Risk Management Feature - Getting a better deal for business
Solvency II Focus - The impact on insurers’ risk management practices and infrastructures
Insurance Risk and Finance Research Centre: Longevity risk: Challenges and opportunities
Mr Stuart Selden of FM Global emphasises the importance of designing, constructing and protecting buildings to last.
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Solvency II and similar regulations are creating a fundamental shift in the way insurers qualify and quantify risk. Mr Mark Irwin of Moody’s Analytics elaborates.
Dr Daria Kachakhidze of SCOR Global Life discusses the causes of mortality improvements in the past, the effect of health transition on life expectancy and future trends.
Although the FSS says it has a cautious outlook for the industry, 2011 figures and those forecasted for 2012 look good. But there are bigger risks and challenges that demand creative strategic responses. The life sector is looking to be a dependable partner, while the non-life sector has a grand vision to be more socially responsible. And Korean...
With the uncertainty in the global economy, Korean life insurers will need to have good strategies to manage the imminent difficulties. Mr Kim Gyu-Bok, Chairman of Korea Life Insurance Association (KLIA), says the association is committed to help its members with the continued development of the industry based on the firm belief that life...
In this open letter, Mr Moon Jae-Woo, Chairman and CEO of the General Insurance Association of Korea (GIAK), looks back at the events of 2011 and shares the aspirations of the general insurance industry to start the year with reinforced fundamentals and enhanced social responsibilities, presenting the steps the GIAK will take to achieve its...
Despite being a fairly mature insurance market, the South Korean insurance industry is still forecasted to see a double-digit growth figure for FY2012 and similarly for Korean Reinsurance Co, the outlook is good as well. Mr Chun Nam-Deuk, its Managing Director, gives an update of the domestic market as well as the plans the company has for...
Since 1999, Chambers and Partners have been researching the legal profession across the Asia Pacific, identifying the leading lawyers and law firms through interviews with thousands of lawyers and their clients. In conjunction with our Country Profiles of this month, the firm presents the best ranking list for insurance law firms in South...
The uncertain global economic climate is making insurance leaders in this “mature” market cautious. Growth will be challenging, but there are spots of optimism in specific niche areas.
Though the global economy is expected to contract this year, General Insurance Association (GIA) President Derek Teo is optimistic that the general insurance industry in Singapore will continue to do well due to the various initiatives that have been put in place by the association. By Seow Kai Lun
While direct premiums in Singapore have grown significantly, opportunities for reinsurance growth in the island remain limited. Mr Christopher Ho from Singapore Reinsurers’ Association and Mr Richard Austen from the Reinsurance Brokers’ Association (Singapore) explain why this is so, as well as suggest that Singapore look at the next...
Since 1999, Chambers and Partners have been researching the legal profession across the Asia Pacific, identifying the leading lawyers and law firms through interviews with thousands of lawyers and their clients. In conjunction with our Country Profiles of this month, the firm presents the best ranking list for international law firms in...
What happens in the social media space can reach thousands, or even millions, across the globe in a short span of time. We look at what is stopping companies from embracing social media and what some insurers have done.
Mr Arup Chatterjee of the Asian Development Bank shares what the ADB is doing to help developing economies in Asia protect their growth.
Mr David Smyth and Mr Warren Ganesh of Clyde & Co Hong Kong highlight recent legal developments on agency issues in Hong Kong.
Mr Jose Ribeiro of Lloyd’s says it is time to strengthen Lloyd’s presence in India again, 200 years after Lloyd’s first foray there.
The IRDA introduced guidelines for the unit-linked insurance plans and the universal life plans in 2010. Mr Richard Holloway and Mr Sanket Kawatkar from Milliman highlight some noticeable developments since then.
At the 5th India Rendezvous, the global reinsurance community once again stressed the need for a strong partnership between the capacity seekers and providers.
As Shanghai continues its quest towards becoming a global financial centre, the city needs to overcome a number of issues before it can truly be on par with London, New York and Hong Kong.
The triple challenge of strong growth, low insurance density and high exposure to natural catastrophes means that it is particularly important for the regulation of the insurance sector in Asia to be risk-based. Dr Ludger Arnoldussen of Munich Re explains.
Ms Anna Tipping and Mr Jake Robson from Norton Rose (Asia) LLP explore the consequences of the changing economic, regulatory and environmental climates, while highlighting the opportunities thrown up.
Many countries are now actively seeking to build a vibrant medical tourism industry. Mr Trent Thomson of Swiss Re discusses what this means for the insurance industry.
Mr Adityam Krovvidi of Aon Benfield recaps the catastrophic events in 2011 and shares about the insurance gap in Asia.
With the real and looming threat of climate change, delegates at a recent climate change conference discussed how insurers can participate in mitigating its effects.
Ms Karine Kam from the Singapore College of Insurance stresses the importance of competency standards as they are directly related to productivity.
Mr Dwane Feehely of Labuan IBFC Inc Sdn Bhd urges companies to rethink their risks in the present landscape of increasing catastrophes
In many Asian insurance markets, women dominate the sales and service areas. However, is a package of incentives all that is needed to attract women to the other areas of the business?
Five years after the first MultaQa Qatar was held in 2007, the Qatar Financial Centre (QFC) Authority’s annual invitation-only event continues to serve as a platform for decision makers across the world to meet and discuss opportunities in the region. For this year, the 2011 Nat CATs in the Asia Pacific look set to come under the spotlight...
Following record insurance losses in 2011, commercial insurance rates in Asia are expected to climb in regions affected by natural disasters, according to a comprehensive report, Navigating the Risk and Insurance Landscape: Asia Market Report 2012, published by Marsh.
AShariah-compliant equity index has been launched in Australia covering more than 140 stocks with a combined market capitalisation of A$160 billion (US$173 billion).
Following the devastating floods in Queensland last year, some insurers are increasing premiums for flood covers.
Amidst the fierce competition, changing regulation and varying dynamics in the different markets all over China, insurers are taking a good look at their prospects and questioning how to effectively use bancassurance successfully, according to a report by KPMG. Also on their minds are the limited opportunities for short-term profitable...
The automobile segment will grow by around 8% for 2012. This is higher than the 2.5% growth in 2011, but much lower than the 32% increase seen in 2010, according to a McKinsey article. In 2011, motor insurance premiums recorded CNY350.4 billion (US$55.6 billion).
With its recent investment in a Lloyd’s syndicate, China Reinsurance Group is mapping an international course that leads to Europe, the Americas and Africa, according to A.M. Best.
The Hong Kong government is planning to set up a Policyholders’ Protection Fund to serve as a safety net for policyholders when an insurer becomes insolvent, said the Financial Services & the Treasury Bureau after it reviewed conclusions of a public consultation exercise.
New York Life Insurance Co intends to sell its near-26% stake in Max New York Life Insurance as it seeks to withdraw from India as part of its strategy to exit Asia and focus on its home market of North America.
India’s life insurance sector may see a decline of 13-14% in premiums for the fiscal year ending 31 March, according to the IRDA.
Single premium, two-year premium and three-year premium policies are the latest life insurance products to come under review by the IRDA, who were previously scrutinising highest net asset value (NAV) guaranteed products.
Guy Carpenter’s securities unit has placed the first Japan earthquake-only transaction since the 2011 Tohoku event a year ago.
NKSJ Holdings has announced changes to its management structure where it plans to integrate the operations of Sompo Japan Insurance and Nipponkoa Insurance.
Samsung Life Insurance Co, South Korea’s biggest insurer, is eyeing distressed assets put up for sale by US and European banks, seeing them as investment opportunities.
South Korean non-life insurers are mulling over reducing car insurance prices as the threat of high inflation is looming, with Samsung Fire & Marine Insurance reported to have sounded the Financial Supervisory Service (FSS) out about possibly cutting its insurance premiums by about 2%.
With the hike in motor premiums early this year, the first rate increase in 30 years, insurers are hoping that the increases over four years will enable them to trim their losses in the motor segment.
Insured losses arising from the magnitude 6.7 earthquake that struck Cebu in southern Philippines are estimated at less than US$100 million, while economic losses are assessed at $1 billion, according to global catastrophe modelling firm, EQECAT.
Ironshore Inc. announced that Ironshore Insurance Ltd., its Bermuda-based insurance subsidiary, will be opening an office in Singapore as the next phase of the strategic expansion of its global platform.
Life insurance agents collected NT$385.7 billion (US$13 billion) in first-year premium (FYP) revenues in 2011, up 5% y-o-y. However, FYP revenues generated via the bank sales channel totalled NT$567.9 billion in 2011, down 25% y-o-y, according to statistics compiled by the Life Insurance Association of the Republic of China (LIA-ROC).
Fairfax Financial Holdings will purchase approximately a quarter of the issued and outstanding shares of Thai Reinsurance for nearly US$70 million. As part of the purchase, Fairfax will be able to nominate two members of the Board of Directors of Thai Re as well as assist Thai Re with its investment portfolio.
The insured losses from the Thailand floods have reached US$15 billion, making it the fifth costliest event in insured losses in the last 31 years.