Interviews - EQECAT: Risk modelling not about being accurate
Cover Story – Political risks & Terrorism : Hot spots in Asia
Cover Story – Political risks & Terrorism : Security risks forecasts
Cover Story – Political risks & Terrorism : Terrorism risks in Southeast Asia: An insurer’s view
Risk Management Feature - Cooling towers spark more vigilant fire protection practices
Risk Management Feature - The new world order of risk
Insurance Risk and Finance Research Centre - Science, risks and insurance
Crop Insurance Modeling Feature - Assessing weather risk in China’s growing crop insurance industry
Global News - Traditional insurance business model not a systemic risk worry – IAIS
One of the hot topics in Monte Carlo this year was risk modeling where its accuracy was called into question. We spoke with Mr Bill Keogh, President of EQECAT, who said that dialogues on a model’s accuracy are not helpful as the product is really not about accuracy. By Benjamin Ang
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Asia remains vulnerable to the threat of political risks and terrorism. In our cover story, an insurer and a specialist intelligence company give an update on the hot spots in Asia.
Specialist intelligence company Exclusive Analysis has produced key 2012 political and violent risks forecasts for this article. Its Asia Forecasting Team also tells us that the intelligence provided is from the company’s new tools Foresight Security Planning and Foresight Political Risk.
Mr Jason Herriott from Amlin notes that while there have been no large scale terrorist attacks in Southeast Asia, businesses must still be prepared for it as the risks are still there and it would be dangerous to be complacent.
In many of today’s commercial and industrial buildings, cooling towers are invaluable. Mr Peter Madeley from FM Global discusses the inherent fire hazards cooling towers present, and effective ways to prevent possible property damage and business interruption.
The constantly changing global regulatory environment has added a new level of uncertainty for financial organisations. Mr Matthew Streeter of FINCAD explains the approaches and systems needed by insurers in this new world order of risk.
Mr Michel Dacorogna of SCOR and Professor Jun-Koo Kang from the Nanyang Business School share the vision and plans of the IR&FRC at Nanyang Technological University.
Dr Gerhard Zuba and Dr Oscar Vergara from AIR Worldwide give an update on crop insurance in China and the challenges of modeling crop losses there.
The International Association of Insurance Supervisors (IAIS) has released a paper last month entitled Insurance and Financial Stability providing the perspective of insurance supervisors on the role of the insurance industry and its interaction with the financial system and other financial market institutions.
The SIRC at the Marina Bay Sands last month was an overwhelming success. The buzz and hive of activity created by the 830 delegates shows that the region’s insurance and reinsurance markets are booming and poised for further growth. Are you ready to board the train?
Over the course of 40 years, Mr Ruud Bosman, Vice Chairman of the Board of Directors of FM Global, witnessed several changes in his organisation and the way the insurance business has evolved. As he enters a new stage of his life, he can now pat himself on the back for the long and successful career he has had. By Min Yong
Under-developed compared to Western Europe, trade credit insurance in Asia is now seeing increased appreciation and hence showing promise. Asia Insurance Review speaks with Markel International trade credit division’s Ms Ewa Rose, Divisional Managing Director and Mr Abhishek Chhajer, Head of the division in Asia Pacific on its growing...
The Philippine insurance industry is pressing for changes and it has been successful so far. We speak with the new regulator as well as hear from the life and non-life associations about the rebounding and achievements of the two sectors in 2010 despite continuous challenges ahead.
Armed with decades of exposure to and familiarity with insurance issues in the private sector, Mr Emmanuel Dooc, Commissioner of the Philippine Insurance Commission (IC), is pushing hard for the achievement of what he calls the centrepieces of his administration: reorganising the IC, amending the Insurance Code, and implementing the paid-up...
After years of appeals, tax on insurance policies is finally reduced. Mr Mayo Jose B Ongsingco, President, Philippine Life Insurance Association (PLIA), counts this as one of the several achievements for the country’s insurers and also gives us an update on the Philippine life insurance industry.
The Philippine non-life sector rebounded last year from catastrophe-hit 2009, posting strong performances in both premium growth and underwriting result. It continues to be beset with challenges, though, as it deals with rising claims from CAT-related perils this year and with the increased capitalisation requirement. By Manuelita...
By Ms Anna Tipping, Partner and Head of Insurance Asia and Ms Maggie Dou, Associate, Norton Rose (Asia) LLP
The insurance sector in Bangladesh plays a crucial role in the country’s economic development, not just at a macroeconomic level but also in terms of the activities of individuals and businesses.
Can Asia provide lessons to the Middle East as it sets up reinsurance hubs? This question was posed at a roundtable organised by AIR with selective representatives from the SIRC and the Qatar Financial Centre (QFC). We capture key points from the free-flowing dialogue among regional CEOs.
This extract from The Geneva Association discusses the healthcare challenges faced by the rich and the middle class segments in India and the relevant solutions to address this issue.
There is a trend emerging where Chinese companies in the US are being targeted by plaintiffs in class action lawsuits. Mr Antony Sassi and Mr Edward Kirk from Clyde & Co give the background and update on this development.
Once again, the competition at the 15th Awards was stiff and the panel of 29 Judges had a very difficult task of choosing the winners. Here, some of the winners share their exhilaration and secrets of their success.
The changes coming from the various fronts of the insurance industry are shaping and emphasising the role of the actuarial profession. Developments in the insurance regulatory landscape are particularly expected to impact the actuarial function. This and more transpired at the 16th East Asian Actuarial Conference (EAAC) held recently in Kuala...
Nat CATs have ravaged this region over the past year with significant loss of lives and economic and insured losses. Terrorism too is a nascent threat, with growing fundamentalism and politically-incited movements gaining ground. These two risks threaten the livelihoods of Asia’s populations, in addition to being thorns for the insurance...
Though the number of captives domiciled in Asia is currently low compared to the rest of the world, there has been a heightened interest in increasing the number of captives in the region. Delegates came together at the 1st Asian Captives Conference to learn more about why starting a captive may be a good option for their company and why Asia...
Even though Asia has been a nation of savers, there is a lack of pension infrastructure in this increasingly ageing region. Delegates at the 7th Asian Conference on Pensions & Retirement Planning discussed how government and corporate sectors, together with insurers, can play a role in building a framework to support those who are...
Marine insurance reported higher global premiums last year, showing some recovery from 2009. The problem of piracy, though, is becoming a bigger concern amidst a fragile world economy.
Mr David Kinloch of Labuan IBFC Inc looks back at 2011 and looks forward enthusiastically to 2012, another year which holds much promise
Mr Paul Chen and Ms Margaret Keane from Dewey & LeBoeuf LLP spell out what insurers need to do to protect themselves adequately in this new media platform.
Mr Josef Pilger from Ernst & Young Asia Pacific outlines some of the strategic considerations that companies are currently looking into for growth.
The inaugural Asia Insurance Technology Awards, co-hosted by Celent and Asia Insurance Review, has announced this year’s winners in recognition of excellence and innovation in the use of technology within the insurance industry.
Ms Rhonda Virtue of Professional Financial Solutions reviews the factors influencing the development of the group insurance market in Australia.
Mr Simon Drimer of Pi Financial Services Intelligence shares the latest on the benchmarks for life insurance new business production and agency force productivity in Asia.
Global reinsurers are confident about opportunities in the Asia Pacific region and the prospects for further economic growth, according to a new survey from Lloyd’s, the world’s specialist insurance market.
The 26th EAIC, to be held in Kuala Lumpur next year, has set the theme, “Transforming the East Asian insurers”, with an emphatic call: “Time for action now”. The EAIC is hailed as the most important biennial event in the Asian insurance calendar.
Howden Broking Group, the broking subsidiary of Hyperion Insurance Group, has completed its acquisition of the insurance operations of Accette Insurance Group in Hong Kong, Singapore, Thailand, Malaysia and the Philippines.
With Asia contributing less than 10% to total global insurance premiums, according to a special report from Fitch Ratings, there is a strong potential for future growth in both insurance and reinsurance.
Although Asia experienced US$73.5 billion in economic losses due to disasters in 2010, it only had US$2 billion in insured losses, despite half the world’s natural disasters occurring here, said Mr Ng Nam Sin, Assistant Managing Director, Development Group, Monetary Authority of Singapore, who was speaking at an event “Financial...
Travellers affected by the Qantas Airlines shutdown in October were advised by the Insurance Council of Australia (ICA) last month to contact their travel insurer early with any questions or claim inquiries.
The Insurance Council of Australia (ICA) has welcomed the Federal Government’s decision to implement a standard definition of flood for residential home and contents insurance policies and some small businesses.
Manulife Financial has received “approval in principle” from Cambodia’s Ministry of Economy and Finance to set up a wholly foreign-owned life insurance operation.
Since the formation of CIRC and with the joint efforts of the industry, China’s solvency system has made much progress.
CIRC has tightened its rules for insurers looking to raise funds from subordinated bonds, requiring them to have been in operation for more than three years. This move is intended to strengthen China’s oversight of systemic risk in the financial sector.
China’s railway authority is considering implementing a new compulsory liability insurance plan that will offer increased compensation to rail accident victims.
AXA General Insurance Hong Kong Ltd (AXAGI) has released the findings from its annual Road Safety Survey, and it revealed that 4%, 17% and 32% of drivers surveyed admit to driving after taking drugs (drug driving), having more than the recommended alcohol intake (drunk driving) and taking medication (medication prior to driving) respectively,...
The life insurance industry saw a drop of 21% in income from new policies to INR490 billion (US$9.6 billion) from April to September 2011, compared to the same period in 2010, where INR623 billion was collected, reported the IRDA.
The cost of insured damages from the 13 October earthquake in Bali could be as high as IDR5 billion (US$0.6 billion), according to estimates from Indonesian insurers.
The Indonesian government has approved a long-delayed bill, creating a new regulator for the financial industry which includes the insurance sector.
AXA Asia and Bank Mandiri, the largest Indonesia bank, has completed its joint acquisition of Asuransi Dharma Bangsa.
Japanese life insurers are shifting funds back into domestic bonds, losing appetite for foreign bonds as US and German yields have slid to levels that are increasingly comparable with Japanese yields.
The Financial Supervisory Services is rolling out new regulations with the Justice Ministry with a no-tolerance policy in an effort to stomp out the increasing frequency of fraud by insurance salesman.
The Earthquake Commission (EQC) of New Zealand has paid out more than NZD2 billion (US$1.6 billion) for content losses from home, content and land claims. The first earthquake occurred in September 2010, with the most recent one in June this year.
The Philippines insurance industry recognised 13 companies at the 1st Philippine Non-life Awards (PIRA Awards) held in October, organised by the Philippine insurers & Reinsurers Association (PIRA). Two lifetime achievement awards were also given out to Ms Herminia Jacinto and Mr Reynaldo De Dios.
The Philippine Health Insurance Corp (PhilHealth) is reconsidering its plan to raise its premiums after receiving flak from different health organisations and former Health secretaries.
Reynolds Porter Chamberlain LLP (RPC) is opening an office in Singapore. RPC Managing Partner Jonathan Watmough said Singapore being an insurance hub for Asia was one of the key reasons for the move.
China Life and Shin Kong Life became the first life insurers in Taiwan to be awarded qualified foreign institutional investor (QFII) licences by the China Securities Regulatory Commission last month.
Taiwan’s life insurance industry saw premium revenues drop 5% y-o-y in the first seven months of the year, according to the Taiwan Insurance Institute. This is attributed to the slowing sales of interest variable life products.
The euro zone’s ongoing crisis is worse for the insurance industry than the financial turbulence of 2008, said Mr Gabriel Bernardino, Chairman of the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), the EU insurance industry regulator.
The National Association of Insurance Commissioners (NAIC) adopted revisions to the Credit For Reinsurance Model Law and Regulation, which modernises US state-based regulation of reinsurance by reducing reinsurance collateral requirements for non-US reinsurers.
The airline industry continues to project a positive picture despite global economic challenges, with loss levels at a six-year low and insurance premiums trending on a downward slope, said a new report on the aviation sector from global insurance broker, Willis Group Holdings.
Leading international insurance think tank, The Geneva Association, issued an open letter to the G20 Summit explaining the importance of keeping in mind that insurance does not pose systemic risk, and urging the G-20 members to consider the specificities of the insurance sector when addressing any issues that could potentially undermine the...