Aug 2012

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Asia: It’s “AIG” again

American International Group. (AIG)’s global P&C business, renamed Chartis in 2009, will revert to the AIG name starting this fall, reinforcing the brand power of a name.

Asia: Asian insurers support Principles for Sustainable Insurance

The Insurance Australia Group (IAG), Mitsui Sumitomo Insurance, Sompo Japan Insurance and Tokio Marine and Nichido Fire Insurance are among the 27 insurers which are the founding signatories of the Principles for Sustainable Insurance (PSI).

Asia: Inflation a key concern for most affluent Asian retirees

The wealthiest of Asian retirees worry about inflation and unexpected expenses most, in particular, medical expenses, according to a recent survey by Allianz.

Asia: EAIC: Bank Negara’s Dr Zeti to give keynote address

The Governor of Bank Negara Malaysia, Dato’ Sri Dr Zeti Akhtar Aziz, will give the Keynote Address at the 26th East Asian Insurance Congress (EAIC) which will be held in Kuala Lumpur, Malaysia, from 29 October to 2 November 2012.

Asia: RSA open for right acquisition opportunities

RSA will consider bolton acquisitions when opportunities arise in Asia, said Mr Chris Colahan, Chief Executive of RSA Asia in an exclusive interview with Asia Insurance Review.

Asia Pacific: Life facing challenging times

Key life insurance markets in Asia Pacific are facing challenges associated with weakening or slowing economic conditions and volatility in investment markets, according to a recent Standard & Poor’s report.

Asia Pacific: Operational efficiency, market share and regulations are top drivers for CIOs – Celent

Asia insurers’ top three drivers for IT investment in 2012 are increasing operational efficiency, growing market share, and complying with regulation, according to a new report, 2012 Asia-Pacific Insurance CIO Survey: The Year Ahead, from Celent.

Asia: Insurance research needs shot in the arm

Asia’s insurance industry needs to invest in building a solid foundation for boosting research capabilities, given that comprehensive risk data on the region’s risks is not yet widely available, said Mr Ng Nam Sin, Assistant Managing Director (Development Group), Monetary Authority of Singapore, in his keynote address at the inaugural Insurance Risk & Research Conference held in Singapore recently.

Australia: IAG on track

IAG Managing Director and CEO Mike Wilkins said that there was a significant growth opportunity in Asia with middle class consumption (ex Japan) expected to increase by nearly 200%, to around US$12 trillion, by 2020.

Australia: Clyde & Co to open offices

International law firm Clyde & Co has announced that it will open offices in Sydney and Perth on 1 October 2012 with the recruitment of a team from Australian law firm Allens.

Australia: ANZIIF wins Learn X Learning and Technology Impact Award

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has received a Learn X Learning and Technology Impact Award this year in the category of Best Learning Program – Occupational Health and Safety.

Australia: Direct sales of life insurance to exceed US$2 bln by 2021

More than 40% of new life insurance business in Australia is expected to come from the direct sales by 2021 reaching a sum of more than US$2 billion, according to a recent report by Oliver Wyman and Plan For Life.

Cambodia: Prudential extends Asian footprint to Cambodia

Prudential Corporation Asia has received in-principle approval from Cambodia’s Ministry of Economy and Finance to establish a wholly foreign-owned life insurance operation in the country.

China Re expanding yuan-denominated reinsurance business

China Reinsurance (Group) Corp will be expanding its cross-border yuan-denominated reinsurance business in Hong Kong, Macau and Singapore.

China: RPC opens second international office in Hong Kong

UK law firm RPC (Reynolds Porter Chamberlain LLP) is opening a Hong Kong office this month with an initial team of over 40 people, including five partners.

India: Liberty Videocon JV gets green light from IRDA

Liberty Videocon General Insurance, a joint venture between Liberty Mutual Insurance Group and Videocon Industries., has received a license from IRDA to commence operations in India.

India: Raheja QBE moves into marine speciality sector

After successfully launching a wide range of liability offerings, Raheja QBE General Insurance Co is now ready to plunge into the marine speciality space.

India: GIC Re’s 2011-2012 premium grows 16%

General Insurance Corporation of India (GIC Re) saw a 16% growth in its business premium during FY2011-2012.

India: becomes first IRDA-approved online web aggregator in India has become the first IRDA approved insurance comparison website in India, having received this license in July.

Indonesia: Life policies up 15% in 1Q

More Indonesians are taking out life insurance coverage, with the number of policies in the country growing 15.1% from the previous year to 52.76 million by the end of this year’s first quarter, said the Association of Indonesian Life Insurance Companies (AAJI).

Japan: Life association to join new international body of insurers

The Life Insurance Association of Japan (LIAJ), which has 43 life insurers as members, will soon make preparations to join a new international body of insurers known as the International Federation of Insurance Associations (IFIA), in order to prime itself for tighter global regulations.

Malaysia: General business to grow 7% to US$4.45 bln in 2012

Malaysia’s general insurance industry is set to witness gross written premiums (GWP) increases of between 7% and 10% this year, said the General Insurance Association of Malaysia Chairman, Mr Wong Kim Teck.

Myanmar: Guide on setting up an insurer

With the suspension of relevant EU and US sanctions for 12 months, Myanmar is now potentially open for foreign investment.

Singapore: Hardy to restructure its business

Hardy Underwriting will be reshaping its property treaty business, which has been underwritten mainly from its Singapore office.

Singapore: Faber Global sets up new office

Willis Group Holdings’ facultative and wholesale reinsurance arm Faber Global, has opened a new office in Singapore to cover facultative reinsurance in the region.

Singapore: AIR Worldwide opens Singapore office

AIR Worldwide has announced the opening of its office in Singapore.