Insights - Managing Risk across the Supply Chain
Insights - Lowering Financial Risk with Enterprise Risk Management
In this interesting article, FM Global, looks at how supply chains have been stretched across the globe, resulting in companies becoming exposed to many new risks and also increased exposure to traditional risks, and looks at how these risks can be managed.
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Enterprise risk management (ERM) not only protects an insurance organisation from potential downsides, but also acts as a powerful tool to improve business performance and maximise shareholder value, says SAP Labs India.
AIG Wealth Management Services (AIG WMS) operations in Taiwan will promote its products and services through Nan Shan Life Insurance’s 40,000 strong agency force to its 3.7 million customers. Our Editor Wendy Koh flew to Taiwan to join in the elaborate three-day launch festivities and spoke to top management of...
To thrive in a market that has widespread competition, Mr Jarrod Hill, ACE Asia Pacific’s newly appointed Senior Vice President & Regional Head of Property & Casualty, tells Asia Insurance Review where the insurer plans to differentiate itself.
In today’s fast-changing world and business environment, looking ahead and making the right plans are critical to an organisation’s health, if not survival. FirstApex, Specialist IT solutions provider focused on the insurance value chain, has mapped out the right path for itself in the past 20 years, predicting correctly what...
Aside from the key priority to deliver profitable growth, Royal & SunAlliance Insurance (R&SA) wants to strengthen its market positions in India, China and the Middle East, said Mr Scott Pickering, its CEO for Asia.
In addition to the 20th anniversary of the company’s founding, United Insurance Brokers (UIB) also celebrates the 10th anniversary of its Dubai, South Korea and Singapore offices. As UIB Asia celebrates this milestone, Asia Insurance Review talks to the Group’s Chairman David Trezies, Group CEO...
The engines of economic growth in China has been whirring relentlessly in the past few years, with non-life insurance surging at 37% to 137.31 billion yuan (US$18.3 billion) for the first eight months of this year while the life insurance premiums has slowed to a growth of 17% to 331.3 billion yuan (US$44.1 billion). Our Deputy Editor,...
Following our interview with Mr Alexander Wynaendts, Member of the Executive Board and Chief Operating Officer AEGON NV, in our October issue which focuses on AEGON’s activities in the region, we now present his thoughts on China, one of its star ventures.
AIA is the first foreign company established in China. It is a member company of the American International Group (AIG), world leaders in insurance and financial services, and is the leading international insurance organisation with operations in more than 130 countries and jurisdictions. As a result of the first- mover advantage in the country,...
Ms Tina Butzbach, who heads the Catastrophe Risk Management Department of Allianz SE Reinsurance Branch Asia Pacific, looks at natural catastrophes in China as an example of the growing insurance risks in emerging markets and some of the potential consequences for the insurance industry.
Benfield has identified China as a key target market and this message was underlined when the reinsurance broker held its first Board of Directors’ meeting in Shanghai in 2005. Mr Kevin Bogardus, Chief Representative of Benfield’s Shanghai Representative Office and General Manager of Greater China speaks to Asia...
Buoyed by China’s booming economy, China Life Insurance Company has branched into various revenue sources, from life insurance to non-life insurance and pensions, leveraging on its brand to take aim at becoming a leading financial services group. And it remains confident of holding onto its number one position in its core life insurance...
A winner of numerous awards such as “China Insurance Service and Market’s Most Satisfactory Brand”, China Pacific Insurance Group is a recognised brand in China. Asia Insurance Review catches up with Mr Patrick Poon, Chairman of the Operation Committee and Director of China Pacific Life Insurance Co...
There were reports of some disagreement over the need to set up a Lloyd’s platform in China, but Mr Ian Faragher, Managing Director of Lloyd’s Reinsurance Company (China) Ltd, clarified that while in a widely diverse business like Lloyd’s some differences of opinion are inevitable, the large majority of...
With the whole world rushing to have their footprint in China, Mr Marc H Sterling, Chairman of Manulife-Sinochem Life Insurance Company Ltd, remains unfazed by the excitement even though he is at the heart of the action, managing the second-largest life insurer among the foreign players and looking at high growth for the next...
The product recall crisis in China, affecting tens of millions of items ranging from poisonous pet food and faulty tyres to lead-painted toys, has dominated headlines in recent months. The tag “Made in China” on manufactured products now raises suspicion in the minds of many consumers in Western markets. Mr Stuart...
Mitsui Sumitomo Insurance Company Ltd, Shanghai Branch, has obtained a licence from CIRC to incorporate the branch into a wholly owned subsidiary. With representative offices around the country, a subsidiary licence will allow the company’s operation to make inroads around China. Mr Keitaro Mizuochi, assigned as Managing...
The engines of economic growth in China has been whirring relentlessly in the past few years, with non-life insurance surging at 37% to 137.31 billion yuan (US$18.3 billion) for the first eight months of this year while the life insurance premiums has slowed to a growth of 17% to 331.3 billion yuan (US$44.1 billion). This month our Country...
Backed by two strong shareholders – China Insurance International Holdings Company Ltd and the Fortis Group – Taiping Life Insurance Company is able to tap on their expertise for its operation in China, with a proper structure encompassing full administrative, operational and technical mechanisms. Mr Vincent Li, its...
Willis Asia has been making its presence felt in certain segments of the insurance market such as construction and energy. Mr Roger Wilkinson, Managing Director, Willis Asia, explains how having Chinese nationals in its staff helps clinch deals.
Putting together an attractive employee benefit plan is beginning to be a key success factor for companies looking to arrest the high turnover rate in their operations in China. At the Asia Pacific Conference co-hosted by Swiss Life Network and Ping An Insurance Company and held in Shanghai in August, more than 200 participants discussed the...
In this inaugural PricewaterhouseCoopers (PwC) survey on foreign insurers in China which covers 24 life and non-life insurers, it is noted that top on the list of concerns is the lack of a level playing field, the need to professionalise agents and for the non-life insurers, the frustration over the slow process of conversion from branches to...
With so many Syndicates having set up in Singapore and Hong Kong and more in the offering, Asia Insurance Review presents this Roundtable discussion with the confident breed of Lloyd’s underwriters who are making a difference in Asia’s insurance industry.
Read about what Lloyd’s underwriters have to say about writing a risk for the right price, seeking long-term partnerships and having the courage to let someone else write the risk for the cheaper rate.
Hampden Agencies Ltd, looks at how private investment at Lloyd’s today is becoming an increasingly attractive proposition, and highlights the two ways of participating.
Swiss Re Economic Research & Consulting (Asia), shares its optimistic outlook on the reinsurance market in 2008.
RGA Reinsurance Company examines the relative roles, advantages and disadvantages of coinsurance and yearly renewable term reinsurance.
The threat of a growing ageing population that has not adequately planned for retirement coupled with a declining birth rate is looming as one of the pressing challenges in Asia. In this month’s Cover Story on Pensions to tie in with our Pensions and Retirement Planning Conference in Kuala Lumpur in November, three insurers discuss the...
Hong Kong is one of the places in the world with a rapidly ageing population. In 1998 and 2004, people aged 65 and above accounted for only about 10% and 12%, respectively, of the population. However, the figure is projected to rise to 27% by 2033. The trend is attributable to the continuously low birth rate and also the increasing life...
South Korea is on the brink of profound demographic change — an “age wave” of staggering size that has far-reaching implications for the continued well-being of its society. With the lowest fertility rate and one of the highest life expectancies of any nation, Korea is on the fast track to becoming one of the oldest countries...
Singapore is experiencing a situation similar to those of many developed nations - a fast-ageing population. Post-war “baby boomers” of the 1950s are reaching retirement age, while fertility rates have fallen. Singaporeans have been blessed with a double-edged sword – longevity. Manulife (Singapore) Pte Ltd looks at how the...
In this concluding article of the Managing Projects for Success column, Mr Gordon Perchthold and Ms Jenny Sutton summarise the key messages raised during the year and wrap up with a discussion on the challenges typically seen in realising benefits from projects.
Finite reinsurance transactions have attracted the attention of regulators recently, over the nature and security of such arrangements. This extracted article from The Geneva Papers, considers the resulting and ongoing discussion concerning the regulatory environment for finite reinsurance transactions.
Barlow Lyde & Gilbert look at the implications of the decision in HLB Kidsons vs Lloyd’s Underwriters case handed recently. The judgment, described by Mrs Justice Gloster as a notification “contest”, focused on the question of whether the notification of a circumstance had been made “as soon as...
This month we look at the growing influence of reinsurers in the rapidly liberalising Indian market and what more needs to be done for it to make the quantum leap to hub status
In his first interview with Asia Insurance Review since assuming the role of Chairman of the General Insurance Corporation of India (GIC), Mr Yogesh Lohiya talks about the impact of detarrification in the Indian market and how the GIC is coping with the reduction in mandatory cessions.
3i Infotech Asia Pacific, looks at the trend of growing collaboration between regulators and insurers and how the insurance industry as a whole benefits from this.
Insight Adjusters Group (Lloyd’s Agents Singapore & Malaysia) VRS Universe makes a passionate call for the industry to re-assess its approach to coping with the effects of global warming and play a larger role in educating the wider public on the risks of this pressing issue.
MASTEK LTD, looks at how straight through processing (STP) technology has helped insurers cope with their challenges, and dispels misconceptions that STP can only be implemented on a large scale and companies are expected to have achieved a certain level of technology sophistication before they can implement it.
Love it or hate it, email has become an integral part of everyday life. In this entertaining article, RI3K, looks at the great paradox that email stands in the way of paperless trading and yet remains embraced and nurtured in the bosom of the companies which it is drowning with paper.
Munich Re has opened a branch in Kuala Lumpur offering general and family retakaful. Initially writing business in Malaysia, the branch plans to extend the scope of its activities to other Southeast-Asian countries and beyond.
HSBC Insurance (Asia) Ltd, an indirect subsidiary of The Hongkong and Shanghai Banking Corporation Limited, has made a major leap forward with the announcement of three insurance initiatives in the region, all within the space of a four weeks.
Mr David Fried, Regional Head of HSBC Insurance for Asia-Pacific said: “Developing an income stream in insurance is one of the top priorities for the HSBC Group. We are extending our footprint at full speed across the region, which is the largest insurance contributor, accounting for 33% of the Group’s insurance...
FirstApex Group, a leading provider of specialised IT Solutions for the insurance sector, announced its plans to address the significant challenges faced by the insurance industry in the current business environment with the launch of its 100% J2EE solutions.
The Insurance Council has reminded Australian households of the need to have appropriate insurance cover so as to avoid severe financial loss in the event of a disaster striking this bushfire season.
The Australian market is expected to have a higher-than-average proportion of insurers assessed as having excellent or strong Enterprise Risk Management (ERM), said a Standard & Poor’s Rating Services’ (S&P) report.
The National Insurance Brokers Association (NIBA) celebrated its 25th anniversary at its Annual Convention on the Gold Coast, that attracted more than 900 NIBA members and insurance professionals from across Australia, and included presentations by industry heavyweights Mr Frank O’Halloran, CEO of QBE, and Willis Global...
CIRC has adopted in principle the draft Measures for Administering Pension Insurance Business of Insurance Companies, aimed at strengthening supervision over the lucrative pensions industry.
S.A. Meacock is the latest managing agent to join Lloyd’s rapidly growing Chinese platform bringin the total number of members of Lloyd’s China to 11.
In a laudable act of philanthropy, Chairman and CEO of Ping An Insurance (Group), Ma Mingzhe and his family have donated RMB 20 million (US$2.66 million) to set up the Mingyuan Foundation under the China Soong Ching Ling Foundation. The donation will be increased to RMB 100 million (US$13.3 million) in five years.
Standard & Poor’s (S&P) has assigned ACE Insurance Limited (Hong Kong), a part of the ACE Group of Companies, an ‘A’ long term insurer financial strength and counterparty credit rating. The outlook is stable.
India’s largest public sector bank, State Bank of India (SBI) is expected to select a partner for its proposed non-life insurance venture in three to six months’ time.
The IRDA has established a 10-member committee to examine issues concerning the intermediaries’ structure.
After the introduction of funeral insurance in West Lampung regency this year, South Lampung’s administration is set to launch a similar insurance scheme for poor residents who cannot afford to bury family members. Both insurance schemes are applicable to residents aged between six months and 65 years who have been registered with their...
Japan’s 38 life insurance companies have admitted failing to pay 1.2 million valid policy claims totalling roughly 91 billion yen (US$776.7 million) during the five years from fiscal 2001, more than double the amount reported in April.
Mitsui Sumitomo Insurance (MSI) has injected a capital of £13 million (US$27 million) into its wholly-owned subsidiary in Europe and set up an office in Cologne to enter the German general insurance market from this month.
ING Life Insurance will expand insurance annuity sales for the locals approaching retirement and other financial products to affluent individuals by collaborating with 10 regional banks and Japan Post, the newly-privatised postal system in the country.
Nippon Life Insurance plans to build a 50 billion yen (US$427 million) redundant data center in Ibaraki, Osaka Prefecture, to enable the rapid recovery of operations in case of disasters.
Tune Money Sdn Bhd, Malaysia’s first no-frills online financial services company, has launched online insurance which will include Personal Accident, Motorcyclist Personal Accident and Home Insurance for the first phase of its rollout and expects to launch Hospital & Surgical as well as Motor Insurance in subsequent phases, by the...
Malaysia’s largest integrated automotive company, DRB-HICOM Bhd, plans to sell its insurance business for RM900 million (US$267 million), it was reported.
Vanbreda International, a leading provider of Employee Benefits for internationally mobile groups and individuals has proceeded to disclose their high-value services to Malaysia.
The Insurance Commission said that it will postpone the increases in the minimum capital and net worth imposed by the Department of Finance on insurance companies, citing feedback from the industry.
A new government committee has been tasked with recommending a national insurance scheme that will provide basic, affordable and flexible annuities, and is expected to deliver its first report within six months.
Millea Holdings, Inc has resolved to transfer the business of The Tokio Marine and Fire Insurance Company (Singapore) Pte Limited (TMS) to TM Asia Insurance Singapore Ltd (TMAIS) by the end of June 2008, and to liquidate TMS within 2009.
The Chartered Insurance Institute (CII), a UK-based global education and training body for the insurance, savings and financial services sectors, and the Singapore College of Insurance (SCI), Singapore’s leading provider of professional education in insurance, risk management and financial services, have formed a CII-SCI Educational...
Talbot Underwriting Ltd (“Talbot”), the specialty insurance group recently acquired by Validus Holdings Ltd, has announced the establishment of its first Asian-based venture – Talbot Asia – to be based in Singapore.
Life insurance companies in the country saw their loan delinquency rates dip slightly this year to 1.5% as of June, said the Korea Life Insurance Association (KLIA).
AIG United Guaranty, whose affiliate companies provide mortgage guaranty insurance (MI) and other financial services to the international housing and lending community and Seoul Guarantee Insurance Company (SGIC), a provider of guarantees for various individuals and firms, have finalised a long-term, exclusive strategic alliance to offer...
Shin Kong Financial Holding Company Limited (“Shin Kong”) announced the recognition of impairment losses arising from investments in Cosmos Bank and tranches C and D of E. Sun Bank’s 2007-02 CBO (Collateralized Bond Obligation) for the quarter ended September 30, 2007.
Samphan Insurance may have found a saviour to rescue it from its financial crisis before the Insurance Commission is forced to take legal action, according to industry sources.
Manulife Vietnam Fund Management Company has successfully closed the Manulife Progressive Fund (MAFPF1) in September 2007. The fund attracted more than 1000 retail and institutional investors and is now closed for subscription.
As part of its 2007-2015 strategic planning goals, one of which being the expansion of its insurance sector into the global market, PetroVietnam Insurance (PVI) has inked framework agreements with four Russian insurance and reinsurance firms.
Lloyd’s has announced an interim profit before tax of £1.8 billion (US$3.65 billion) for the six-month period ending 30 June 2007.
The boards of directors of the Life Insurance and Market Research Association (LIMRA International) and Life Office Management Association (LOMA) have approved the proposal to unite two of the world’s largest insurance and financial services trade organisations and will submit a recommendation to their members for a decisive vote.
In spite of continued strong freight markets, shipping operations during recent months were plagued by strikes and other triggers for delays, said the Strike Club, the market leader and mutual one-stop shop for delay cover which this year is celebrating its 50th anniversary.
Munich Re launched a new Internet portal to provide detailed and transparent information on its strategies and projects in the area of sustainability.