Mr Jeff Walker of New York Life Insurance Worldwide Ltd (Hong Kong) talks about reputational management and how the insurance industry should take pride in the important role it plays in improving people’s lives.
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In a world used to demanding shareholders where one never knows what unfolds at the annual general meeting of listed companies, Singapore Re’s AGM in Singapore in April turned out to be a pleasant rhapsody.
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Direct marketing has gone through a major evolution in the past several years. Not only is it growing in popularity, there is an emergence of a variety of techniques that appear effective for insurance offers. AEGON Direct Marketing Services (ADMS), a part of the AEGON group, is one of the global leaders in this field and, in this Q&A session, Mr Tim Oliver, its Regional Managing Director, tells our Editor Ms Wendy Koh his perspective on what prompted the evolution of direct marketing of insurance and what we can expect in the future.
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The winds of change have been sweeping through Lloyd’s. Rolling out its Three-Year Plan to make Lloyd’s the platform of choice a year ago, the 319-year-old market continues to put in place changes to its structures and processes, paving a pathway to reduce if not eliminate any burden of operating in Lloyd’s. In his maiden interview with Asia Insurance Review, Mr Richard Ward, its Chief Executive Officer for the past one year, takes stock of the satisfactory progress to date, how it has grown and is growing in Asia, and why syndicates still need to rise to the challenge of walking away from bad business.
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To grow in a mature market and economy like Japan is not easy. However, Fuji Fire & Marine Insurance has developed a sustainable growth strategy, earning it an “A-” rating from Standard & Poor’s Ratings based on “improved levels of profitability and capitalisation and improved prospects for strengthening the company’s competitive position”. Mr Bijan Khosrowshahi, its President and CEO, tells Ms Irene Yeo, Deputy Editor of Asia Insurance Review, what these competitive strengths are and why being different is central to its strategy.
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Part of the Spanish group Mapfre System, MAPFRE Re was established in 1982 and started its Manila regional office in 1986. This month it celebrates 25 years of establishment, and here, Mr George V Duque, MAPFRE’s Regional Manager, shares the company’s key milestones.
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It is exciting times for the Pakistan insurance industry which is witnessing a new wave of opportunities as regulators recently issued new takaful licences, and promise further liberalisation. In this country profile, we zoom in on this nascent but rapidly growing market which boasts the world’s most populous Muslim community after Indonesia and speak to some of the players on the opportunities and challenges they face.
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In an interview with Asia Insurance Review, Mr Shoaib Soofi, Director of Securities and Exchange Commission (SECP), shares the regulatory body’s priorities and direction for Pakistan’s fledgling insurance market.
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Approaching 60 years, the Insurance Association of Pakistan (IAP) has seen in recent years an infusion of new membership. Mr Tahir Ahmed, in his first term, as IAP Chairman, forecasts a need for strong regimens for robust risk appetites to fuel futher growth in the fledging insurance market.
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Committed to being the leading insurer in Pakistan where it commands some 30% of an almost US$0.5 billion market, Adamjee is reinventing itself in reaching out to the retail sector to grow its business.
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Century Insurance Company Ltd (CICL) is one of the leading players in the market, having grown more than 500% in the last five years. CEO Mir Nadir Ali outlines some of its achievements and shares his opinions on market needs.
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EFU General Insurance, one of the largest in Pakistan, reported a growth of 40% in net premium revenue to PKR5.4 billion (US$89 million) and 51% in profit after tax to PKR762 million in 2006.
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The largest and only profitable private life insurer grew 34% last year and remains bullish about market prospects.
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New Jubilee Insurance (NJI) is among the top three insurers in the market and is also one of the fastest-growing. Mr Tahir Ahmed, President-Managing Director, updates Asia Insurance Review on the company’s performance and its plans ahead.
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Captain M Jamil Akhtar Khan, CEO of Pakistan’s newest takaful operator, outlines the growth prospects for Shariah-compliant insurance in the world’s most populous Muslim nation after Indonesia.
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Mr Scott Ryrie, Senior Vice President & General Manager Asia Pacific of XL Re, presents an overview of the Pakistan market and explores the opportunities for both dominant market players and smaller niche companies which are proving to be a force to reckon with.
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Earth, wind and water continue to be the biggest banes for the (re)insurance industry in the wake of the several natural catastrophes that have impacted Asia. As a curtain raiser to our 6th Catastrophe Conference in Beijing next month, which boasts a panel of 25 international speakers, our cover story looks at the damaging events that have taken place in the region in the last year, particularly flooding in Southeast Asia and what all stakeholders need to do to mitigate these risks.
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The natural catastrophes in our region over the last year – Yogyakarta/Indonesia, typhoons in the Philippines and Vietnam, flooding in Malaysia and Indonesia, to name but a few – have demonstrated yet again what a devastating effect these types of events can have on human lives and property. Mr Michael Huberti, Deputy Chief Executive Officer & General Manager, Head of Regional Non-Life Underwriting & Marketing Division, Munich Reinsurance Company, shares his thoughts on these challenges and what all stakeholders need to do.
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Jakarta, a city of nine million people, was hit for about a week in February by heavy rain and floods that killed dozens and displaced thousands. Mr Setia Hadidjaja, Managing Director of JLT Indonesia, discusses what can be done to mitigate flood risk in the country.
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In this commentary from the Geneva Association, Mr Michael Wolgast and Ms Anja Theis of the German Insurance Association (GDV), Berlin, examine the advantages and disadvantages of outsourcing and offshoring and conclude that there are significant limits to how much offshoring an insurer can do.
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In this commentary from the Geneva Association, Mr Michael Wolgast and Ms Anja Theis of the German Insurance Association (GDV), Berlin, examine the advantages and disadvantages of outsourcing and offshoring and conclude that there are significant limits to how much offshoring an insurer can do.
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Just about everyone these days is talking about business “opportunities” in China, and those in the insurance industry are no different. Lloyd’s to establish a wholly owned subsidiary in China, and open an office in Shanghai has really caught everyone’s attention. Ms Carmel Walsh and Mr Antony Sassi of Barlow Lyde & Gilbert’s Hong Kong Office look at the impact of Lloyd’s widely anticipated entry into China.
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Whether you already have a teleunderwriting programme or are just beginning to look at teleunderwriting, Ms Patti Treis of RGA Technology Partners Inc presents the different approaches to teleunderwriting, outlines the benefits, and highlights what needs to be considered when choosing to in-source or outsource.
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Is there ever a good time to set up a new insurance or reinsurance company focusing on risk in the Asia-Pacific rim? This is a question which has undoubtedly occupied the minds of many insurance practitioners in the region in recent times. Mr Simon Birch of Whittington examines this and the answer seems to be “yes” as capital is pouring into the Asian region.
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The energy and infrastructure construction boom provides many opportunities for business, but as with any opportunity, the risks have to be managed properly in order not to be caught out by the region’s high exposure to natural perils, say Mr Paul Dowling: XL Insurance Underwriting Manager for Energy, Europe & Asia and Mr Max Benz: XL Insurance Underwriting Manager for Construction, as they explore how the industry can best meet the needs of Asia’s energy market.
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With just a month to go till the International Insurance Society conference in Berlin, Mr Patrick W Kenny, of the International Insurance Society (IIS), looks at the issue of regulation which continues to be a perennial concern for top management, and stresses the need for the industry to strengthen its commitment to fostering “good regulation”.
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The Life Insurance Association of Malaysia will host the 23rd Pacific Insurance Conference in Kuala Lumpur later this year. Here, Mr Ng Lian Lu, General Chairman of the 23rd PIC, gives a sneak peek on what to expect at this year’s gathering, and why the conference continues to be a premier life event within the industry.
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The emergence of microfinance has created an irreversible cultural trend in fighting poverty in today’s world. Microinsurance and microcredit are emerging as a new tool for poverty alleviation, playing a major role as a social regulator. Here, Mr Reyda Farid Benbouzid of B.E.S.T Reinsurance speaks about how microinsurance is the missing link to break the vicious poverty cycle.
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To mark the first anniversary of the first-ever Insurance Branding conference in Asia, we bring you a this incisive article by Mr Praveen Gupta, Chairman of the conference, where he explores whether profitability of an insurance company hinders good brand reputation.
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The Second Asian Conference on Takaful was a roaring success backed by a panel of 21 excellent speakers who meticulously prepared their strong messages to a very interested audience of 150 delegates from all walks of the takaful street including the competitors. The best part of the conference was the intensive questions and answers and repartees among delegates, speakers and Shariah scholars where there was a frank exchange of ideas and concerns even if at times at charged levels. Here, we bring you a hawk’s eye view of the key discussions at the highly rated Conference with some even calling it the “best” event.
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We sum up the hot issues and tips from the 8th Asian Conference on “Bancassurance & Alternative Distribution Channels” in Jakarta . The basic message is that bancassurance has made widespread inroads in the region, and that there is a whole strategy to tackle it successfully with maximum effect and impact.
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President and CEO of Labuan Re, Mr Majid Mohamad was a history graduate who once considered becoming a journalist, but through a series of circumstances, ended up spending nearly two decades in the insurance industry. He regales his humourous account of how he got to where he is today.
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Standard & Poor’s recently released its list of the top 150 reinsurers for 2005. This included a total of 19 players based in Asia, eight of which are pure reinsurance outfits. We look at how some have performed and their plans for the future.
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Sun Life Financial Asia’s (SLF Asia) first-quarter 2007 earnings of HK$38 million (US$4.85 million) increased by HK$14 million, or 58%, over the first quarter of 2006, primarily due to improved asset liability matching in Hong Kong partially offset by lower income in the Philippines.
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Great Eastern Holdings has posted profits of S$134.5 million (US$88.54 million) for the first quarter of the year, an increase of 41% year-on-year, with general insurance profits more than trebling.
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After a four-year government inquiry into the risks posed by direct offshore foreign insurers (DOFIs), the Government has finally announced that DOFIs will be subject to prudential regulation through amendments to the Insurance Act 1973.
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State taxes on insurance have risen by 50% compared with five years ago to A$3.56 billion (US$2.92 billion) or 8% of tax revenues last year, figures released by the Insurance Council of Australia (ICA) have shown.
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The listing of Medibank Private, the nation’s largest private health insurer, has been put on hold and will proceed only if the current coalition wins this year’s election, a Federal Government spokesman said.
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QBE Insurance Group Ltd (QBE) has announced that it has completed the funding of its acquisitions of the Praetorian Financial Group and Winterthur US.
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Calliden Group Ltd said its 50%-owned Claims Services Australia Pty Ltd (CSA) has purchased Insurance Claims Solutions Pty Ltd’s business.
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Insurance fraud must be combated by the industry, urged Awang Hj Mohd Rozan bin Dato Paduka Hj Mohd Yunos, Deputy Permanent Secretary and Acting Director of Financial Institutions Division, Ministry of Finance, at the opening ceremony of the Insurance Claims and Fraud Investigation workshop in April.
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The China Insurance Regulatory Commission (CIRC) has granted Assicurazioni Generali the licence to operate in the non-life sector in China.
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AIA has come out tops among foreign-funded life insurers with premiums amounting to 6.95 billion yuan (US$902.99 million) last year.
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It was a milestone achievement for Lloyd’s of London when it formally opened its first office in China on 16 April.
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Dubai-based Takaful Re has reported an increase in net profit to US$1.3 million, up from US$0.5 million a year ago.
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Competition in the insurance industry is set to increase with the entrance of at least five new insurers in the life insurance market.
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Customers wanting to buy health insurance this year may be spoilt for choice as a host of life insurers are turning to health insurance and looking to introduce new and innovative products.
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Life insurers have been given permission to declare bonuses even without actuarial surpluses for seven years from the start of their operations.
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The Life Insurance Corporation’s (LIC) first-year premiums grew 119% over the year to Rs39,541 crore (US$9.46 billion) in fiscal 2006, up from Rs18,085 crore in the previous period.
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AIG Life Indonesia is expecting premiums to increase by 30-40% this year on the back of a high demand in the market for new products and the recent expansion of the company’s bancassurance channel, said Mr Robert Bush, AIG’s Life President Director and CEO.
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Declining life insurance sales and the slowing growth in variable pension insurance coupled with the smaller customer base are likely to have a negative impact on the premium income of the nation’s life insurers in fiscal 2006, said industry sources.
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Japan Post aims to register combined after-tax profits of ¥587 billion (US$4.95 billion) in fiscal 2011, with its banking arm expected to record an outstanding deposit balance of about ¥164 trillion and an after-tax profit of ¥304 billion.
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The Financial Supervisory Agency (FSA) has asked non-life insurers to report any plans to revise or abolish products among their line-up of motor, fire and casualty insurance products by 31 May, said market sources.
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A revised capital framework for insurers and banks has been implemented on a trial run basis since April, said Bank Negara Malaysia.
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Philippine American Life and General Insurance Company (Philamlife) raked in 14.5 billion pesos (US$304 million) in total premium income last year, an increase of 14.9% while new business premiums rose 41.2% to 4.7 billion pesos.
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Insular Life Assurance’s total first-year premium income for the first quarter of the year amounted to 835 million pesos (US$17.68 million), up 157% from the 325 million pesos recorded in the previous corresponding period, while the total premium collected for the quarter reached 2 billion pesos, a 500 million peso increase year-on-year.
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Insurers which have a higher impact on the financial industry will be watched more closely by the Monetary Authority of Singapore (MAS) even though the risk of a collapse is likely to be low, according to a recently released monograph by MAS on its supervision of financial institutions.
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Aviva, Great Eastern Life Assurance and NTUC Income have submitted bids to manage ElderShield, a severe disability plan under the Central Provident Fund (CPF) scheme.
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The life insurance industry’s total weighted new business premiums in the first three months of the year reached S$332 million (US$218.4 million), recording a 23% increase over the previous corresponding quarter.
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Many Singaporeans may be seriously underestimating how long they will live after retirement, potentially leading to a significant shortfall in their retirement savings, revealed a new study from Manulife Singapore.
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Life insurers have finally been given the approval from the Financial Supervisory Commission (FSC) to list their stocks on the Korea Stock Exchange after the latter endorsed the listing guidelines for the insurers, a move that is expected to help local companies become more competitive.
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The 14 non-life insurers in South Korea posted a combined sales growth of 15.3% from April last year to March this year to 27.3 trillion won (US$29.4 billion), boosted by the sale of long-term insurance policies which went up 21% to 14.3 trillion won.
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More insurers are coming up with campaigns to educate the public on health issues and to discourage drunk driving.
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Saha Life Insurance’s co-operative shareholders have agreed to raise its registered capital from 208.5 million baht (US$6.4 million) to 500 million baht by July to improve its liquidity.
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The Ministry of Finance (MOF) has set a target of having 4.2% of the country’s GDP come from revenue from the insurance sector by 2010.
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Converium Holding AG has accepted a takeover by Scor after the French rival revised its offer, paving the way for the creation of the world’s fifth-largest reinsurer in terms of premiums.
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Over a third of companies avoid investing in overseas markets for fear of political violence, while 20% have forgone promising business opportunities for the same reason, according to a new report released by Lloyd’s, “Under Attack: Global Business and the Threat of Political Violence”.
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The smile of America Ferrera, star of the hit television show “Ugly Betty”, has been insured as part of a Lloyd’s of London policy secured by Aquafresh® White Trays™, a teeth whitening product offered by GlaxoSmithKline Consumer Healthcare.
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Consultancy firms Mercer Oliver Wyman, Mercer Management Consulting and Mercer Delta Organizational Consulting have joined together under a single brand, Oliver Wyman.
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Scottish Re Group has completed the US$600 million equity investment transaction announced last November by MassMutual Capital Partners and affiliates of Cerberus Capital Management.
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