Surviving a crisis that shook the financial world and most of its pillars seemed daunting. But it is during tough times that businesses show how strong, or weak, they are. Indeed, in the last two years, we saw that sailing through a crisis was not too daunting if a player had the robustness to withstand any storm. Lloyd’s is one such player. Mr Rolf Tolle, Lloyd’s Franchise Performance Director until end of 2009, and Mr Jose Ribeiro, Lloyd’s Director, International Markets and Business Development, tell us how they weathered the recent crisis and what they plan to do in Asia.
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Active in over 30 countries around the globe, the Ergo Group is mainly focused on retail business in key markets in Europe and recently, in Asia. Mr Andreas Kleiner, Board Member of Ergo International AG, shares on the Group’s expansion plans in the region and also why India and China are the centrepieces of its Asian strategy.
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Like its population, India’s insurance industry’s potential is huge and it continues to encompass numerous opportunities and possibilities. Since liberalisation nine years ago, the insurance industry in life and non-life has ballooned as the middle class grows and financial literacy improves. The lifting of the 26% ceiling on the FDI remains a cliff-hangar. But the industry seems set on a growth path either way. We bring you a close up on what the regulator and the leading companies are doing in the market to boost insurance awareness.
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The potential of the Indian insurance market is a known fact but penetration is still low and slow to increase. In an exclusive interview, Mr J Hari Narayan, Chairman, IRDA, tells us his belief that a significant rise in the consumer understanding of the values of insurance will help the growth of the industry enormously, hence one of its aims will be enhancing consumer education.
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The Indian non-life insurance market has seen competition increasing since it liberalised nine years ago. Mr G V Rao, ex-Chairman cum Managing Director of Oriental Insurance Co, tells us the various challenges facing the players, both new and existing in this sector, and concludes that despite the difficulties, the non-life market is still attractive and too tempting to pass over.
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India is an economic miracle today. Mr Gary Comerford, Executive Vice President and Chief Marketing Officer, RGA International Corporation, looks at the country’s life insurance industry which has grown tremendously since the sector was liberalised in 2001 and tells us what are the concerns of the life CEOs today.
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It has been almost nine years since the opening of the Indian insurance sector for private and foreign participation. Some 22 private sector life insurance companies have since established operations, out of which 20 are joint ventures with foreign players. Mr Richard Holloway – Asia-Pacific Regional Practice Director, Insurance and Financial Services Practice and Mr Sanket Kawatkar – Head of Life Insurance Consulting Practice, India, both from Watson Wyatt Worldwide, say that while many of the companies may not be making money yet, life insurers are still confident about the market and its huge potential.
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Max New York Life Insurance Company won the coveted 2009 ‘Innovation of the Year’ award at the Asia Insurance Industry Awards held in Singapore last year. In an exclusive interview, Mr Rajesh Sud, CEO & Managing Director, tells us that customers are their reason for existence and their priorities are to serve them better through innovative products and excellent service.
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Mr R Raghavan1, General Manager at GIC Re, gives an overview of the Indian reinsurance market and what the challenges and issues are for reinsurers involved or becoming involved in the market.
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In an interview with Asia Insurance Review, Mr Antony Jacob, CEO, Apollo DKV Health Insurance Co, a recent entrant into the health insurance segment in India, talks about why health insurance has huge potential in India and is the future of this industry.
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India is confronted with severe challenges like a growing population, increased ageing, decline in organised public sector employment, the absence of formal social security for informal sector employees and high cost of existing defined benefit (DB) pension. Dr H Sadhak, CEO, LIC Pension Fund Ltd, gives us an overview of the Indian population, how the New Pension System aims to help the financial needs of the citizens when they retire and what challenges still lie ahead.
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The insurance sector in India has been largely monopolised by state-run enterprises until 1999 when the sector was opened to private players, with limited foreign equity and with government role limited to regulation. Since then, more than 20 private players have jumped into what seems an endless opportunity. Mr Prabhakar Deshpande, Business Analyst, Mastek, and his colleagues, tell us that the Indian market is distinctly different from those of the developed world and that its technological needs are different too.
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The financial crisis gloom is receding and most P&I Clubs are seeing positive results and better investment returns in 2009. Still, caution rules as the Clubs through the lessons learn in the crisis are clear that there must be an adequate price charged for the risks undertaken and without relying on investment incomes. With the Clubs expanding their Asian business, we revisit the question on the need for an Asian based PI mutual insurer while bringing you an overview of the assessment of the performance and prospects of seven of the Clubs.
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Achieving an all-time high free reserves of nearly US$56 million and attaining the largest growth from Asia, the American Club looks set to continue to bear fruit. We find out from Mr Joe Hughes, Chairman and CEO, Shipowners Claims Bureau, Managers for the American Club, about the Club’s future plans.
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Although the financial crisis gloom is receding somewhat and mid-year reports from major brokers are fairly optimistic in respect of the coming February renewal for P&I Clubs, Mr Iain Beange, Manager of North’s Singapore office, still remains somewhat cautious. Despite this, the Club will continue its plans to increase its Asian market share by 2.5% to 12.5% in the medium term. He shares with us the Club’s plans going forward.
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The Shipowners’ Club is positive and upbeat about the future. Mr Steven Randall, General Manager/Director, Shipowners’ Asia Pte Ltd, tells us that their local presence in Singapore has exceeded their expectations and the capability of being closer to their brokers and Members, along with the recovering global economy, certainly bodes well for them.
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The past years have reminded clubs about going back to basics and with the recovery, Standard Club expects the upcoming renewals not to be too tricky.
Mr Robert Drummond, Director & General Manager of Standard Asia, shares about their growth expectations in the Asian region.
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Swedish Club reported that its core business is in a healthy state and that its relatively sizeable Asian portfolio is doing well and still growing. Mr Henric Gard, Director, Marketing & Business Development, the Swedish Club, shares his views on the Rotterdam rules, piracy issues and lessons learnt from the global financial crisis.
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While the UK Club anticipates a continuing downward claims trend for 2010 and beyond and has decided on a modest increase in general premium of 5% for the February renewal, it stresses that premium levels in the future should be set with minimal reliance on investment income. We find out from Mr Nick Whitear, Marketing Director of Thomas Miller P&I Ltd, the London agents of the UK P&I Club’s Bermudan management, about the Club’s plans and its expectations going forward.
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Asian-based ship owners are looking for an alternative to the traditional P&I Clubs in Europe. Mr Simon Birch, Chief Operating Officer, Whittington Asia Pacific, examines this wish and tells us why it makes sense.
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We look back at the testing times of 2009 where despite the challenges faced the insurance industry proved its mettle.
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Many of Asia’s retirement-income systems are ill-prepared for the rapidly ageing population. We look at the need to urgently modernize Asia’s pension systems to meet the retirement needs of the masses and what more insurance companies can do on that front.
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Governments across Asia have long recognised the need for savings schemes for retirement. Principal Financial Group tells us more about the opportunities and challenges of pension schemes in four key Asian markets.
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PricewaterhouseCoopers looks at three alternative retirement possibilities for employers and employees in Singapore.
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With the completion of the yearend renewal, we check with key insurers in India, Japan and Korea on what they expect from their reinsurers in April.
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In this Special New Year Coverage of the 2009 Award winners, we find out what the Award means to them.
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Mr Rudi Spaan of Chartis Southeast Asia talks about the past 12 tumultuous months and how they are now charting a new chapter.
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Asia is diversified in many ways. Mr Praveen Gupta tells us how insurers can recognise these diversities and build them into their strategies for succeeding in the region.
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Dr Kai-Uwe Schanz of Dr Schanz, Alms & Company, looks at how leadership can and should flourish under adversity.
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K&R insurance is still perceived as a luxury, far from a necessity, even though incidents of kidnap for ransom have shot up.
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At the 6th Asian Conference on Healthcare and Health Insurance, it was stressed that there is a need to rethink healthcare. We give you the highlights of the event.
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The first woman to win the 2009 Young ASEAN Manager Award (YAMA), Ms Sophia Ch’ng Sok Heang of Great Eastern Life Assurance (Malaysia), shares her management style and her vision for ASEAN.
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The economic loss rule is seen to vary from jurisdiction to jurisdiction. Barlow Lyde & Gilbert LLP Singapore examines the application of this rule in the UK, the US, Australia and Singapore.
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Ratings movements on this page are made between 10th of November and 15th of December 2009.
Companies and rating agencies which want to be covered are kindly requested to send their inputs to Ms Min Yong at min@asiainsurancereview.com
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In 2009, natural catastrophes will cost worldwide insurers roughly US$21billion, with man-made disasters triggering additional claims of about US$3 billion, said Swiss Re. This is much lower than the 2008 total insured losses of over US$50 billion. The lower figure for 2009 was the result of the calm US hurricane season, said the reinsurer.
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Six Asian countries are listed by the 2010 Global Climate Risk Index among the 10 worst affected by extreme weather events. The six are Bangladesh, Myanmar, Vietnam, India, the Philippines and China. The other four countries on the top 10 list are Honduras, Nicaragua, Haiti and Dominican Republic. All of the 10 are developing countries in the low-income or lower-middle income country group.
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Australian insurers appear to be unfazed by the likelihood of increased regulation resulting from the global financial crisis, according to research conducted by KPMG in August and September that collates the views of 392 industry executives from 47 countries.
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The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) will add a new membership level – Student Membership – to support and enhance the career of students while they are studying towards a professional qualification. With the addition of student members, ANZIIF’s membership base will increase to close to 14,000 making it the largest professional insurance and financial services membership organisation in the in Asia Pacific Region.
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XL Capital Ltd has received approval from the China Insurance Regulatory Commission (CIRC) to start preparation work to set up a P&C (non-life) company in China.
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China’s current “many-to-many” bancassurance model – in which banks distribute the products of multiple insurers – has plateaued and banks and insurers should adopt a new business model aimed at building more exclusive and integrated ties to maintain growth, according to a white paper released by the Boston Consulting Group (BCG) and reinsurance company Swiss Re.
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Starr International Insurance (Asia) Limited (Starr International Insurance Asia) has recently received authorisation by the Office of the Insurance Commissioner in Hong Kong to provide several classes of General Insurance products in or from the Hong Kong region. Starr International Insurance Asia is a wholly owned subsidiary of Starr Insurance & Reinsurance Limited (Starr International Insurance).
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AIA Group Limited and American International Group, Inc. (AIG) have selected the Hong Kong Stock Exchange as the listing venue in connection with their previously announced plans to pursue an initial public offering of AIA subject to customary regulatory approvals.
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Allied World Assurance Company, Ltd, a member company of Allied World Assurance Company Holdings, Ltd has announced the launch of a new product for Asian banks.
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Consumers may be free to change their health insurance provider by next April, without losing the benefits on their existing policy, according to new guidelines being prepared by the industry with the sector regulator, the IRDA. No additional fee would be payable on changing insurers.
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Life insurers are slowing their expansion, as is seen from the 91,000 new agents hired from April to October compared to the 200,000 recruited in the same half-year in the previous year, according to a media report.
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Insurance Australia Group (IAG) has completed its Rs5421 million (US$116 million) investment in its general insurance joint venture with the State Bank of India, SBI General.
The investment will be funded from internal resources. The capital has been invested directly into the joint venture vehicle and no further capital is expected to be required until at least the fourth year of operation.
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PT Avrist Assurance, formerly known as PT Asuransi AIA Indonesia, has recently launched its new brand name “Avrist” in Balai Sarbini. This celebration is yet another milestone after officially separating from the AIA/AIG group on 22 October 2009.
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The General Insurance Association of Japan (GIAJ) is facilitating the comparison of automobile insurance products by starting a portal on its website. On it, consumers can compare data on personal automobile insurance products sold by GIAJ member companies.
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Japanese non-life insurers, Sompo Japan Insurance and Nipponkoa Insurance, have entered into a memorandum of understanding to merge their life insurance subsidiaries in Japan.
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Samsung Life, South Korea’s largest life insurer, has announced that it aims to launch an initial public offering (IPO) in the first half of next year, becoming the latest in a series of life insurers in the country which are going public since the authorities gave in 2007 the green light for life insurance companies to be listed.
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The Malaysian government has no plans to scrap third-party insurance and insurance coverage for old cars valued at MYR10,000 (US$2,950) and below, reports the local media citing Finance Minister Najib Tun Razak.
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A public-private sector working group in the Philippines has approved a draft strategic framework, the “National Strategy for Micro-insurance” to encourage investments in microinsurance products intended to provide a safety net to the country’s poorest segments. Under the draft, stakeholders will undertake three key steps to provide the poor access to insurance products, namely: provide an appropriate policy and regulatory framework; monitor informal insurance schemes; and institutionalise financial literacy.
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Validus Holdings has announced that its wholly-owned subsidiary, Validus Reinsurance, has been granted approval by the Monetary Authority of Singapore to operate a branch reinsurer underwriting general reinsurance business in Singapore.
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Taiwan’s Health Minister, Mr Yaung Chih-liang, has said that he would do all he could to ensure that the premium rate for the National Health Insurance scheme was increased. He sounded the likelihood that the rate would be hiked within six months to help plug the financial deficit faced by the system.
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The 2009 year-to-date global corporate default tally went up to 260 issuers -- the highest default count since the series began in 1981, said Standard & Poor’s (S&P) in an article.
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The International Insurance Society (IIS) announced the candidates for the 2010 Insurance Hall of Fame Awards, considered the preeminent achievement award in the industry.
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It was far from a deal and one that most leaders and representatives from 120 nations were unhappy with. But a group of powerful countries, led by the US, in a last-ditch effort reached what was described as a political agreement after much disarray on the last day of the make-or-break United Nations Climate Change Conference late last year.
As delegates set to leave Copenhagen mostly in a sour mood, the conference concluded with participating nations grudgingly agreeing to “take note” of this political accord. They went home not with a binding deal they hoped for, but only with an accord meant as a statement of intention.
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If you are superstitious, the Year of the Metal Tiger, which kicks in on Valentine’s Day, should: “be all the more dramatic, as 2010 is a dynamic year.”
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