Optimism amidst the pressure - Regulator brings out a slew of measures
Life insurance – Hard pressed, but not crushed
Non-life insurance – Set to thrive
New rules for Insurance Intermediaries
Life sector seeks direction for growth
Sun Life: Doubling Asian earnings to US$245 mln by 2015
Talent quest: Putting in place a talent management strategy
Aspirational leaders in action
Attracting and keeping young talent
The global eastward migration – What it means for insurers
Motor and Fraud Management - Motor insurance in emerging Asia – From bumpy road to smooth driving
Motor and Fraud Management - Fraud – Prevention is the cure
The Geneva Association: Financial Consumer Protection – A global debate
Increased compensation for liability claims under Indonesian Aviation Law
Legal Spotlight on China - Key points in a broker service agreement
Untangling the web
Managing industrial accidents in emerging economies
Getting to the essence of being different
Focus on value creation for growth
The IIS Report - Stay relevant, regain lost ground
Asia even more attractive with shift in economic power
Life insurance industry in Asia: Competition drives growth
Asia: It’s “AIG” again
Asia: Asian insurers support Principles for Sustainable Insurance
Asia: Inflation a key concern for most affluent Asian retirees
Asia: EAIC: Bank Negara’s Dr Zeti to give keynote address
Asia: RSA open for right acquisition opportunities
Asia Pacific: Life facing challenging times
Asia Pacific: Operational efficiency, market share and regulations are top drivers for CIOs – Celent
Asia: Insurance research needs shot in the arm
Australia: IAG on track
Australia: Clyde & Co to open offices
Australia: ANZIIF wins Learn X Learning and Technology Impact Award
Australia: Direct sales of life insurance to exceed US$2 bln by 2021
Cambodia: Prudential extends Asian footprint to Cambodia
China Re expanding yuan-denominated reinsurance business
China: RPC opens second international office in Hong Kong
India: Liberty Videocon JV gets green light from IRDA
India: Raheja QBE moves into marine speciality sector
India: GIC Re’s 2011-2012 premium grows 16%
India: MyInsuranceClub.com becomes first IRDA-approved online web aggregator in India
Indonesia: Life policies up 15% in 1Q
Japan: Life association to join new international body of insurers
Malaysia: General business to grow 7% to US$4.45 bln in 2012
Myanmar: Guide on setting up an insurer
Singapore: Hardy to restructure its business
Singapore: Faber Global sets up new office
Singapore: AIR Worldwide opens Singapore office
EC “retail package” must focus on consumer protection
2012 RIMS Benchmark SurveyTM reveals minimum increase in total cost of risk
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In March, Bank Negara Malaysia issued new guidelines on the Internal Capital Adequacy Assessment Process (ICAAP) for insurers due to be effective on 1 September. Mr Russel Lok of Ernst & Young Asia Pacific sums up the key requirements of the changes.
Mr David Alexander from Swiss Re discusses capital management in the context of both Life & Health and Property & Casualty companies with a special focus on Asia.
Back in the Pacific Northwest, Washington - British Columbia region, where the whales rule the high seas, I am confounded by potential challenges entailed in classifying them as humans.
Taiwan’s insurance market has been facing increasing pressures from various sources. But optimism still shines through with many opportunities to innovate, and the easing of tension between Taiwan and mainland China is enhancing the potential for growth. Key players share their concerns, predictions and wishlist for the industry.
Life premiums fell in 2011 as a result of regulatory restrictions causing insurers to adjust their product portfolio. While the effects are expected to be short-lived, the low interest rate environment and volatile equity markets are keeping earnings down, and negative spread remains an issue.
With NT$113 billion (US$3.8 billion) in premium income, Taiwan’s non-life sector is far smaller than its life counterpart. However, the outlook for it is more upbeat, with market watchers optimistic that barring any major catastrophe, non-life business will continue to grow profitably.
By Mr C.T. Chang, Lee and Li, Attorneys-at-Law
The Indian life insurance industry is going through a major churn. To compete in this market, Indian promoters need to keep pumping in capital and adjust strategies to remain productive.
The stage has been set – a clear target to more than double its earnings from its Asian business. Mr Kevin Strain, President, Sun Life Financial Asia, shares with us the strategies and how his experience can help to drive the insurer towards achieving the goal. By Benjamin Ang
The competition for talent is a constant in Asia, with some saying that the insurance industry is even behind the curve. Four specialist consultants examine the human capital situations in Asia and other ideas for talent management strategies for the insurance industry to attract and retain the required skills and expertise.
Recent studies and conferences in the insurance industry show that talent is still the top concern for CEOs in Asia. The shortage of talent, combined with increasing needs driven by business growth and the “war for talent”, make the Asian job market particularly challenging for insurers. Only insurers that deploy innovative talent...
Attracting, recruiting and retaining young talent is a key challenge for insurers – not just in emerging markets but also in mature, well-regulated and highly educated markets like Australia. Mr Edwin Brumby from The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) gives an overview of the recruitment scene in...
More and more multinational insurers are moving business heads and even head offices to Asia. To meet their goals, these companies have to recruit and retain expertise across many functional areas. Ms Pagan Van of CTPartners, Hong Kong, says that with the human capital underpinning the entire framework of a company’s expansion strategy and...
In 2011, motor insurance contributed approximately US$75 billion in premiums, representing roughly 50% of all non-life premiums. Mr Anthony O’Brien of Munich Re looks at commercial motor, direct private motor and fraud risks.
The economic downturn in Europe has led to a marked increase in fraud activity. While Asia has not suffered the same downturn, Mr Peter Lee of Towers Watson says the industry is not immune to fraud.
Mr Michael Chapman of OECD outlines the means used by global policy makers to restore consumer trust and confidence in the market for financial services and products.
Ms Anita Quy and Ms Peng Lim of Clyde & Co review the updated Indonesian Ministerial Regulation No 77/2011 that has substantially increased compensation levels imposed on airlines.
Ms Jennifer Chen of Deacons Shanghai Office stresses the need for insurance brokers in China to sign a service agreement with their clients and highlights key issues to be addressed.
The events of 2011 have made supply chain a hot topic in the risk management circle, says Mr Stuart Selden of FM Global who tracks the past, present and future changes in this area.
The “one in one thousand years” event has to be taken very seriously. ACE Group provides a checklist for companies when looking to prevent, and in the worst case, manage such catastrophes.
In a high-level roundtable held in Dubai organised by the Middle East Insurance Review (MEIR), 10 leaders and experts in the takaful industry discussed the challenges they face in the marketplace.
Takaful operators need to be more innovative and proactive so as to tap growth opportunities in the sector. This was the key message at the recent Asia Takaful Conference.
The International Insurance Society (IIS) Annual Seminar this year took on a high profile as it hosted the launch of the Principles for Sustainable Insurance, in conjunction with the Rio+20 Summit in Rio de Janeiro, Brazil.
The demand for insurance in Asia is set to increase, and as insurers look at growing their business through bancassurance and alternative distribution, they are reminded not to neglect their agents.
LIMRA and LOMA have been helping their member companies keep up with market trends for almost 100 years. Along the corridors of the Strategic Issues Conference, Mr Gary Aluise of LIMRA, LOMA and LL Global, gives us an update.
American International Group. (AIG)’s global P&C business, renamed Chartis in 2009, will revert to the AIG name starting this fall, reinforcing the brand power of a name.
The Insurance Australia Group (IAG), Mitsui Sumitomo Insurance, Sompo Japan Insurance and Tokio Marine and Nichido Fire Insurance are among the 27 insurers which are the founding signatories of the Principles for Sustainable Insurance (PSI).
The wealthiest of Asian retirees worry about inflation and unexpected expenses most, in particular, medical expenses, according to a recent survey by Allianz.
The Governor of Bank Negara Malaysia, Dato’ Sri Dr Zeti Akhtar Aziz, will give the Keynote Address at the 26th East Asian Insurance Congress (EAIC) which will be held in Kuala Lumpur, Malaysia, from 29 October to 2 November 2012.
RSA will consider bolton acquisitions when opportunities arise in Asia, said Mr Chris Colahan, Chief Executive of RSA Asia in an exclusive interview with Asia Insurance Review.
Key life insurance markets in Asia Pacific are facing challenges associated with weakening or slowing economic conditions and volatility in investment markets, according to a recent Standard & Poor’s report.
Asia insurers’ top three drivers for IT investment in 2012 are increasing operational efficiency, growing market share, and complying with regulation, according to a new report, 2012 Asia-Pacific Insurance CIO Survey: The Year Ahead, from Celent.
Asia’s insurance industry needs to invest in building a solid foundation for boosting research capabilities, given that comprehensive risk data on the region’s risks is not yet widely available, said Mr Ng Nam Sin, Assistant Managing Director (Development Group), Monetary Authority of Singapore, in his keynote address at the inaugural...
IAG Managing Director and CEO Mike Wilkins said that there was a significant growth opportunity in Asia with middle class consumption (ex Japan) expected to increase by nearly 200%, to around US$12 trillion, by 2020.
International law firm Clyde & Co has announced that it will open offices in Sydney and Perth on 1 October 2012 with the recruitment of a team from Australian law firm Allens.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has received a Learn X Learning and Technology Impact Award this year in the category of Best Learning Program – Occupational Health and Safety.
More than 40% of new life insurance business in Australia is expected to come from the direct sales by 2021 reaching a sum of more than US$2 billion, according to a recent report by Oliver Wyman and Plan For Life.
Prudential Corporation Asia has received in-principle approval from Cambodia’s Ministry of Economy and Finance to establish a wholly foreign-owned life insurance operation in the country.
China Reinsurance (Group) Corp will be expanding its cross-border yuan-denominated reinsurance business in Hong Kong, Macau and Singapore.
UK law firm RPC (Reynolds Porter Chamberlain LLP) is opening a Hong Kong office this month with an initial team of over 40 people, including five partners.
Liberty Videocon General Insurance, a joint venture between Liberty Mutual Insurance Group and Videocon Industries., has received a license from IRDA to commence operations in India.
After successfully launching a wide range of liability offerings, Raheja QBE General Insurance Co is now ready to plunge into the marine speciality space.
General Insurance Corporation of India (GIC Re) saw a 16% growth in its business premium during FY2011-2012.
MyInsuranceClub.com has become the first IRDA approved insurance comparison website in India, having received this license in July.
More Indonesians are taking out life insurance coverage, with the number of policies in the country growing 15.1% from the previous year to 52.76 million by the end of this year’s first quarter, said the Association of Indonesian Life Insurance Companies (AAJI).
The Life Insurance Association of Japan (LIAJ), which has 43 life insurers as members, will soon make preparations to join a new international body of insurers known as the International Federation of Insurance Associations (IFIA), in order to prime itself for tighter global regulations.
Malaysia’s general insurance industry is set to witness gross written premiums (GWP) increases of between 7% and 10% this year, said the General Insurance Association of Malaysia Chairman, Mr Wong Kim Teck.
With the suspension of relevant EU and US sanctions for 12 months, Myanmar is now potentially open for foreign investment.
Hardy Underwriting will be reshaping its property treaty business, which has been underwritten mainly from its Singapore office.
Willis Group Holdings’ facultative and wholesale reinsurance arm Faber Global, has opened a new office in Singapore to cover facultative reinsurance in the region.
AIR Worldwide has announced the opening of its office in Singapore.
Insurance Europe, the European insurance and reinsurance federation, said it supports a high level of protection for all consumers purchasing insurance products and therefore welcomes the European Commission’s efforts in putting together the recent “retail package”:
Despite expectations that insured losses from natural catastrophes in 2011 would send insurance premiums skyrocketing, the newly released RIMS Benchmark Survey™ indicates that the Total Cost of Risk (TCOR) increased only mildly in the past year.