In an assessment
of the catastrophes in 2005, Dr Nicolas Georgy, Underwriter, at PartnerRe,
Zurich, draws on some lessons for the industry and calls for greater attention
to exposure control and increased disclosure and transparency between insurers
and their reinsurers.
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Japan is one of
the countries in the world where natural disasters occur most frequently. Mr
Hiroshi Fukushima, Managing Director of Toa Re, looks at the earthquake
exposures and how the industry is coping.
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It has been five
years since the insurance sector in India was opened up to private players and
the excitement everywhere is palpable. The industry has not only generated new
avenues for employment, but also brought about growth in the economy. Insurance
companies are big players in the stockmarkets in India today with huge funds
being generated through unit-linked insurance products. Mr
Jimmy John, our India Correspondent, chats with players in the
market on their challenges in the burgeoning market amidst intense competition
and regulatory changes.
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In a frank interview
with Asia Insurance Review, Mr C S Rao, Chairman of the IRDA, calls for
greater attention on rural, social and health insurance, and reveals his target
of 5% penetration within five years. He also stresses the importance of ALM
for insurers with a focus on continuous upgrading to compete effectively in
a de-tariffed environment.
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Mr A K Shukla,
Chairman, Life Insurance Corporation of India, the country’s largest and
oldest life insurer, gives an insight into the Company’s history and future
strategies as it celebrates its Golden Jubilee.
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In a market dominated
by a few companies, where size and reach are vital, National Insurance Company
(NIC) has been able to shrug off its laid-back attitude and move into the top
league. The company was founded in the year 1906, and is the oldest existing
insurance company in India, celebrating its centenary year in 2006.
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Allianz was among
the early entrants into the Indian insurance market post-liberalisation, and
it has made rapid strides in the Indian market place to become one of the leading
players in both segments. In an interview with Asia Insurance Review,
Mr Sam Ghosh, Country Manager Allianz and CEO, Bajaj Allianz Life Insurance
Company, gives an insight into the company’s local operations and future
plans.
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In an interview
with Asia Insurance Review, Mr Nani Javeri, CEO, Birla Sun Life
Insurance Company Limited, a joint venture between Sun Life of Canada and the
Birla Group of India, talks about his company’s successful run in India
and the future of the life industry in India.
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ICICI Lombard General
Insurance Company Limited is the fastest growing and largest private sector
general insurer and 5th among all players in India. In an interview with Asia
Insurance Review, Mr Sandeep Bakhshi, MD & CEO of the company,
tells us how they have managed to remain ahead of the pack.
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Mr Ajit Narain,
Managing Director, IFFCO-Tokio General Insurance Company (ITGI), the first JV
between an Indian and Japanese partners, shares his experiences in doing business
in India and his plans for the company.
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American International
Group Inc (AIG) and joint venture partner Tata Group of India started operations
in the Indian insurance market in early 2001, and have since established a strong
pan-India footprint in 50 cities with over 100 offices offering a wide range
of products. In an interview with Asia Insurance Review, Mr Sunil
Mehta, Country Head and Chief Executive Officer, AIG – India, shares
his assessment of the progress of the joint ventures and the key challenges
going forward in the Indian market.
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The Middle East
isn’t just about spectacular desert landscape, lost cities and oil rich
metropolises, it is a bustling insurance hub as well. In this Country Profile
on the Middle East, we look at key market developments and opportunities in
this region – poised to be the next big thing.
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In the last decade,
Jordan has made significant strides to integrate into the international economy
and build a solid base for sustainable economic growth. H E Dr Bassel Hindawi,
Director General of the Insurance Commission in Jordan, shares how the Commission
is a pioneer in the Middle-East region in revamping its regulatory system and
reforming the insurance sector, to position Jordan as a regional centre for
insurance and reinsurance services.
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The Dubai International
Financial Centre (DIFC), the world’s fastest growing financial hub, received
the Industry Initiative of the Year award at The Review – Worldwide Reinsurance
Awards held last year in London. A year after its establishment, Mr Shashank
Srivastava, Business Analyst, Strategy & Planning, DIFC, shares how
it has managed to catch the eye of the global insurance community and not only
take notice of this bold initiative, but also single it out for recognition.
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As a curtain raiser
to our Takaful Conference in Singapore later this month, Mr Sohail Jaffer,
Partner of FWU Group, presents an overview of the global takaful scene, highlighting
trends in major takaful markets, as well as its huge potential and what is needed
for the industry to push forward.
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In the absence
of retakaful companies, takaful companies have used conventional reinsurance
as part of their risk-management system, raising concerns that takaful products
in the market are not fully Shariah-compliant. Mr Jens Blohm, Managing
Director of Hannover Life Re Germany, shares the company’s recent retakaful
pooling arrangement that combines the strength of an international highly-rated
reinsurance company with the requirements of a fully Shariah-compliant solution.
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The last few years
have seen a greater understanding and acceptance of the runoff market. What
is less clear is whether the growth in awareness is matched by an increase in
commercial action from “live” and runoff companies. Mr Colin Russell,
Head of Business Development at Cobalt Solutions, raises some key questions
to help determine if a company is taking advantage of the benefits of runoff.
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Mr Nick Eddery-Joel,
Director of Axiom Consulting Limited in London, and Mr Peter Coates,
Chief Executive of Axiom Asia Pacific in Sydney, outline some alternative strategies
for the resolution of runoff or discontinued lines of insurance business, to
provide insurers and reinsurers with closure.
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A proactive approach
to runoff that makes use of modern tools can be worth millions of dollars and
make the difference between loss and profitability, argues Mr Steve Mathews,
a Senior Consultant at EMB, one of Europe’s largest non-life actuaries.
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The issue of runoff
and commutations in the general insurance markets across Asia is increasingly
important as more companies seek efficient solutions to achieve closure on the
parts of their business which are no longer active or required. Mr Tony Hobrow,
CEO, Whittington Group, looks at the trends in the region and the company’s
plans in this growing market.
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Previous legal
articles in this Barlows column have highlighted the obstacles that can be faced
when insureds recover third-party settlements from their insurers and, by analogy,
when reinsurers recover commutations from their reinsurers. Mr Ed Stanley,
Partner, Barlow Lyde & Gilbert’s Reinsurance & International Risk
team and Mr Tim Taylor, Partner, Barlow Lyde & Gilbert’s Shipping
and International Trade team, review the Commercial Court decision, handed down
in January 2006, in Enterprise Oil v Strand Insurance (2006) EWHC 58 Comm,
which casts further light on this troublesome issue.
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Mr Phillip Small,
a Consultant specialising in IT in the insurance industry, shares how the insurance
industry is increasingly embracing speech recognition to enhance customer service.
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As a curtain raiser
to our Branding and Marketing conference in June, Mr Michael Wilkins,
CEO and Managing Director, Promina Group, discusses why branding should be a
priority issue for the insurance industry – one that might be suggested
by some to be a commodity-based industry.
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In this article,
extracted from the Geneva Papers, Ms Francesca Colombo and Ms Nicole
Tapay look at trends in private health insurance in OECD countries and at
the opportunities and challenges created by these markets. It also depicts useful
practices that can help policymakers employ private resources to help them achieve
health policy goals.
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This month, our
Editor Wendy Koh chats with Mr
C F Choy, Chief Executive of HSBC Insurance, on his penchant for exploring
the roads less travelled.
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