Think Tank – The Geneva Association : New risks for old-age security
GCA Conference Report - Actuaries have a strategic role in risk management
Risk Management Feature - Untangle your supply chain
Risk Management Feature - Fast growth & solvency: Participating in Asia’s growth without sacrificing stability
Risk Management Feature - A solid risk culture is vital
News - Singapore: Cosmos Risk Solutions Asia established
There is still very little attention given to the old-age security system. Mr Patrick M Liedtke of The Geneva Association calls for special efforts to find solutions for the new risks presented for old-age security.
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Risk management tasks are not only the domain of CEOs and COOs. Actuaries were urged to get active in risk management at the recent 13th Global Conference of Actuaries in India.
Today’s business strategies are great for minimising costs but they can also snarl your supply chain. Mr Peter Madeley of FM Global offers three basic steps to help companies smoothen the kinks.
Munich Re’s Dr Annett Rittershaus explains how regional executives can develop their risk management and maximise profitability.
Mr Kamesh Goyal of Allianz Insurance Management Asia Pacific looks at the changing landscape in the aftermath of the global financial crisis and stresses the need to invest time and resources to build a solid risk culture.
Cosmos Risk Solutions Asia Pte Ltd, is a new reinsurance broking company established in Singapore through a joint venture (JV) between Cosmos Services Co and Hyundai Marine & Fire Insurance Co. The company will be headed by Mr Sammy Chu as CEO.
Honoured for the decisiveness with which the Monetary Authority of Singapore (MAS) had responded to the recession, the man at its helm, Managing Director Heng Swee Keat, received the Central Bank Governor of the Year for Asia-Pacific award. We bring you this exclusive and insightful interview with him even as he steps down this April to join...
The extent of destruction, the number of lives lost, and the economic loss from the massive disasters that struck Japan in March are expected to be mind-boggling. In insurance though, losses are expected to be manageable, and insurers are believed to remain financially sound. But more than just economic and insured losses, the Tohoku catastrophe...
A lifetime income annuity is an essential product for one’s retirement needs, says Mr Tom Hegna, Vice President of New York Life Insurance Co, who was also one of the key speakers at the recent Million Dollar Round Table (MDRT) Experience held in Singapore. He shares with us why this is so and also the role MDRT played in his career....
Manulife has grown bigger on distribution in Southeast Asia, and has seen its agency force driving record sales in various markets. Even as it pursues to further develop its bancassurance, it does not lose focus on its agency force, which remains its forte in the region. Mr Philip Hampden-Smith, General Manager for Southeast Asia Operations,...
Before leaving Q-Re as CEO and heading back to the London market, Mr Dermot Dick shares his thoughts on the company’s achievements, and why Asia remains a key market.
The Insurance Regulatory and Development Authority (IRDA) has issued guidelines for the portability of health insurance policies from 1 July 2011, putting in place a system that offers flexibility on pre-existing diseases and hassle-free portable service to those who change jobs. In an interview with Asia Insurance Review, Mr Antony Jacob, CEO,...
In our country profile on Australia this month, the focus is inevitably on the havocs wreaked by the great floods of this summer. Our journalist, Ms Min Yong, talks to several insurers and reinsurers who are lobbying for changes to be made to the general insurance industry. Besides the flood tragedy, we bring you an update on the terrorism...
The Australian Prudential Regulation Authority (APRA) has been accredited for successfully bolstering the Australian insurance industry against the GFC. Since then, it has not rested and is now updating its capital standards and drafting a framework for supervising financial conglomerates.
In no other period in Australia’s history has this country faced such unrelenting wrath from Mother Nature. While politicians and the insurance industry bicker about the complexities, the Insurance Council of Australia’s Robert Whelan, Executive Director and CEO, has been there to gel the two viewpoints. He believes that the recent...
“The great floods of this summer have been a national tragedy, not just a natural disaster”, said Australia’s Prime Minister Julia Gillard, highlighting the devastating impacts of the recent perils hitting the market Down Under. Mr David Hosking, CFO, Allianz Australia and Mr Robert De Souza, President, Asia Pacific & CEO,...
Grimly greeting 2011 were five major catastrophes in the first three months, not to mention the continued deluge from Queensland’s December 2010 flooding. Mr Heinrich Eder, Managing Director of Munich Re Australia and Mr Mark Senkevics, Managing Director and Head of Swiss Re Australia and New Zealand, share the pounding effects of...
With little terrorism activity experienced in Australia on a large scale since 1978, is terrorism still considered a threat in Australia? Mr David Matcham, CEO of the Australian Reinsurance Pool Corp (ARPC), says that the threat of terrorism has not diminished in the country and government agencies continue to be very active in monitoring...
Describing an industry as being ‘at a crossroads usually means that there are two paths that can be taken, one leading to success and the other to difficulties. Quite why this description is appropriate to a sector that enjoys government mandated growth of 9% per annum in one of its segments and expectations of 11% growth in another may...
Australia has one of the most developed defined contribution savings plans for retirement in the Asia Pacific. Mr Anthony Bice, Partner and Head of Insurance practice at Oliver Wyman, looks at how successful this system is in determining what lessons other countries may be able to learn to help balance the challenges of providing adequate...
The life insurance industry – like any other – constantly needs to take stock of where it stands. We require ongoing innovation to match the stride of our clients’ changing needs. Questions about how and why we undertake certain tasks need to be asked and answered. Practices need to be challenged. As an industry, we need to...
Hunting for growth, Australia’s insurers have been swallowing entities in a series of M&As, both domestically and abroad. An insurer and two reinsurers share how these developments have impacted their businesses.
Lloyd’s strength, says Mr Adrian Humphreys, Lloyd’s General Representative in Australia, is in its strong brand recognition and its competitive position in international markets. With this in mind, he is working at maintaining and building on these advantages.
Mr Andy Penn, Group CEO of AXA Asia Pacific Holdings (AXA APH), exits the market with the distinction of having built an empire in Asia’s life insurance industry. In an exclusive interview, we talk to him before he hangs up his boots on 29 March.
In Asia, more cars are getting on the roads at an amazing speed. But these numbers do not translate to good business say five motor insurance industry experts who speak of the woes of writing this class of insurance.
While more cars in Asia mean more business for insurers, motor insurance in most of the region is too laden with issues, not to mention players, that this equation may not necessarily hold true profit wise. Compulsory motor insurance has particularly been a bane for motor insurers, and in one market, many players are shunning this business....
With consumer prices rising and central banks lifting their lending rates in recent months, inflation has become a hot topic across Asia. What does this mean for motor insurers? Specifically, what are the effects on third-party bodily injury cover and how can we deal with such effects? Dr Reto Brosi, Head of the Casualty Desk at Swiss Re China,...
How should an excess-layer insurer respond when asked to pay a proposed claims settlement? Mr James Roberts and Mr Chris Dunlop from Barlow Lyde & Gilbert LLP’s discuss a recent ruling in Teal Assurance v WR Berkley & Aspen, which addresses this question.
The organisers of the Pacific Insurance Conference highlight why the 25th PIC is a must-attend event.
Experiencing the Million Dollar Round Table (MDRT) provides more than just give a peek into what MDRT has to offer. It is about the honour and value of service that life insurance offers to society. We bring you highlights of this year’s MDRT experience held in Singapore.
The past 15 years has seen a steady evolution in the regulatory framework of Japan’s insurance market. Mr Hideyuki Yoshida of Aon Benfield Analytics Japan looks at the position of Japanese insurers in 2011 – strong enough to withstand any domestic challenges and to integrate globally to seize new business opportunities.
Retirement and pension products are growing in popularity as Asians grow older. We talk to several insurers about the new products they have introduced or are introducing, and uncover key emerging trends that may be seen in the region in the near future.
Mr David Kinloch of Labuan IBFC looks at their special Protected Cell Companies legislation and explains the unique combination of PCCs, Limited Liability Partnerships and Foundations available only in Labuan.
Mr Toby Rotstein of Bravura Solutions Asia, advocates that one of the best ways to manage operational costs is to acquire a modern policy administration solution with integrated, automated workflow management systems.
Asia’s urbanisation is proceeding at a faster pace than Europe and America ever did. By 2050, the UN forecasts that 3.5 billion people will be living in Asia’s cities.
With the country left with an estimated clean-up bill of A$10 billion (US$10 billion) after recent cyclones and floods in Queensland, the government is looking into the need for a national disaster fund, and if it should provide insurance or reinsurance through some kind of national scheme.
China Insurance Regulatory Commission (CIRC) revealed that compensations claims for the four major disasters last year amounted to 55.2 million yuan (US$8.4 million).
CIRC and China Banking Regulatory Commission (CBRC) have jointly issued rules to regulate the sale of insurance products by banks.
In a bid to boost Shanghai’s status as an international financial centre, the central government is launching an insurance exchange in the city.
Total gross premiums of the Hong Kong insurance industry in 2010 was HK$207.2 billion (US$26.5 billion), representing an increase of 11.6% over 2009, according to the Office of the Commissioner of Insurance (OCI).
Berry Palmer & Lyle Ltd (BPL Global), an employee-owned specialist credit and political risk insurance broker, announced the opening of its Hong Kong branch office.
Japan’s largest life insurer with over 14 million policies, Nippon Life Insurance Co, will pay US$680 million to acquire a 26% stake in India’s Reliance Life Insurance.
Berkshire Hathaway, the investment conglomerate founded by US billionaire Warren Buffet, is entering the Indian general insurance market as a corporate agent for Bajaj Allianz General Insurance Co, the joint venture between India’s Bajaj Finserv Limited and Germany’s Allianz SE.
Based on data from Indonesia’s Capital Market and Financial Institutions Supervisory Agency, Islamic insurance assets in Indonesia grew from Rp 3.02 trillion (US$340 million) in 2009 to Rp 4.46 trillion in 2010, an increase of 47.6%.
JLT Holdings Japan has been established by the Jardine Lloyd Thomspon (JLT) Group through an arrangement of equity transfer, in a bid to ensure greater responsiveness to client needs as well as to facilitate the independent operations of each business unit.
ACE Group, with offices in 53 countries, became the only foreign insurer with both life and non-life subsidiaries in South Korea with the purchase of New York Life Insurance Korea in February for US$75 million.
Relatively low interest rate environment; low life insurance penetration rate of about 41% as compared to other more-developed economies; and government-led initiatives such as the Economic Transformation Programme (ETP); the tenth Malaysian Plan and the New Economic Model (NEM) are expected to fuel the insurance industry’s growth for the...
Tokio Marine Holdings announced the sale of its entire 35% stake in Hong Leong Tokio Marine Takaful Bhd (HLTMT) to Hong Leong Group (HLG). HLTMT is Tokio Marine Group’s (TMG) Malaysia takaful joint venture with HLG, with gross contributions of RM$62.8 million (US$20.7 million) between July 2009 and June 2010.
Software company Pentasoft Malaysia Sdn Bhd has announced the launch of the company’s new name, AETINS Sdn Bhd, with its brand transformation.
The 6.3-magnitude earthquake which struck near Christchurch is New Zealand’s deadliest earthquake in eight decades.
The Government Service Insurance System (GSIS) of Philippines has introduced new guidelines on the grant of survivorship pension.
With a strong 4Q showing, the life insurance industry ended the year on a high note, recording a robust 16% growth over the previous year, said the Life Insurance Association Singapore (LIA).
On the back of the strong economic growth registered by the Singapore economy, the general insurance industry is making a smooth sail as it closed another year of steadfast business, both on premium and profit fronts, said The General Insurance Association of Singapore (GIA).
Great Eastern Financial Advisers (GEFA), a wholly owned subsidiary of Great Eastern Holdings which launched last month, is the first financial advisory firm in Singapore to adopt a unique business model that combines the strengths of a major insurance company and a financial advisory firm.
The government-run financial holding company, Taiwan Financial Holding Co, has been instructed by the Taiwan Cabinet to take over Kuo Hua Life Insurance Co. This was confirmed by the Minister of Finance and the takeover is expected to be completed this year.
Liberty Mutual Group is on the lookout for another acquisition deal in Thailand as it aims to be a top-three player in the general insurance market there.
ERGO Insurance Group (ERGO) has acquired 10 million Global Insurance Co (GIC) shares, representing a 25% stake in GIC.
On 1 March, the European Court of Justice (ECJ), as expected, upheld an opinion from the European Union’s (EU) Advocate General that the exception to the EU Gender Directive originally granted to insurers should no longer be legal. Companies will be expected to implement unisex rates from 21 December 2012.
Economic disruption caused by the wave of unrest across the Middle East is hurting regional insurers, industry officials and analysts say, as falling stock markets cut into their investments, and rising risks – including the sovereign risk that underlies their credit ratings – undermine their financial standing, according to media...
Total new individual life annualised premium increased 2% in 4Q, resulting in a 4% uptick in 2010, according to LIMRA’s US Individual Life Insurance Sales Survey.
Kane, a provider of specialist risk and insurance management services, announced that it has signed an agreement to acquire the insurance management operations of HSBC.
The Geneva Association issued an open letter to the Finance Ministers and Central Bank Governors of the G-20 following an observer meeting of the International Association of Insurance Supervisors (IAIS).
This year, ARL International Ltd organised their annual Chinese New Year Open House function this year at their new office in Gateway Kiaramas, Mont Kiara, Kuala Lumpur, Malaysia with around 450 guests from insurance companies, insurance brokers and reinsurers in attendance.
The 81st year of Malayan Insurance was an occasion of much celebration and thanksgiving, as it coincided with the commemoration of 100 years of its parent conglomerate, the Yuchengco Group of Companies (YGC).