Guest Editorial : IAIS – Shaping the future of insurance supervision globally
Think Tank - Insuring Long-Term Care risk
News - India: Regulator sets caps on risks insurers can cede to GIC Re
By: Mr Low Kwok Mun, Executive Director, Insurance Supervision, Monetary Authority of Singapore.
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Asia’s elderly population is a ticking economic time bomb. The Geneva Association outlines some ideas on the problem of covering the risk of dependency and pays special attention to long-term care insurance.
The IRDA has introduced ceilings on the obligatory cessions made by direct insurers to GIC Re, India’s sole local reinsurer, for various lines of general insurance from the new fiscal year beginning 1 April, according to media reports.
It is not uncommon for insurers to have some form of CSR initiative. But what makes Sompo Japan stand out is how fervently it works to make sure that it walks the talk of its CSR programme. Mr Tadashi Baba, Sompo Japan Asia Holdings’ Managing Director, and Mr Masao Seki, Sompo Japan Insurance’s Associate Director & Chief CSR...
Always a strong force in its home markets in North America, Guy Carpenter is now targeting newer regions, with Asia being its prime focus. In this exclusive interview, Mr Henry Keeling, President and CEO of International Operations, Guy Carpenter, talks about the company’s plans and visions for the region.
The outlook for Singapore’s life insurance sector is “very positive” and the sector acts as a good role model for other Asian countries, says Mr Simon Newman, CEO, Aviva Singapore. He identifies two key ingredients for growth, and shares how he aims to increase Aviva’s footprint across the island.
It has been a nail-biting experience for the Singaporean general insurance market with motor claims continuing to spiral, and the marine market contracting with the financial malaise. Despite this, Mr Alain Adiceom, CEO, AXA Insurance Singapore, stands firm on technical underwriting and capturing opportunities in the health insurance market....
The fundamentals of the insurance sector remain strong and the government has introduced a guideline on fair dealing to address mis-selling. We bring you a review of the sector in 2009.
The Singapore life insurance industry saw an upturn in business from the second quarter of 2009.Ms Pauline Lim, Executive Director, Life Insurance Association, Singapore, details the performance of the industry for 2009 as well as talks about Policy owners’ protection fund, under-insurance and the introduction of Guidelines on Fair Dealing...
The year 2009 was an extremely busy one for the General Insurance Association of Singapore (GIA).Mr Mark Lim, Executive Director, GIA, tells us about the various projects and initiatives the Association was engaged in.
During the height of the financial crisis, cases of mis-selling were reported in various parts of Asia as well as in Singapore by anguished investors. The Singapore government had then introduced a guideline on fair dealing to address this and other related issues. Mr Joel Carpenter, Marketing Manager – SE Asia, Friends Provident...
Manulife’s roots in Singapore can be traced back to the 19th century. In 1898, The Manufacturers Life Insurance Company, as Manulife Financial was known globally then, had a branch office in Singapore and sold its first policy here in 1899. However, Manulife Singapore was only established in 1980 and in this article, they tell us about...
CIRC introduced the new Insurance Act in October 2009 which offers more consumer protection. While it may seem onerous to the insurers, the Act can work to boost confidence in the sector and increase penetration.
The Chinese non-life insurance industry is developing in tandem with the galloping economy. Mr Y C Wei, General Manager, Aon-COFCO Insurance Brokers Shanghai Branch, gives an update of the local market and the development of the relatively new broking sector in China.
The Chinese non-life insurance industry is one of the most promising in the world but many issues may hinder growth or pose risks for companies and consumers. Mr Steve Chang, China CEO at Munich Re, tells us that the CIRC has started to address these problems and stresses that new regulations should be seen as opportunities rather than...
In the aftermath of the global financial crisis, China is working to stimulate domestic demand and increase the role of private consumption in its economy. Mr Stephan Binder, Director, McKinsey’s Shanghai office and Leader of McKinsey’s insurance practice in Asia, explains how insurance can help the government achieve this aim.
In recent years, and particularly during 2009, China Pacific Life (CPIC Life), one of the top-three life companies in China, has enjoyed a period of strong performance while undergoing transformational change. Mr Patrick Poon, Chairman of Operation Committee and Director, China Pacific Life Insurance Co Ltd, China, tells us about the recent...
With the introduction of a new Insurance Act, insurers now need not reinsure with companies in China. Deacons Shanghai tells us more about this new system.
In this month’s CEO Strategic Issues segment, we focus on the regional CEOs who have been leading their companies around the region to safety and success following last year’s financial crisis.
What is the right recipe for good operational success in Asia? Seven regional CEOs reveal their strategies for this and while there is no one silver bullet or formula, there is a general consensus that customers’ needs and wants should always be met.
One of the key tasks of the regional office in Asia is to co-ordinate a healthy exchange of knowledge and skills, not only from head office to the country offices, but also among the country offices themselves. The regional CEOs we speak with share their tips for effective cross-border operations and expertise.
Regional CEOs share ways to set benchmarks for management culture and best practices.
Being a regional CEO is never an easy task and today’s incumbents have to wear numerous hats as they oversee several countries’ offices and keep both customers and employees happy. Here, our seven regional CEOs tell us the various tasks they have to delegate and their strategies for the future of their groups in Asia.
The last two to three years have seen an onslaught of challenges for the property and casualty (P&C) industry from regulatory, weather, customer expectations, claims expenses, new products, price competition, declining revenue, to new distribution channels. But the last 18 months have been historic… creating a tipping point for the...
The past nine years had seen the CEO Insurance Summit in Asia deliver on its promise of providing a premier platform for insurance leaders to discuss issues that concern their pursuits to become world-class players. As we head for the biggest of this event so far, we look back at the feats it has accomplished these nine years.
Women leaders are more emphatic in nature? Not only do some women say this, but some studies also stated the same. Some of Asia’s brightest insurance leaders tell us that there is so much more to it than just gender talk.
Assume no gender boundaries, advises Ms Susan Loftus of Chartis. We find out from her what it takes to get to the top of the corporate world.
Flooding is one of the worst weather-related disasters. Guy Carpenter Asia-Pacific Climate Impact Centre reviews the possible causes of floods and looks at how such information might be useful to the insurance industry.
The key question for insurers when it comes to floods is “How can we minimise the risk of large flood claims”? LWG Consulting shares how insurers can work with policyholders to mitigate losses to equipment following a flood.
Increasing population and wealth are major contributors to the rise in severity and frequency of large flood events. EQECAT explains how increased loss potential is elevating the need for better methods for the measurement and differentiation of flood risk across the region.
With quality instruction and intensive hands-on mentoring, FM Global’s loss prevention engineering training programme is indeed a distinctive one. We take an inside look into this comprehensive training programme.
It is very important for a country to train and retain skilled IT engineers. Tokio Marine & Nichido Fire Insurance illustrates how it works to boost the motivation of the engineers.
The CEO today who wields technology well can have a dramatic impact on all aspects of the business. 3i Infotech Asia Pacific explains why it is the role of the CEO to integrate technology into his business plans.
Takaful and retakaful has grown significantly in the last few years. Munich Re takes an interim review of the sector and highlights two critical issues for the industry – sustainable growth and increase in takaful-specific sophistication.
As a curtain raiser to the 5th Asian Takaful Conference, we briskly walk back to the last four installments to see how the sector has thrived these last few years.
The region is only scratching the surface of special covers. Experts put this down to the lack of expertise and awareness.
At the two-day India Rendezvous, more than 350 delegates met to discuss the potential and challenges of the Indian market.
A new Tort Liability Act will come into force on 1 July 2010 in China. Barlow Lyde & Gilbert gives an overview of this new Act as well as its implications for insurers.
Driving through any Indian city, some of the brightest billboards that catch your eye would be promoting insurance products. Most of them are from joint ventures of big international brands like Max New York Life, Aviva, Tata AIG and MetLife. India’s top life insurer, the Life Insurance Corporation of India (LIC), is also not left out, it...
Ratings movements on this page are made between 15 January to 10 February 2010. Companies and rating agencies which want to be covered are kindly requested to send their inputs to Ms Min Yong at min@asiainsurancereview.com
While mature markets are more saturated, strong prospects for economic growth in the emerging markets and a relatively young insurance sector in many parts of the Far East offer great opportunities – as well as challenges – for those companies prepared to invest for the long haul, according to Ernst & Young’s Global...
Without a doubt, the investment landscape has changed irrevocably since the global financial crisis and investors will be wise to ensure their investment strategies reflect the lessons learned from this period.
Across Asia, the main barrier to long-term savings continues to be lack of confidence in the markets: in Taiwan, 65% of those polled express this view for 2010 versus 72% for 2009; South Korea (65% vs 75%); Singapore (61% vs 64%); mainland China (61% vs 63%) and India (59% vs 64%).
Insurance Australia Group Ltd (IAG) has raised its insurance margin guidance to between 11.5% and 13% for the 2010 fiscal year, up from previous guidance of 9-11%.
China’s Ministry of Finance (MOF) has said that the central government has allocated 37.2 billion yuan (US$5.45 billion) to subsidise nationwide medical reforms.
Mastek Ltd has been rated “Promising” in the latest Gartner research report, ‘MarketScope for Insurance Incentive Compensation Management Applications’, published in December 2009. The report evaluates vendors operating in the ICM solutions space.
Toyota’s recall of millions of vehicles over faulty accelerator pedals and other problems could have wide insurance impact because of the large exposure.
Lockton, the world’s largest privately held broker, has obtained a significant equity holding in South Korean insurance broker IMI with options to purchase an increased shareholding. IMI has been renamed Lockton Companies (Korea) Inc (Lockton Korea).
FM Global, one of the world’s largest commercial property insurers, has become an admitted reinsurer in Labuan, a federal territory in Malaysia, to better serve its clients’ reinsurance needs in the region.
The Philippine Insurance Commission has issued new rules governing microinsurance, re-laying the groundwork for the sector, reported the local media.
Mitsui Sumitomo Insurance Company, Ltd. of Japan (MSIGJ) has announced that MSIG Insurance (Singapore) Pte Ltd (MSIG) and Mitsui Sumitomo Insurance (Singapore) Pte Ltd (MSIS), both wholly-owned subsidiaries of MSIG Holdings (Asia) Pte Ltd (MSIG Asia) are planning to combine their operations under MSIG to create one unified company in Singapore....
Singapore’s life insurance sector posted growth in the fourth quarter of last year, recording S$449 million (US$317.9 million) of total weighted new business premiums, a 6% increase over the preceding quarter, says the Life Insurance Association (LIA).
Taiwan’s top five life insurance companies saw an increase of NT$150 billion (US$4.69 billion) in net worth in 2009, according to the media. The five are Cathay Life Insurance, Fubon Life Insurance, Shin Kong Life Insurance, China Life Insurance and Taiwan Life Insurance.
Thailand’s insurance industry is gearing for 15% growth this year given the improving global and domestic economies and the growing microinsurance sector, reported the media citing the Office of the Insurance Commission (OIC).
Sompo Japan Insurance, Japan’s third-biggest non-life insurer, has started selling weather index insurance to farmers in northeast Thailand, providing them revenue protection against drought. The policy will be sold by Sompo Japan Insurance (Thailand), the company’s Thai subsidiary.
The executive committee of the International Association of Insurance Supervisors (IAIS) has approved the recommendations on the design and work plan regarding a framework to better supervise internationally active insurance groups and their group-wide risks.
Lloyd’s has released its 2010-2012 strategy after a detailed review of the market’s position involving over 50 managing agents, brokers and market associations.
The Risk and Insurance Management Society (RIMS) announced its disappointment over the New York Insurance Department’s final producer compensation regulation, with regard to both policy and process.
More than 80% of IT executives believe the increased need for business analytics and intelligence will have a considerable impact on insurance and financial services companies’ businesses in the next five years, according to a recent LIMRA global survey.
In spite of one or two upticks in freight markets, the shipping slump continues to inflict serious damage on many shipowners, shipbuilders, ports and service providers.