Zurich International
Life (ZIL) Limited, lured by the pool of investment savvy Singaporeans looking
for investment opportunities, set up an office on the island about six months
ago. Mr Martin Davis, Chief Executive Officer of Zurich International
Life Limited shares with our Deputy Editor, Ms Irene Yeo during
a brief visit to the city-state on how he and his team are helping these high
net worth clients manage their wealth.
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Scottish Re is
spreading its wings to Japan, having established a new Representative Office
there in March this year. Mr Andrew Linfoot, Director for Asia and Principal
Officer for the Singapore Regional Headquarters talks about the potential for
life insurance securitisation in the world’s second-largest life market.
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Mr Neil Smith,
Marine Aviation and Transport Manager at Lloyd’s Market Association, looks
at current market issues and describes marine sector activity in the London
and international insurance market.
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When it comes to
forecasting the fortunes of the container industry, the 2006 term has been,
and remains a tough one to call. Mr Colin Fordham, Regional Manager Singapore,
TT Club has been listening to the thoughts of the industry’s opinion makers
to arrive at a mid-term assessment of the impact on insurance. After the unprecedented
boom in world trade during 2004 – 2005 and faced with the looming threat
of vessel over-capacity in 2007, how will the supply/demand equation be solved
in 2006?
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It is a common
misconception in the insurance world that cargo insurance and similarly, cargo
reinsurance is one of the less complicated lines of business as compared with
the dominant property / engineering and liability lines. The sector experiences
its fair share of catastrophe losses, complicated engineering claims when prototype
machineries or equipments are being transported and long-tail liability issues,
especially with general average claims. The press is also quick to highlight
things that go wrong during cargo transportation especially where oil or chemical
spills are concerned. Ms Janita Leu, Client Manager, Indonesia and Head
of Regional Marine Underwriting, Munich Re, looks at some of the dynamics of
cargo reinsurance.
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A marine insurance
contract is a contract uberrimae fidei – it is a contract based on utmost
good faith, such that if either party does not observe this, it will allow the
other party to avoid the contract. Mr Sin Lye Kuen, Partner in DLA Piper
Rudnick Gray Cary’s Singapore office, comments on the robust application
of the doctrine of utmost good faith to non-disclosures by insured parties,
in the recent English Court of Appeal decision of North Star Shipping Ltd and
Others v Sphere Drake Insurance plc and others (No 2) [2006] EWCA Civ 378, and
how this might lead to potential difficulties for future claims by insured parties.
It is important for the Asian marine market to appreciate the ambit of their
duties of disclosure following the English Court of Appeal’s decision,
given that the decision is persuasive authority which will likely be followed
by the major Commonwealth jurisdictions around the world.
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The huge Asian
insurance market is a magnet for western underwriters and brokers, including
some of the world’s biggest insurance groups. AXA in France is near the
top of the world league, and this year marks the 21st anniversary of its universally
recognised brand. We speak to Mr Patrick de La Morinerie, Deputy Chief
Executive of AXA Corporate Solutions and head of its marine and aviation division,
on the company’s plans, particularly in the marine sector.
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Aon Re Australia
recently deployed a team to the areas affected by Hurricane Larry to survey
the damage to residential, commercial and industrial buildings. Dr Pierre
Wiart, Director – Catastrophe Modelling and Mr Matt Botfield, Director
– Treaty, share the experience.
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Mr Hugh McCormick,
Executive Vice President, Corporate Development, at Scottish Re Group Limited,
looks at how securitisation has developed in recent years into an important
tool for capital management by financial institutions and the benefits and concerns
of this new global trend.
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In the first of
a series of articles in which we go “back to basics”, looking at different
topics in insurance and reinsurance law, Ms Carmel Walsh, a partner who
works with the Professional Liability and Commercial Litigation, and Reinsurance
& International Risk teams at Barlow Lyde & Gilbert, and who is currently
based in Hong Kong, considers the key issues that arise in relation to reinsurance.
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The 23rd EAIC in
Bandar Seri Begawan, Brunei, scored several firsts and touched on hard issues
ranging from claims to catastrophes to free trade and management cultures, with
more than 900 delegates benefiting from the wide-ranging discussions and networking
opportunities. Here are some of the highlights.
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This year’s
42nd annual International Insurance Society (IIS) focused on the survival issues
of implementing enterprise risk management (ERM) diligently and correctly across
entire businesses. Other issues raised were catastrophe and regulatory concerns
as well as what keeps CEOs awake at night. Here, we bring you highlights of
what more than 400 top international insurance executives discussed about in
Chicago, the Windy City.
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Mr Peter Zimmerli,
Natural Hazards Expert, Swiss Re Asia, and Ms Maria Pawiro-Viragh, Client
Manager, Indonesia, Swiss Re South East Asia, look at earthquake insurance pool
solutions aimed at providing Indonesians with sustainable insurance protection.
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Australian Treasurer,
Hon Peter Costello MP took the superannuation industry by surprise in
the May 2006 Budget with his policy of “Simplifying and Streamlining”
superannuation. Senator for Tasmania John Watson looks at the changes
in superannuation and the implications for the industry.
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Mr Gordon Perchthold,
a management consultant that assists insurance companies with market analysis,
strategy development, vendor selections and the implementation of change, is
well-known for regularly challenging status quo thinking. In this article, he
brings attention to the life insurance industry’s emphasis on deriving
premium growth from investment-linked products to the detriment of a balanced
portfolio of products, both for the company and the consumer.
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Mr Marc Breuil,
Chief Liability Underwriter for AIG South East Asia and China looks at the rise
of cross-border activity and how it has created specific challenges for insurers,
as they will need to develop their capabilities and network to service the risks
associated with clients’ international expansion. He examines some of the
insurance tools available to manage worldwide property and casualty exposure.
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Boiler room distribution
operations employing aggressive sales and marketing tactics, massive new business
volumes, high commissions, opaque disclosure and products are designed more
with the needs of the distributor in mind than that of the consumer, says Mr
Stephen Collins, Principal of Alfinanz Asia.
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A wide variety
of companies from small to large partnerships now have corporate collections
with the financial sector leading the way, although legal, engineering, chemical
and pharmaceutical, IT, retail and manufacturing companies all now feature in
the list of collectors. Ms Clare Pardy, Associate Underwriter, XL Insurance
Fine Art & Specie, looks at the rising role of art among corporates.
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In September at
the Monte Carlo Rendezvous, rating agencies take centrestage for one reason
or another. Here, we bring you an update taken from the Geneva Papers on what
is being done to keep check on rating agencies given the close to omnipotent
role they play in the insurance industry.
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The engaging and
friendly Mr TM Shih, Chairman of Fubon Insurance, is a true veteran in
the Taiwan market, having devoted his almost 40-year career to growing the company
and the general insurance industry at large. Here, he talks about his current
focus on succession planning, and shares a deeper insight into the real man
behind Fubon, Taiwan’s largest general insurance group.
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