The Qatar Financial Centre (QFC) is gearing up to become a competitive captive hub as it targets to release this month the final rules for its own captive regime. Mr Akshay Randeva, Director, Strategic Development at QFC Authority, shares that QFC is now in talks with various companies looking to set up captives in the Middle East.
By Manuelita Contreras
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Since setting up its Singapore-based Asia Pacific regional office in 2009 headed by Mr Marc Haushofer, Validus Re has struck up a number of strategic partnerships. Mr Conan Ward, CEO of Validus Reinsurance Ltd, shares their plans going forward as well as his thoughts on the industry for the year ahead.
By Seow Kai Lun
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Mr Richard A Vargo of DBS Bank talks about why exclusive partnerships in bancassurance are becoming less common, what it means by “reverse bancassurance” and the bank’s priorities moving forward.
By Benjamin Ang
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While other industry players are busy expanding and growing their business in Asia, newcomer
Berkley Re Asia says there is no rush for them to grow in the region. Mr Grant Robson, President & CEO, Asia Pacific, and Mr Gerald MacDonald, Chief Underwriting Officer, Asia Pacific, say that the company does not see itself as a typical “market reinsurer” and right now prefers to put its resources in markets that it knows well.
By Manuelita Contreras
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Even though the disaster and immediate danger are been long over, the number of claims and amount made in payouts have continued to rise consistently from week to week.
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The Malaysian insurance and takaful markets registered healthy growth in 2010. Speaking with Associations’ heads and some industry players, we hear how they are looking to service a new generation of consumers with increased expertise and capability and the continued support of the regulator.
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On the heels of the previous year’s economic growth, life insurance in 2010 continued on the same trajectory, reporting a healthy growth. With insurance penetration still relatively low, we look at some of the initiatives that will be undertaken to help life insurance continue to make headway in Malaysia.
By Seow Kai Lun
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With many plans and changes in place by the government to drive economic growth in Malaysia, the general insurance industry is also gearing itself up to meet the challenges. One of the impending big changes is the lifting of the 30-year-old motor tariff. We look at the anxieties and expectations behind this change and what lies ahead for the general insurance sector in the country.
By Seow Kai Lun
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Takaful in Malaysia has been growing strongly from year to year, and the industry looks set to move to the next level of development, armed with stronger regulatory infrastructure and capable players with the necessary calibre and expertise.
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While Malaysia has built up its takaful market substantially, Mr Ismail Mahbob from MNRB Retakaful says that the insurance of larger commercial and industrial risks are still handled by conventional insurers. He maps out ways government and market players can work together to overturn this trend.
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Strong economic growth, along with the regulator’s support, continues to boost the general insurance industry in Malaysia. Mr Eric Gan of Swiss Re Kuala Lumpur Branch looks at the current challenges, while Mr Marcel Omar Papp of Swiss Re Retakaful looks at the takaful market and suggests that takaful differentiates itself strongly from the conventional business.
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Bank Negara Malaysia (BNM) has released both its conventional insurance and takaful statistics for 2010. Here are some highlights of the statistics and some questions to ponder on as we try to see the pictures painted by these figures.
By Benjamin Ang
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Anumber of recent regulatory developments, namely the liberalisation of foreign ownership restrictions and the introduction of a risk-based capital framework, have opened the door to M&A activity in the Malaysian insurance market.
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On the back of a 19.63% growth in the insurance industry, the market is going through an exciting phase in its history. Industry leaders feel the pulse of the market today.
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Ship owners are benefiting from a soft market. Both the hull and the cargo insurance markets are still struggling to maintain acceptable rates. Two marine underwriters and a broker update us on the marine insurance scene in Asia.
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Cargo insurance in Asia is developing well and the massive investment in infrastructure and industrial projects in the region are driving demand for it. However, Mr Said Khan of Amlin Singapore, says that capacity in Asia has also grown substantially, so much so that it is hard to maintain acceptable rates for the covers.
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The marine insurance markets are expected to remain soft. Mr Philip Bilney of FP Marine Risks gives us an update of the various marine markets today including the impact of the Japanese earthquake and tsunami on the markets.
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The maritime industry is a future-oriented sector with a high growth and employment potential. Given the growing world population, rising prosperity – in particular in emerging economies like China and India – and the globalisation of the world economy, a further expansion of traffic volumes is to be expected. Efficient merchant fleets, well-developed ports and modern shipbuilding industries are vital, especially for nations with a high level of exports. Mr Christian Diedrich from ERGO looks into the future of the marine market and its related businesses.
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Mr Daniel Haefeli and Dr Kai-Uwe Schanz, both from The Geneva Association, discuss the impact of the “ultra-loose” monetary policies on insurers and ultimately on their policyholders.
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One year following the Deepwater Horizon oil spill, Mr Humphrey Douglas and Ms Wei Wu, both from Barlow Lyde & Gilbert LLP, track the evolution of legislation for such risks.
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There is considerable confusion about what constitutes employer’s liability in China. Ms Helen Shen of Deacons Shanghai, tells us what has been covered since 2004 and the changes that 2011 wields.
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Mr Stuart Herbert from Marsh Captive Solution Group, Singapore looks at the four principal captive locations in the region.
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Mr Callum Beaton, a Consultant, says Labuan has very real credible offerings as a top-notch captive centre.
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Microinsurance is accepted as a global tool for helping the poor, and governments and commercial insurers are urged to work together to create quality products to reach to the hundreds of millions of low-income people.
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Microinsurance practitioners are paying increasing attention to ways in which customers might be encouraged to combine savings with insurance. While the products may appear simple to customers, they are complex to manage. Ms Sarah Bel and Ms Lauren Peterson, both from Microinsurance Innovation Facility, and Mr Rob Rusconi of Tres Consulting, present preliminary lessons on how to design product features that best serve the interests of both providers and clients.
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Microinsurance is still less well-known than microfinance, but equally important: whilst microloans enable people to establish an existence, microinsurance covers them against the consequences of risks that threaten that very existence. Microinsurance can help beat the poverty trap. Mr Dietrich Broesche of Munich Re looks at this line’s rising importance.
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Allianz has distributed close to five million microinsurance policies in India, Indonesia, and four African countries. Mr Kamesh Goyal of Allianz Asia Pacific and Mr Michael Anthony of Allianz Group talk about their microinsurance strategies and plans in the region.
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Thin margins and tiny premiums do not usually translate into a promising business proposition. But they do when you are talking about microinsurance, a potential market of up to 3 billion people. Mr Abhijit Banerjee of 3i Infotech Asia Pacific spells out the type of technology needed in microinsurance.
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Mr Gary Jackson of CSC looks at the way technology harnesses social networks to create sales, lifetime customers and future life sales agents and underwriters.
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The rise in out-of-pocket spending on healthcare and the fact that governments are spending less on it are making the sector attractive for insurers. These issues arose during the 7th Asian Conference on Healthcare and Health Insurance.
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As a curtain raiser to our Asian Motor Insurance Conference in Sri Lanka later this month, we bring you this insight by Mr Y R C Bharadwaj of IFFCO-TOKIO General Insurance, into the challenges facing the motor scene in India.
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With the re-launch of its Hong Kong business from an insurance carrier into a provider of asset accumulation and wealth protection services in 2007, Standard Life Asia, the Asian unit of Edinburgh-headquartered insurer, Standard Life Plc, is now looking at Asia’s emerging markets where it believes it can grow a base of affluent and high-net worth customers.
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AXA SA aims to reach operating profit of more than €6 billion (US$8.6 billion) in 2015. It had reported an operating profit of €3.88 billion in 2010. CEO Mr Henri de Castries told media that they plan to expand in Asia and scale back in Britain and Canada.
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SCOR Global Life SE, a subsidiary of SCOR SE, has opened a new subsidiary in Australia covering the Australian and New Zealand markets. It marks the next phase in its continued growth in the Asia Pacific region.
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China is expanding its Social Insurance Law to include foreign employees. They will be covered under the same social insurance benefits as Chinese nationals under the law, with effect from July.
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A CIRC report showed that the total insurance premium income for the first four months of 2011 was 580.8 billion yuan (US$88.02 billion).
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Starr Insurance and Reinsursnce Ltd is acquiring a 20% stake in Dazhong Insurance Co, a non-life insurer. CIRC has approved the Shanghai-based Dazhong Insurance to issue an additional 286.5 million ordinary shares to Starr Insurance and Reinsurance to become its foreign strategic investor. No financial details were disclosed.
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Total gross premiums in the first quarter of 2011 increased 13.3%, over the corresponding period last year, to HK$56.3 billion (US$7.23 billion), said the Office of the Commissioner of Insurance (OCI) in its release of the provisional statistics for the quarter.
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Low market penetration means the Indian general insurance sector has significant growth potential, said Standard & Poor’s in an article titled “The Indian Non-Life Insurance Sector Is A Goldmine Of Growth Potential”. Although it has emerged as one of the fastest developing insurance market in the world, its non-life sector, which includes P&C and health insurance, still has one of the lowest penetration rates in Asia, said S&P’s Credit Analyst Damien Magarelli.
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The Nuclear Power Corporation of India Ltd (NPCIL) is exploring self-insurance for compensating victims in the event of nuclear accidents.
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Life Insurance Corporation of India (LIC) plans to apply again for a licence to set up a subsidiary to sell policies in Singapore.
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Samsung Life Insurance Co is looking to expand its presence in Asia, with India and Indonesia as possible destinations. After extending its presence to China and Thailand, the company plans to make inroads into other Asian markets with high potential, such as India and Indonesia, within the next two years, said its CEO Mr Park Keun-hee in a press conference.
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Mitsui Sumitomo Insurance (MSI) and MAPFRE, a non-life insurance group in Spain and Latin America, have extended their framework partnership agreement to all the countries where the groups have operations. The scope will also be broadened to activities such as reinsurance and risk consulting services.
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Prudential Financial Inc, the US life insurer, has spent more than US$4 billion this year to expand in Japan. CEO Mr John Strangfeld had told the media that Japan is an attractive market that lacked the “sex appeal” of faster growing economies, while Mr Ed Baird, its Chief Operating Officer, International Businesses, had said that in Japan, “they are old but they are rich”.
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The Ministry of Finance has approved MAA Holdings Bhd’s sale of its insurance unit, Malaysian Assurance Alliance Bhd (MAAB), to Zurich Insurance Company Ltd for RM344 million (US$113.48 million).
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As part of the recent announcements in the Federal budget, the government has allowed tax credit for life insurance policies.
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The Insurance Commissioner, Mr Emmanuel F Dooc, has pledged support to the non-life insurance industry for any move to lower or eliminate taxes on their policies.
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Arthur J. Gallagher (UK) has acquired ITI Solutions, a specialist broking house. The acquisition has received regulatory approval from the Monetary Authority of Singapore. It will trade under the name Gallagher Singapore and will be headed by Mr Freddie Lim, previously CEO of ITI, with an initial team of 10 professionals. Terms of the acquisition were not disclosed.
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Ceylinco Insurance PLC has joined Asian Re as an associate member.
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Taiwan’s financial regulator, the Financial Supervisory Commission (FSC), has conditionally approved AIG’s sale of its Taiwan unit Nan Shan to a local consortium for US$2.16 billion (NT$62.19 billion).
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Financial Architects (FinArch), a provider of financial management software, opened a new regional office in Bangkok. It is the third office it has opened in Asia Pacific.
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High costs and smooth operations so far without insurance were among reasons given for not opting for export credit insurance.
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The larger domestic insurers, with the exception of Petrovietnam Insurance Joint Stock Corp (PVI), are steadily losing market share with the influx of foreign companies and the highly competitive operating environment, said the latest A.M. Best report on Vietnam’s insurance industry.
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In a US$3.2 billion stock-for-stock deal, former reinsurance affiliate of AIG, Transatlantic Holdings Inc will merge with Allied World Assurance, a specialty insurer and reinsurer.
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Lack of transparency in international regulatory processes was the foremost concern expressed by more than 80 of the world’s top insurance CEOs, as discovered by a survey conducted by The Geneva Association. Over 95% of respondents were of the opinion that more transparency was required to allow external stakeholders to understand the processes being used by regulators to assess companies.
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Swiss Re is set to reinsure a five-year project that will provide drought insurance for crops in Ethiopia. The microinsurance programme is developed by the World Food Programme and Oxfam America.
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Marsh expanded its County Weighted Industry Loss (CWIL) index-based insurance instrument for corporate clients with exposures in the US and Europe. CWIL was developed by Guy Carpenter last year as an index-based reinsurance contract issued by hedge fund Nephila Capital.
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Kane has successfully completed its acquisition of the insurance management operations of HSBC for US$27.5 million, after receiving approval from all relevant regulatory bodies.
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Asupervisory forum has been set up by the International Association of Insurance Supervisors (IAIS) to strengthen the effectiveness of insurance supervision and work towards a convergence of supervisory practices.
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The series of tornados that swept through the US from 20 to 27 May are expected to result in insured losses of US$4 billion to $7 billion, according to modelling firm AIR Worldwide.
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Food producers, transporters and retailers in US are expected to take a greater interest in food safety insurance, following the month-long E.coli outbreak in Germany. The rare strain of bacteria has reportedly made more than 3,000 people sick across 14 countries and caused the deaths of at least 33.
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