Technical Feature - Marine Cargo and Hull :Global marine hull and builder’s risk insurance:How the financial crisis may deliver changes
Risk Management Insight - Building and operating for sustainability
News - China: Swiss Re in deal with regional government of Beijing on agricultural CAT risks
Legal Page - The inherent risk of sailing without your sea legs
The global financial crisis has hit the shipping community in a variety of areas and everyone from shipowners, shipyards, insurers and reinsurers are feeling the effects including some in unsuspected areas.Munich Re’s Marine unit looks at the challenges ahead for the industry.
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It’s inevitable: Buildings burn. And a whole litany of reasons can be assigned to the causes of fire. But, the reality is that most of these losses could have been prevented, or at least mitigated to some extent. FM Approvals discusses the importance of maintaining a proper automatic fire protection system and how such an effective...
Swiss Re has entered into an agreement with the Beijing Municipal Government to provide reinsurance coverage for catastrophe risks under Beijing’s government-funded agricultural insurance scheme. This agreement will provide tailor-made reinsurance protection for livestock, crops and fruits against perils such as epidemic, livestock...
Barlow Lyde & Gilbert describes a recent case involving the Singapore built jack-up rig “CENDOR MOPU” where the court was asked to consider whether it was certain that the rig’s three legs were never likely to have made it round the Cape of Good Hope en route from Texas to Malaysia.
Insurance players these days may baulk at the idea of spending on IT insurance solutions because of the still uncertain financial climate surrounding them. But Mr David Piesse, Chairman of Asia Pacific Operations at UniRisX, believes that the financial crisis is very much a reason why they should invest in such insurance solutions as Software as...
In recent years, curbing climate change has ranked high on the agenda of global policymakers and is being sown into corporate and social fabrics. Much has been done, yet more research and action is needed to combat its future debilitating effects – where the Asian region will be one of the most affected. The Catlin Arctic Survey, the...
Munich Re was the first international reinsurer to receive a licence in China and it has been doing business in the country for over 50 years. As of 1 July, Mr Steven Chang was appointed as the new CEO of Munich Re’s Beijing Branch. In an exclusive interview with him, we get a glimpse of the Chinese insurance landscape and also find out...
Japan’s insurance market is witnessing key developments as players are merging and details of the new Insurance Law will be out soon. Asia Insurance Review talks to the associations, one life insurer, one non-life insurer which is undergoing a merger, a reinsurer and a reinsurance broker, to get the heartbeat of what’s happening in...
Non-life insurance premiums in Japan shrank by 3.74% in 2008, according to the General Insurance Association of Japan (GIAJ). However, it is still ranked as the biggest non-life insurance market in Asia, and fourth on a global scale, after the US, Germany and the UK. We talk to a key representative from the Association about the sector’s...
While the life insurance industry in Japan is seen to be “depressed” for 2008 fiscal year that ends March 2009, Nippon Life Insurance Co remains unfazed. Mr Yoshikazu Takeda, its Senior Managing Director & Chief Investment Officer, tells us about the giant insurer’s missions and strategies.
With an international network in 93 cities from 29 countries, Sompo Japan Insurance recently merged with Nipponkoa to establish a stronger foothold locally. We find out from its President & CEO, Mr Masatoshi Sato, the reasons for doing so and its key priorities going forward. By Shakun Ashoka Raj
This is a critical and dynamic year for Japan’s insurance market as it witnesses key developments unfolding against the backdrop of the financial crisis. There is news of players merging and some getting downgraded ratings. Details of the new Insurance Law will soon be out as well. Mr Hiroshi Fukushima, President of The Toa Reinsurance Co...
As a result of differing cycle management, there is sometimes a “disconnect” between the insurance and the reinsurance markets. Typically this may create stress – and opportunity – for a relatively short period before the sectors align once again. Mr Chris Ott, Chairman, Aon Benfield Japan Ltd notes that during periods of...
Japan gets an abundance of earthquakes and typhoons every year. Last month alone, the country suffered two quakes and a typhoon in a span of just few days. The recent decades, however, have shown that casualties from such events have gone down but insured losses are still going up. By Manuelita Contreras
Coinciding with Monte Carlo Rendezvous, we ask several insurers in Asia what they are expecting from their reinsurers for the upcoming renewal. So reinsurers, take note!
The CIRC is preparing for new investment avenues to house the 1.1 trillion yuan of assets. Here’s a roundup of the happenings in China
As a curtain raiser, we look back at China’s developments and issues as they were presented and discussed in the last nine years.
Is it advisable to nominate “legal successor” as the named beneficiary rather than putting a specified name? Deacons Shanghai examines this for policyholders in China.
In this national summit on insurance organised by the Associated Chambers of Commerce and Industry of India (ASSOCHAM), insurance regulators took centre stage to talk about insurance reforms, profitability of companies and the need to bring insurance to the rural sector.
The last 20 years have seen event sponsorships by corporate players skyrocket into a billion-dollar business. Insurance players are not to be outdone as they sponsor sports to build or perk up their brands. But is it worth the insurance money?
Much has been said about event insurance following the tragic death of Michael Jackson and the cancellation of his 50 sold-out concerts in London’s O2 Arena. Here, we give a brief update of this high profile case as well as look at Asia which is increasingly becoming the centre for notable concerts, sports matches and conferences.
The euphoria of the winners at 6th Australia and New Zealand Insurance Industry Awards in July is captured here while CEO of co-organiser of Awards, Australian and New Zealand Institute of Insurance and Finance (the Institute) exhorts the urgent need for a long-term plan to nurture the understanding of insurance and to improve the industry’s...
Not forgetting the importance of IT as a tool for the CEOs, Microsoft identifies five macro business trends and shares how information technology can help insurance CEOs manage these trends and optimise their positions.
Miller Insurance Services set up a physical presence in Singapore last year. To put in place the necessary IT infrastructure to support the operation, they decided to work with their long-term partner, Trace Isys. The vendor shares how they ensure that the office opened with cutting edge technology ready to run from day one.
With some global economies already showing the initial signs of moving out of recession, these challenging times remain full of opportunities for the life insurance, retirement savings and wealth management sectors.
As countries face increasing catastrophe risk exposures, calls were made at the 8th Asian Conference on Catastrophe Insurance for the need to improve data collection and data quality to manage risks, and develop more accurate modeling and for government and industry to work together to offer better protection.
In this unprecedented economic climate, organisations are seeking to protect their assets and capital base, maintain liquidity and mitigate risk exposure. Now, more than ever, CFOs are being challenged to expand their roles in managing the finance function. Read the tips from the CFO Summit.
The 3rd Asian microinsurance conference, brought to Beijing, China in July by Asia Insurance Review, heard calls for the promotion of appropriate products and services as well as building trust and confidence and doing it for the right reasons in the right way.
We capture the important highlights of The Geneva Association’s latest research as drafted by senior insurance executives and international climate change experts with a follow up on the “Kyoto Statement” signed by over 50 industry CEOs.
At HSBC’s industry seminar – Redefining cash management across the insurance sector – “shielding your business through challenging times” held in July, Mr David Piesse, CEO of UniRisX Asia Pacific and Ms Winnie Yap, Senior VP, Financial Institutions Sales, Global Payments and Cash Management, HSBC Singapore,...
The 21st Federation of Afro-Asian Insurers and Reinsurers (FAIR) Conference has secured solid local and regional backing from sponsors. General Insurance Corporation of India (GIC) Reinsurance has agreed to be the Gold Sponsor, whilst J B Boda Reinsurance Brokers, Korean Reinsurance Company and Interlink Insurance and Reinsurance Brokers are the...
Aviva, one of the world’s leading bancassurance providers and DBS, a leading bank in Asia, have extended their bancassurance partnership from 2010 to 2015, to address customers’ growing need for financial security and to tap on new markets in Asia Pacific.
Brokers linked to the National Insurance Brokers Association, who place about half of Australia’s total insurance business, have reported that premium rates for a third of personal insurance products – ranging from house insurance to compulsory third party insurance – have jumped between 20%-30%, according to media reports....
Some 150 delegates from across the nation gathered in Sydney for the Australian Insurance Summit at the end of July.
All of Ping An’s core businesses experienced strong growth during the first half of 2009. Insurance premium growth rate far exceeded the market average. The value of new life insurance business rose significantly along with the value of net assets of the company.
Willis Group Holdings has been appointed as the broker for the largest rail construction project ever undertaken in Hong Kong by client MTR Corporation Limited (MTR), the operator of Hong Kong’s rapid transit railway system.
India’s life insurance sector posted a 12% increase in the number of life policies sold in April-June this year but recorded only 0.95% rise in premium collections, showing that consumers are opting for smaller investments in the economic downturn.
The general insurance industry expanded by 4.5% in the first quarter of the current fiscal year, with private sector insurers reporting flat growth while government-owned insurers saw gross written premiums increase by 7%.
The rate of premiums paid by Japanese people under the national pension scheme fell to a record low of 62.1% in the fiscal year ended 31 March 2009 amid the global financial crisis, according to the Social Insurance Agency report. This was the third straight year of decline, with the rate falling short of the government’s target of 80%,...
The South Korean life insurance industry is seeing an exodus of insurance agents while the ranks in the non-life sector are growing, according to the local media. The number of life insurance salespeople fell by 5.7% to 141,664 in July from a year ago. The number of non-life insurance salespeople, meanwhile, grew 12.3% to 85,089.
The rising market share for family takaful amid an expanding conventional life market is testament to its inherent potential for further growth in Malaysia, said Deputy Governor of Bank Negara Malaysia (BNM), Dato’ Mohd Razif Abdul Kadir in a wide ranging interview with MiddleEast Insurance Review.
The Philippine government is working with Germany to introduce a microinsurance scheme which aims to provide cover to at least 5% of the rural poor for a start and expanding to 20% over three years.
Singapore’s life insurance industry recorded S$304 million (US$210 million) of total weighted new business premiums during the second quarter of 2009, representing a 38% increase over the first three months of this year and a slight increase (3%) over the last quarter of 2008, according to the Life Insurance Association of Singapore (LIA)....
Sri Lanka’s life insurance sector expanded in 2008 with gross written premiums growing by 13.9% to LKR23.6 billion (US$205 million), according to the industry regulator, Insurance Board of Sri Lanka (IBSL).
The Financial Supervisory Commission (FSC) has taken over the financially troubled Kuo Hua Life Insurance because of the company’s weak finances. Kuo Hua has failed several times to raise its capital as requested, said the regulator.
Typhoon Morakot wreaked havoc in Taiwan, making landfall late on 7 August, on Taiwan’s Hualien County with sustained winds of 148 km/h.
Swiss Re’s sigma report on world insurance in 2008 shows that Asia’s life market continues to fare better than non-life. For the first time, India makes it to the top 10 life markets and Japan continues to be the largest Asian insurance market. We give you the Asian perspective of the report.
The Risk and Insurance Management Society (RIMS) is disappointed with the decision taken by the Illinois Attorney General and the Illinois Department of Insurance to allow Arthur J. Gallagher & Co. to begin accepting contingent commissions, noted its release.
Crawford & Co has launched a revolutionary new Command Centre designed to further improve service to clients by providing up-to-the-minute information on claims status and key performance indicators that are critical measures of the success of a claims management programme.
Ship owners and managers should spend more time checking the validity and ability of suppliers servicing their ships and not just opt for the cheapest price, the President of the International Shipsuppliers & Services Association (ISSA) warned.
Insurers’ losses from natural catastrophes amounted to US$11 billion in the first half of 2009 as severe weather hit areas with higher insurance density, according to Munich Re.
American International Group Inc will separate its commercial insurance operations into a special-purpose vehicle and rebrand it as Chartis and Mr Kristian P Moor, an AIG and AIU veteran, will be its President and CEO.
Ratings movements on this page are made between 15th of July and 15th of August 2009. Companies and rating agencies which want to be covered are kindly requested to send their inputs to Ms Min Yong at minyong@asiainsurancereview.com