Country Profile - ACE: Call for Greater Consistency in a Changing Risk Environment
CEO Summit Special - Political Risk Insurance: A Positive Tool in Managing Emerging Risks
Managing Projects for Success - Risk Management for Projects
Think Tank - Will Global Warming Liability Risks Exceed Property Risks?
Insights - Making Risk Management Work on a Global Scale
As Asia continues to evolve at today’s frenetic pace, the industry needs consistency in pricing and regulation as well as a comfortable level of efficiency, says Mr John Bassetto, President & Chief Executive Officer, ACE Asia Pacific.
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We bring you a case for a definite role that political risk insurance plays in the global economy in managing the new risks.
Our regular columnists from RFP Company share their insights into those aspects of risk management not usually considered by management in insurance companies.
This article extracted from the Geneva Papers looks at the impact of human activity in burning fossil fuels on global warming and warns of possible suits by island states and environmental organisations against big corporations and Western nations for threatening their existence by contributing to global warming.
Mr Dennis Bessant of FM Global explores the risk management environment faced by companies as they become multinationals and highlights the competitive advantage that superior risk management practices can offer.
Investors today are interested in virtually every aspect of an insurer’s business, and their reinsurance arrangements are receiving as much attention as any other, says Mr David Spiller, Chief Executive Officer of Guy Carpenter & Company, LLC. Here, he and Mr Geoffrey IK Bromley,...
Insurance investment and service provider Whittington Group is taking on a new role as an angel investor and is on the lookout for locally managed, small and medium-sized insurance and reinsurance entities that require capital to grow.
Asia Capital Reinsurance Group (ACR) is a US$620-million company that has set the market abuzz with its extensive plans. Asia has never seen a company like it – a homegrown large reinsurance company set to focus on the quality infrastructure assets here in the region. Ms Irene Yeo, Deputy Editor of Asia...
In our cover story, eight regional chiefs based in the Republic, share their strategic concerns and thought on Singapore as a centre of excellence for their business activities as well as the key issues facing them in the marketplace today. There is also an exclusive with Mr Low Kwok Mun, Executive Director , MAS, on...
Following a long capacity crunch in the aftermath of 9/11 when reinsurers’ numbers halved and attention turned northward toward China, there has been renewed interest in Singapore’s insurance industry of late in the form of an influx of new capital. In the last year alone, the market saw several Lloyd’s syndicates opening in...
The AIG brand is a competitive advantage all by itself. Spurred by its record-breaking shirt sponsorship with Manchester United for the next four years, Mr Leslie J Mouat, Regional President for Southeast Asia, speaks with Deputy Editor Irene Yeo of Asia Insurance Review about the...
German insurer Allianz has reached critical mass in Asia and is now focusing on maintaining double-digit, profitable growth, said Mr Bruce Bowers, Chief Executive Officer of Allianz Asia Pacific. He tells our journalist Wong Mei Hwen more about these and other priorities for the fast-growing region....
Staying ahead of everyone else in the market, that is the name of the game for Mr Philippe Donnet, Group Chief Executive Officer, AXA Japan & Asia Pacific, and he is very pleased that in his last four years in the region, AXA has been showing consistently strong growth and performance. He speaks with Asia Insurance...
Following the £249 million sale of Aviva to Mitsui Sumitomo three years ago, the integrated entity MSIG is looking at leveraging on its size and extensive geographical network to grow local business.
It has been about seven months since Mr Hiroshi Endo moved to Singapore from Tokyo to head Tokio Marine Asia Pte Ltd. Here, he shares with Asia Insurance Review how the experience so far has been one of the most challenging highlights of his career.
One of the longest-standing insurance players in the region, Australia-based QBE Insurance Group has been in Asia since the late 1880s, when it first set up its Singapore office. Today, this office is the regional headquarters for the Group’s eight offices throughout Asia. Dr Michael Goodwin, Chief Operating Officer of...
An Anziif view of the perennial dilemma faced by many companies – demonstrating adequate return on education and training with suggestions on ways to address contemporary corporate training.
A LOMA perspective on the strategic value of human capital in the Asia Pacific’s emerging markets.
LIMRA view of helping more companies around the world.
A Call for changes in insurance recruitment so that companies can adapt to the changing face of its workforce, clients and consumers.
Mr Marc Haushofer of Munich Re asks the critical question on the minds of several CEOs today as they grapple with new risks and challenges in an ever-changing work environment.
In the wake of new and emerging challenges in the insurance industry, Mr Katsuo Matsushita from the GIAJ urges insurers to focus on the big picture and identify common areas where even competitors can work together for the greater good.
Mr Peter Coles of Barlow’s aerospace practice in Hong Kong, looks at the challenges faced by the aviation industry and how Governments can play a larger role in shaping the air transportation market.
Insurance fraud is a high priority for insurance industries all over the world. This article brings you an overview of the various initiatives undertaken in the Japanese non-life sector to combat fraud.
Is paperless trading a myth? Look at the RI3k perspective on how this growing phenomenon is helping businesses worldwide.
Mr Paul Dowling of XL Insurance looks at the growth of energy projects in the region, particularly China, and the challenges for insurers in delivering the right solutions.
Mr Mark Nicholson of Fitch Rating sassesses the latest 1 January 2007 renewals and looks ahead at the challenges faced by the industry in the coming year.
As a curtain raiser to our 2nd Takaful Conference this month, we look at the rapidly growing industry, spurred on by new regulations as well as heightened awareness of the benefits of Islamic insurance not just on the part of consumers, but also on the part of those seeking to provide such cover.
Key businesses at AXA Asia Pacific, particularly in Hong Kong, Indonesia, the Philippines, China and Thailand, have continued their strong growth over the past 12 months ending 31 December 2006, said the company in a statement.
ACE Asia Pacific and Liberty Insurance in Vietnam have chosen 3i Infotech’s PREMIA™ insurance solutions for their expanding businesses.
New business at Prudential Plc’s Asian life insurance operations expanded by 30% in 2006 to hit £956 million (US$1.9 billion) on an annual premium equivalent (APE) basis, overtaking sluggish growth in the UK market.
Australian Prudential Regulation Authority (APRA)’s Half Yearly General Insurance Bulletin for the year ended 30 June 2006 has revealed an increment of A$0.9 billion (US$0.7 billion) year-on-year gross premium revenue for APRA-regulated general insurers.
(ASIC) has urged consumers to review their home insurance covers especially since about 50% of the houses in the area affected by Cyclone Larry in north Queensland were found to be underinsured. ASIC also warned consumers they must take into consideration the rebuilding costs which can rise as much as 50% immediately after a disaster.
Retail lender ACLEDA Bank Plc has signed an agreement with Jardine Lloyd Thompson Asia and Asia Insurance (Cambodia) Plc to arrange a comprehensive insurance package covering the bank’s business in the country.
The number of migrant workers who have medical insurance will rise 18.3% to 28 million in China this year, said the Ministry of Labor and Social Security.
The China Insurance Regulatory Commission (CIRC) has approved the establishment of the country’s fourth professional agricultural insurance company in east China’s Anhui Province.
China’s insurance sector posted a year-on-year growth of 14.4% to 564.1 billion yuan (US$72.6 billion) last year, the China Insurance Regulatory Commission (CIRC) said.
Ping An Insurance (Group) Company, China’s second-largest life insurer, has kicked off what is expected to be China’s second biggest domestic initial public offering (IPO), which analysts estimate will raise at least US$3.9 billion.
China Insurance Regulatory Commission (CIRC) has approved the acquisition of a 19% stake in PICC Asset Management Company (PAMC) by MEAG Munich ERGO Kag (MEAG), the asset management unit of the Munich Re and ERGO Insurance Group, for approximately €25 million (US$32.7 million).
HSBC Insurance has entered into an agreement to acquire the non-life insurance portfolio of Jerneh Insurance Hong Kong.
MSIG Insurance (Hong Kong) and Heep Hong Society have partnered to form “Unique Grow Up”, a year-long initiative of enriching life experiences for children with autism and Asperger Syndrome.
Following a meeting with IRDA, general insurers have reluctantly agreed to a 70% hike in third-party premium for commercial vehicles, lower than the earlier proposed 150%.
The Institute for Financial Management and Research (IFMR) is designing an insurance policy against AIDS and is tying up with non-governmental organisation (NGOs) and microfinance institutions for access to data that will help in the designing of health insurance products that have AIDS insurance as a rider.
Royal & SunAlliance Insurance Company (R&SA) expects its Indian business to double in the next five years, substantially increasing the Asian share in the company’s business.
The Financial Supervisory Agency (FSA) is expected to issue business development orders by the beginning of March to about a dozen insurance companies which have continued to withhold benefits on the third-sector insurance.
With the improvement of the investment markets, life insurance companies are scrambling to provide higher guaranteed yields to policyholders so as to retain monies in the industry.
In a bid to address growing complaints that the elderly and others are buying insurance products without fully understanding the risks involved, life insurers are rushing to launch variable annuities that feature cooling-off periods.
Mitsui Sumitomo Insurance Underwriting at Lloyd’s Ltd (MSI) has launched its own Lloyd’s managing agency – becoming the first Japanese insurer to establish a managing agency at One Lime Street, and the first “turnkey” operation to have launched independently.
Insurers which have strong corporate governance standards and risk management practices will be accorded greater regulatory flexibility, said Bank Negara Malaysia.
Aviva Asia and Allianz General Insurance Malaysia Bhd will acquire stakes in the life and non-life insurance units of Bumiputra-Commerce Holdings Bhd (BCHB) for a total of RM990 million (US$282 million).
New life insurance company AXA Affin Life Insurance, a joint venture between AXA Asia Pacific Holdings and Affin Holdings, is aiming to be among the top five players in Malaysia.
Sime Darby Lockton Insurance Brokers is aiming to double its RM20 million (US$5.7 million) pre-tax profit for the year ended June 2006 within three years and venture further into life insurance for corporates.
Insurance companies should go public in order to raise funds and cope with the increase in capital requirements, said Insurance Commissioner Evangeline Escobillo.
Standard & Poor’s has reached an important milestone in Asia Pacific with the commemoration of its 10th year in Singapore.
Claims Management Group Ltd (CMGL) has opened its Singapore office, its first in the Asia region. General Manager for Asia, Mr Steven Shirley, is the head of the new office.
Sales of variable life insurance policies are rapidly shrinking as a recent stockmarket downturn has reduced the policies’ returns, said life insurance industry representatives.
Unclaimed insurance policies are amounting to hundreds of billions of won and the trend is likely to continue, said the financial regulator.
The capital requirement for insurers will be increased from the current Rs100 million (US$230,000) to Rs1 billion by 2010 for every class of business, said the Insurance Board of Sri Lanka (IBSL).
Union Insurance Company has entered into a Memorandum of Understanding (MOU) with TPG Newbridge where the latter intends to subscribe to a new equity securities issued in an amount of approximately US$100 million at a price no more than par value.
PetrolVietnam Insurance Company (PVI) has signed an agreement with oil company Vietsovpetro Group (VSP) to provide risk and insurance management for the next three years.
The Dai-ichi Mutual Life Insurance Company has become the first Japanese life insurer to enter Vietnam, with its acquisition of Bao Minh CMG, a 50-50 joint venture between Vietnam’s Bao Minh Insurance Corporation and Australia’s Colonial Mutual Life Assurance Society Ltd CMG.
While losses to individual-rated insurers and reinsurers from winter storm Kyrill should be manageable, the earnings of some reinsurers will be meaningfully hit, said Moody’s Investors Service in a report.
Growth in insurance business in emerging markets continued to outperform in 2005 despite rising global interest rates and commodity prices, while trade liberalisation and the shift to commercial farming will raise the need for agricultural insurance, said a Swiss Re sigma study.
European and Asian life insurers are outpacing their North American counterparts at streamlining and centralising their policy administration systems – the core systems that support and deliver insurance products for their customers, according to a global survey of more than 100 insurance technology professionals, which was commissioned by...
Ninety percent of the contracts in the subscription market and 88% of the non-subscription market achieved contract certainty as at end of 2006 and the Financial Services Authority (FSA) has declared that the insurance industry has met the challenge of contract certainty in the UK.
Increased competition in the reinsurance market has driven non-life premiums downward by 3%, said Munich Re at the close of the January renewals.
Zurich Financial Services Group (Zurich) has entered into a partnership with the Swiss Agency for Development and Cooperation (SDC), for a joint implementation of Zurich’s new cross-regional microinsurance initiative.