell signs of resumé-padding.
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Mr Jose Cuisia
Jr was named the Insurance Personality of the Year for 2005. Here, we bring
you a closer look at the man: what makes him tick and why he is so highly respected
and well-loved in the market.
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