Each market minding its own business – this was how Aviva carried out its Asian operations until last year. The turning point came with the creation of a regional headquarters and the appointment of a CEO for Asia. Mr Simon Machell, Chief Executive, Asia Pacific, talks to our Journalist, Ms Manuelita Contreras, about Aviva’s pursuit to be a global brand and how the Asian operations are following that direction to create a more efficient and profitable business.
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With the macroeconomic shift and long-term potential of many Asian markets in clear sight, some insurers are willing to pay significant premiums to enter and operate in this region, particularly through mergers and acquisitions (M&As). In a telling interview with our Journalist, Ms Min Yong, Mr Andreas Kleiner, Member of the Board of Management of ERGO International AG, and Mr Cheong Yue Loon, Managing Director of ERGO Asia Management, Singapore, discuss ERGO’s plans to further penetrate into Asia and the challenges and opportunities they face in seeking acquisition targets.
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Nine months since LIMRA and LOMA came together under LL Global Inc, what have been the changes? Have the potential synergies and benefits of the merger been realised? Our Journalist, Ms Manuelita Contreras, sat with the management of LIMRA International and LOMA to talk about the merger and what they see as key industry issues and their priorities as they fuse together their capacities for the industry.
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In this special country profile on China, we trace the break-neck pace of China’s economy, and how the whole nation has become committed to fast forwarding into the 21st century. We also look at the insurance industry’s ability to handle the country’s phenomenal growth as many market observers begin to wonder if companies and regulators are up to the task of this burgeoning economy, particularly as inflation, credit problems, and a volatile stock market have slowly begun to rear its ugly head.
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The world’s centre of gravity is shifting eastwards. Mr Patrick Poon, Chairman of the China Pacific Life Insurance Company, shares his assessment of the massive growth trends and challenges in China’s life market.
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Mr Sun Jianyi, Executive Vice President and Vice Chief Executive Officer of Ping An Insurance, traces the phenomenal growth and success of the company and shares how the Group plans to continue to play a leading role in shaping the China insurance market in the face of globalisation and increasing competition.
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The statistics are staggering. The number of retirees in China is set to double between 2005 and 2015, when it is expected to reach 200 million. According to United Nations estimates, roughly 430 million people in China – around one-third of the population – will be retirees by 2050. The Principal Financial Group outlines the functionality and process of the enterprise annuity system (EA), and alternative solutions that offer opportunities for investment consultants.
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Ms Connie Wong, Senior Director, Insurance Ratings Asia from Standard & Poor’s, shares her outlook on the China industry where risk and challenges remain high against the backdrop of the industry’s rapid growth and volatile investment markets which have exerted great pressure on the solvency of some insurers.
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Mr Ulrich Trumpp, CEO for Greater China and South East Asia of Munich Reinsurance discusses the importance of risk transfer and management, particularly in China as it seeks to protect and stabilise its economic prosperity.
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Mr Liu Yufeng, Representative of Benfield China General Representative Office, and Mr Nigel Winspear, Senior Natural Hazards Analyst of Benfield Asia, highlight some of the main challenges facing the Chinese insurance industry as it considers the future direction of property insurance for major natural perils.
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Since its accession to the WTO in 2001, the Chinese insurance industry has moved through a continuum of rapid change fuelled by globalisation, government initiatives, and partnering with local educational facilities. Mr Ed Brumby, General Manager, Australian and New Zealand Institute of Insurance and Finance (ANZIIF), shares incisive information on the training developments in this fast-growing market.
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China is also honouring its commitment to further liberalise the country’s insurance market. However, while the Mainland offers big opportunities for both domestic and foreign insurers, there are challenges that come hand-in-hand with the opportunities. The team from the Deacons Shanghai Office looks at the legal issues and highlights the regulatory reforms and updates in China’s diverse insurance industry.
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International sports sponsorship is seen as an ideal way to get more people to recognise a brand. Major sporting events such as Formula One are viewed by millions of people around the world. This proves to be an ideal platform for sponsor companies such as Allianz and ING to reach a global mass audience. With the inaugural Formula One Singapore Grand Prix taking place this month, we look at how these insurers are taking pole position in the race for establishing a leading brand.
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Climate change is an issue Australian insurers are tackling head on, particularly since the election of a new Federal Government late last year with a strong environmental awareness.
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Heavy rain, causing major flooding, has hit the Australian industry hard and forced the problematic issue of flood cover back to the forefront.
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Major insurers are suffering in the wake of massive storm activity since mid-2007. The impact has been broad in the latest round of financial results announced by the listed companies.
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Bravura Solutions, discusses the emergence of a number of IT market trends, as well as a shift in attitude towards the function of IT in financial service organisations.
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Oracle Corp looks at how educated carriers can avoid a business and technology “bait and switch” on the way to SOA implementation.
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Over the last decade the Asian cargo market has made marginal profits, and cargo has been the most consistent performer of the major classes, including hull, energy and property which have suffered major losses already this year. However, increased commodity prices and insurance capacity are putting pressure on the class, driving rates down and making it ever more important that underwriters maintain their underwriting discipline and forge strong relationships with their clients to help mitigate the current insurance downturn. Mr Lee Vanderson, Chief Underwriter and Principal Officer, Ascot Underwriting Asia, discusses the issues.
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Mr Li Shi Qi, General Manager of Marine, Bank of China Insurance, looks at how ship construction enterprises are coping in the wake of a shortage of main engines, lack of technical personnel, dwindling funds, insufficient docks and the appreciation of the yuan.
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The Jordan Insurance Commission discusses the thriving growth of the MENA region on the back of liberalisation, growth in consumption and rising fuel prices, and explores the prospect of Jordan being a regional centre for reinsurance.
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In this article extracted from the Geneva Papers, Mr Denis Kessler of SCOR discusses the three major risks for insurers that provide long-term care insurance: risk of escalating costs, risk of adverse selection and risk of moral hazard. Despite these risks, the long-term care insurance is a potentially expanding market for insurance companies able to innovate and design products tailored to this very specific demand.
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The experience that the London reinsurance market has amassed over many centuries of operation will be of significant benefit to (re)insurers entering the Chinese market, allowing them to pre-empt some of the legal issues which are routinely encountered in reinsurance arrangements. The team at Barlow Lyde & Gilbert LLP considers the way in which foreign (re)insurers are entering the Chinese market and highlight some of the difficulties which crop up when doing so.
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FM Global provides a closer look at how outsourcing is increasing both opportunity and risk for electronic product producers.
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Companies have been managing risk for decades by buying the cheapest insurance or best cover available to them on the market. Aon Global Risk Consulting, discusses the need for businesses to be aware of volatile shareholders, corporate governance codes and rating agencies that have a vested interest in well-managed risks.
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As we approach the last quarter of 2008, it is clear the global economy is on the slide, and that Asia’s economies are not immune from this. But exactly how bad it is – or could be – is still unclear and many businesses are adopting a wait-and-see approach to their next phase of development, as discussed in this article by VRS Insight Adjusters Group.
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The Asian art market continues to grow from strength to strength and buyers on the local or international art scene, are increasingly seeking specialist insurance advice when looking to cover their valuable items. XL Insurance explains the importance of getting the right insurance.
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How alternative distribution channels can best drive home profit and growth riveted the presentations and discussions at the 9th Asian Conference on Bancassurance and Alternative Distribution Channels held in Singapore recently. We share the discourse on what makes the best distribution model, which garnered substantial attention and triggered a flow of insightful sharing of ideas and experiences.
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This year’s conference drew a glitterati of more than 400 delegates from 36 countries to the vibrant city of Taipei. During the three-day affair, insurance leaders discussed critical issues affecting the life, non-life and (re)insurance markets, and were given an opportunity to share views through an interactive “live” voting system. We bring you a summary of the discussions.
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This year, at the 16th LOMA/LIMRA Strategic Issues Conference held in Seoul, delegates were treated to a diverse slew of topics ranging from medical insurance and global healthcare to variable insurance, compliance and takaful, to matters of distribution and regulation. Here, we look at the some of the key issues highlighted at the event.
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A new survey of financial executives representing the largest corporations in North America reveals almost all companies are exposed to natural disasters, yet many of those firms are not well-prepared for such catastrophes and are not overly concerned about the potential business impact.
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China is trailing behind India in insurance penetration, with a rate of 2.7% in China against 4% in India, said a report by securities house Batlivala & Karani.
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StreamServe Asia Pacific Pte Ltd, a subsidiary of StreamServe, Inc, and CSC, a global leader in providing technology-enabled solutions and services, have integrated StreamServe Persuasion with CSC’s leading insurance solutions POLISY/Asia & LIFE/Asia, and formed an alliance to jointly market their solution throughout Asia Pacific.
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Australia’s general insurers showed continued strong performance during their respective financial years ended between 1 January 2007 and 31 December 2007, despite combined pressure from global financial markets and natural events, said the Australian Prudential Regulation Authority (APRA) in its recently released Half Yearly General Insurance Bulletin.
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Insurers in Bangladesh, many of which operate both conventional insurance and takaful, will have to choose between the two types of insurance under the country’s new Insurance Ordinance which was approved last month.
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Chinese organisers of last month’s Beijing Olympics took out a total insurance coverage, including property, third-party liability and personal accident cover, of as high as 300 billion yuan (US$43.75 billion), according to the People’s Insurance Company (Group) of China (PICC).
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The Chinese insurance sector reported that premium income rose 51% to 561.8 billion yuan (US$80.3 billion) in the first six months of the year, according to figures released by the China Insurance Regulatory Commission (CIRC).
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Concern for market share among general insurers is likely to override price discipline in the industry in the near term, said credit rating agency ICRA in its latest report on the sector.
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Although existing life insurers were not able to make profits even after being in business for eight years, new entrants to the Indian life insurance industry are confident of making profit within seven years by trimming costs from the get-go.
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Transamerica Direct Marketing Consultants Pvt Ltd (TDMC), an affiliate of AEGON Direct Marketing Services, Inc (ADMS), has launched its India operations.
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State-owned labour insurance firm PT Jamsostek, a monopoly in providing basic insurance coverage for workers, has asked the Government to reform the system.
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Fitch Ratings has said in a special report that the outlook on the Japanese non-life and life insurance industry is both stable on account that their capital positions will remain strong despite the current economic and capital market downturn.
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Five major Japanese non-life insurers reported falls in insurance premium income in the April-June quarter, due largely to revenue declines from motor insurance amid weaker motor demand in the country, according to Jiji Press.
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Hong Leong Tokio Marine (HLTM) Takaful’s Capital Protection Investment Link Fund (CPIL) Scheme has been named the Most Innovative Shariah-Compliant Structured Product at the recent 2008 Asia Pacific Structured Products and Derivatives Awards.
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Singapore’s general insurance industry recorded a healthy 9.4% increase in premiums in the first-half of this year with net earned premiums rising to S$904.9 million (US$661 million), up from S$827.3 million in the corresponding period in 2007.
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The Association of Financial Advisers AFA(S) has said that its members will fully embrace and endorse the ISO 22222 accreditation for its representatives.
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Five second-year undergraduates from the Nanyang University of Singapore (NUS) and Nanyang Technological University (NTU) were selected for an international internship experience with the general insurance industry.
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Non-insurance institutions such as banks, brokerages and mutual savings banks chalked up over 10 trillion won (US$9.7 billion) in bancassurance sales for the fiscal year ended 31 March 2008, the first time their sales crossed this mark since bancassurance was introduced in the country in 2003, reported The Korea Times.
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If the health insurance premiums in South Korea do not increase, the country’s national health insurance industry will produce annual deficits that may amount up to 5 trillion won (US$4.8 billion) in 2011.
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Taiwan’s Financial Supervisory Commission (FSC) has announced further liberalisation in the use of derivatives by insurance firms, reported Asian Investor.
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Non-life insurance premiums in Vietnam increased by 41% in the first six months of the year to VND5.5 trillion (US$331 million) compared to the same period last year, reported the Vietnam News Agency citing data from the Ministry of Finance.
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