Cover Story : Terrorism and Political Risks in Asia – Still A Threat
Think Tank: The Geneva Association - Risk Analysis of Mortality Improvement: The Case of Chinese Annuity Markets
News - Australia: RMIA's Risk Manager of the Year Announced
News - ADB and Japan Promote Risk Mechanisms for Natural Catastrophes
While most people today are fixated on the daily happenings on Wall Street, corporate collapses and government intervention, to name a few, terrorism and political risks have taken a back seat. In this year’s Terrorism and Political Risk in Asia conference, held in October in Singapore, the spotlight shines on the threats and trends in...
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China has experienced significant improvement in mortality improvement since the late 1930s. The rate of mortality improvement has been faster than in most developed countries, which has resulted in a great challenge to provide retirement income to the ageing population. Three experts propose a model of mortality improvement using Chinese life...
Leighton Holdings Ltd’s Executive General Manager, Risk Management, Mr David Hudson, is the Risk Management Institution of Australasia’s (RMIA) 2008 Risk Manager of the Year (RMOY), announced the RMIA at a conference in November in Perth, Western Australia.
The Asian Development Bank (ADB) and Japan will promote programmes that develop risk insurance and reinsurance mechanisms for natural catastrophes in the Asia Pacific region, reported the industry media.
In this wide-ranging interview with the CEO of Allianz Re, Mr Jay Ralph outlines the key trends on the changing landscape of risk and reinsurance in Asia, and shares some insights on how to cope with these challenges as well as discusses his company’s success in Asia and plans ahead.
As the insurance industry is constantly bombarded with news of corporate challenges that, at times, cloud the long-term operational and strategic vision, insurers are pushed to be proactive, rather than reactive. Working on core competencies is thus crucial. Our Journalist, Ms Min Yong, speaks with Ms Denise Garth, Vice...
As he marks his first anniversary at the helm of Munich Re SEA, Mr Kua Ka Hin shares with our former editor, Ms Wendy Koh in her swansong interview, his victories, visions and list of unfinished business while warning clients to brace themselves for higher rates in the coming renewals.
The several hot issues in the market have all been dwarfed by the sheer size and impact of the financial crisis. To many, the global financial crisis helped refocused attention on Asia with expectation that China can play a leadership role in helping find a solution. And China responded with plans to boost spending up to some US$600 billion to...
With global warming bringing about increasing havocs to our planet, resulting in escalating natural disasters around the world, insurers are all too aware that while historical data can be unreliable, the lack of quality data is even more perilous. Examining this challenge at the 7th Asian Catastrophe Insurance Conference held in Ho Chi Minh...
In recent years, the role of claims management has seen an evolution of processing and handling methods. After all, settling claims is the raison d’être of the insurance industry. At the same time, the growing importance of benchmarking a claims process is seeing greater popularity as it helps companies to understand their own...
Since China opened its jade gates to the world 30 years ago, it has become one of the fastest-growing nations under the BRIC label. Some economists even see potential in the former Sleeping Dragon to emerge as the world’s most powerful nation. Our journalist, Ms Min Yong, examines the highlights of the high-level dialogue that...
Microinsurance is good business in Asia as the vast and multi-faceted population offers tremendous potential for microinsurance products. At the 2nd Asian Conference on Microinsurance held in Mumbai earlier this year, about 140 insurance executives from 18 countries shared practical insights into how to provide protection for the world’s...
In a world where blackberries and websites dominate daily interaction, and databases are constantly storing information, insurers are not just stopping there but are endeavouring to leverage more on IT for their businesses despite today’s uncertain marketplace and continued cap on costs. At the 4th Insurance Executives’ Summit on...
Chubb’s Asia Pacific technology strategy is currently driven by business growth, productivity improvement and ease of doing business for its customers – all underpinned by Chubb’s world-class brand and value proposition. In this article, Mr Ian Cook shares his view on the Road Less Travelled for leadership in...
As a curtain raiser to the 2nd India Rendezvous, to be held in Mumbai, we look at why India is still an attractive market despite the current global financial market turmoil.
Mr Brian O’Brien of Samsung Fire & Marine Insurance Co finds out who the 386 Generation are in Korea, what to make of the flighty Generation Y, and why generational changes are nothing new and nothing to be feared in Korea or anywhere else.
It has been predicted that the emerging economies of the BRIC countries will be wealthier than the established economic powers by 2050. Given the current financial turmoil, this may happen sooner than originally forecast. As these economies grow, so do their insurance markets which are facing new risks and liabilities. The team at Barlow Lyde...
Very few businesses today could say a loss of power would not be a major inconvenience. For most companies, it would mean serious implications to their continued operations. FM Global provides insight on the importance of backup power during an outage.
The key challenge in microinsurance is the distribution logistics and the education of the target customers. 3i Infotech - Asia Pacific explains how technology can help to meet these challenges.
Taking a look into the near future, Whittington Asia sees the prospect of consolidation, mergers and acquisitions happening. Bancassurance channels will also come under stress. However, despite the many challenges, there are still opportunities available.
The call for a closer international co-operation among insurance regulators to restore the credibility crisis and loss of confidence and trust among investors, financial institutions and consumers around the world was the recurrent topic during the 15th International Association of Insurance Supervisors (IAIS) Annual Conference held in Budapest,...
Given the current extremely challenging financial environment and uncertain global economic conditions, financial service providers must do their part and be equally, if not more, prudent and proactive than before. This was the key message at the 11th Asean Insurance Regulators’ Meeting and the 34th Insurance Council Meeting held in Bandar...
A household survey reveals that the target population for microinsurance schemes attached importance on education and they seek the best in healthcare. Professor David M Droi of Micro Insurance Academy New Delhi examines the results of this survey, giving insights into this segment’s changing needs, and how microinsurance...
The energy level of the earthquake that hit the Wenchuan County, northwest of Chengdu, China in May this year, was estimated to be 30 times that of the 1995 Kobe earthquake. Dr Tao Lai of AIR Worldwide examines the seismic hazard in the region and the physical consequences of the earthquake as revealed by the damage survey...
Allianz SE Reinsurance Branch Asia Pacific organised a major client forum around the theme of “Expertise and Risk Management vs the Cycle”. The line-up of top executives from inside and outside the company speaking, they discussed the latest industry developments as well as shared what Allianz Re is doing to manage the turmoil....
The Singapore Insurance Institute brought together leading players to discuss and debate about changes needed in the specialty liability, products liability and casualty business in Singapore in October. Mr Sam Tan of SII reports on how the industry is taking up the challenge to educate and expand the market for liability...
The decline and volatility of global financial markets, along with the fall of what were once perceived to be impenetrable multinational brands, has changed the competitive landscape and consumer confidence of the insurance sector in Asia. The RFP Company discusses the implications for the marketing and sales approaches of insurance companies...
Allianz has recorded around 21 million customers in Asia Pacific by end of June 2008, up from 18.5 million by end of 2007. This figure represents more than one fifth of its customers worldwide.
Aviva reported a “robust performance” in the first nine months of 2008, with its total long-term savings sales for Asia Pacific standing at £2,659 million (US$3,312 million) (2007: £3,068 million), within which life and pension sales of £1,168 million (2007: £1,038 million) grew by 13%.
More businesses across Asia are freeing up much-needed capital by switching to surety bonds from bank guarantees, according to Marsh, the world’s largest insurance broker and risk adviser.
Asia Pacific’s savings and investment industry must review how incentives, product features and regulation should be redesigned to engage 21st century consumers in pension saving, said Aviva Asia Chief Executive Mr Simon Machell.
Allianz is undertaking a major expansion into Asia’s aviation insurance market, said a company statement.
Leading Australian workers’ compensation and self-insurance specialists considered the pros and cons of self insuring in the current financial market at a professional development seminar in Perth last month.
An additional tax the New South Wales Government has imposed on general insurance policies has caused a furore in Australia’s insurance industry, reported the industry media.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) and the Chartered Insurance Institute (CII) have announced their plan to merge, creating the world’s largest professional membership association and education body dedicated to financial services.
The Chinese government cabinet has given insurers the green light to buy equity in private companies in order to broaden their means of investment, said industry regulator China Insurance Regulatory Commission (CIRC).
Aviva’s China joint venture, Aviva-COFCO, has received regulatory approval to set up a branch in the province of Liaoning.
Beijing is tightening supervision of Chinese insurers and other financial companies by requiring them to submit monthly reports of their foreign currency exposure amid the global credit crisis, according to the local media.
The Union Cabinet of Government of India has approved a bill proposing a comprehensive amendment of insurance laws, including raising foreign investment ceiling from 26% to 49%.
Indian companies which tie up with foreign partners in insurance will have to disclose the terms of their joint venture agreements to the industry regulator, the Insurance Regulatory & Development Authority (IRDA), reported the local media.
The Insurance Regulatory and Development Authority (IRDA) has allowed further liberalisation by giving non-life insurance companies flexibility to design their own products so that customers can have tailor-made policies.
Major insurers in India like LIC, ICICI Prudential and Bajaj Allianz have significantly lost their share of the market, with figures in September showing that many players failed to replicate their high levels of growth last year, reported a local publication.
Health insurance is expected to be the second largest segment after motor insurance in India’s general insurance sector in two years, even though it is generally now a loss-making business, reported a local news portal, citing the head of the country’s biggest general insurer.
Bajaj Allianz Life Insurance has forged a partnership with local bank Himachal Gramin Bank to distribute its life insurance products across 11 districts of Himachal Pradesh.
Motor accidents in Indonesia claim an average of 82 lives per day, or 30,000 a year, making them the country’s third biggest cause of death after heart attacks and stroke, reported the local media.
Tokio Marine & Nichido Fire Insurance Co has gained approval from insurance regulator China Insurance Regulatory Commission (CIRC) to set up a wholly owned subsidiary in Shanghai.
Malaysian insurers are ready to implement the Risk Based Capital framework effective 1 January 2009 to ensure strong capital buffer and further fortify the resilience and robustness of their risk management infrastructure and capability.
The hearing of compensation cases in Singapore courts for traffic accidents that took place in Malaysia should not be encouraged for practical reasons, said the General Insurance Association of Malaysia’s Chairman, Mr Cliff Lee in a local media report.
The 49th Executive Board Meeting of the Federation of Afro-Asian Insurers and Reinsurers (FAIR) attracted more than 100 participants from 31 countries, including leaders of the Arab and global insurance industries.
Singapore’s life industry recorded S$1.42 billion (US$963 million) of total weighted new premiums in the first nine months of 2008 – representing an increase of 21% over the corresponding period in 2007, due to robust annual premium sales.
Visions for Seoul, as well as its challenges and strategies in its effort to become a regional financial centre amid the current financial environment, earned special attention at the recently held Seoul International Finance Conference 2008 in Seoul, South Korea.
The Actuarial Association of Sri Lanka (AASL) has been inaugurated in October in a rare occasion attended by the country’s actuarial practitioners. It was formed to promote and develop the actuarial profession in Sri Lanka.
Global warming would worsen natural disasters’ damage and thus would make getting protection for underwritten risks even more difficult for local insurers, said a local industry official in a Philippine newspaper report.
Taiwan’s Financial Supervisory Commission’s Insurance Bureau has determined a list of acceptable indices that local insurers may use when investing in exchange-traded funds (ETFs) abroad, reported the industry media.
Taiwan will adopt the International Financial Reporting Standards (IFRS), in a move which will have the greatest impact on domestic insurers and banks, announced the Financial Supervisory Commission (FSC).
Taiwan’s Financial Supervisory Commission (FSC) has said that it will allow half of unrealised losses on the stock holdings of insurance companies, instead of all such losses, to be accounted against capital.
Instead of adversely affecting the Thai insurance industry, the ravaging global financial crisis would most likely benefit it, said the chief of a leading local insurance company in a news report.
The third quarter of 2008 has brought more unpleasant news to the industry as one major insurance player after another reported losses or steep declines in profits.
Insurance research company Advisen has forecast US$9.6 billion of losses to D&O and E&O insurers for 2008 as a result of the current global credit crisis.
The meltdown in global markets, amid a squeeze in credit and worries about a worldwide recession, saw the world equity markets registering their worst month in history as investors lost an estimated US$5.79 trillion during October, according to Standard & Poor’s (S&P) Index Services.
The insurance industry and regulators should take advantage of the current financial crisis to drive a constructive evolution of regulatory guidance, said Ernst & Young’s Global Insurance Center.
The International Underwriting Association (IUA) has pledged support for the Lloyd’s Exchange and will take part in the pilot due to start in early 2009, said an IUA statement.