The recent turmoil in the capital markets has somewhat doused interest in insurance securitisation. Mr Abhijit Banerjee, Senior Vice President, Strategic Engagements, Asia Pacific, 3i Infotech Asia Pacific, explains why there is still a need for more innovative securitisation products going forward.
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Because parametric products pay out fast after an event, based on a simple and unambiguous trigger mechanism, they are becoming increasingly popular, reports Dr Juerg Stoll, Director, Swiss Re’s Industrial Risk Insurer.
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Since the Asian financial crisis, the Financial Supervisory Service (FSS) has been putting in place regulatory reforms to encourage insurers to focus on risk management. The directive is still relevant and Mr Kang Young Goo, Assistant Governor and Head of Insurance Service Division, FSS, reaffirms that the introduction of the Risk Assessment and Application System last year and the RBC this year, will all help the industry thrive in these testing times and for the regulator to better understand the companies they oversee. By Ms Min Yong
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The Institute of Actuaries of Australia has released an international report calling for the establishment of a global risk management framework to improve financial governance and avoid a repeat of the current global financial crisis.
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