There are many dynamics at play in the Chinese motor insurance market today for foreign insurers. Mr Tony Compton of KPMG Mainland China says a smart and agile insurer which understands and leverages on these dynamics will find that it pays off, while ignoring them will result in an unsatisfactory result and even failure.
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Having acquired ING's 50% stake in its life joint venture with Bank of Beijing (BOB), Mr Xavier Guilmineau, CEO Asia, BNP Paribas Cardif, says market share in China is not the primary objective. Instead his vision for the business is focussed on getting product, distribution and services right.
By Benjamin Ang
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Engineering insurance represents about 5% of non-auto insurance business in China but it is a "favourite" with insurers as it usually leads to other insurance purchases as the project progresses. Mr Jay Li of Swiss Re gives an update of the construction sector in the country, the challenges faced by insurers, the lessons learnt from losses overseas and the importance of risk management.
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Ms Heidi Wang and Mr Albert Chen of AIR Worldwide examine three catastrophic perils - typhoons, earthquakes and agriculture risk - and recommend using modelling tools to obtain a multi-peril view to yield the most realistic risk perspective so as to reduce the capital requirements needed to grow new business.
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By Ms Lynn Yang, Partner, and Ms Ai Tong, Associate, both from Norton Rose Fulbright LLP
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The role of insurance companies is to provide protection; a source of financial comfort in times of uncertainty such as critical illness, death, accidents or catastrophes. By writing insurance business, insurance companies take on not only insurance risks, but also financial and operational ones. However, are insurers doing enough to manage their own risks?
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