Not resting on his laurels after Great Eastern Life (Singapore) won the Life Insurer of the Year at the 15th Asia Insurance Industry Awards, Mr Christopher Wei, Group CEO of Great Eastern Holdings Ltd, has bigger plans for the Group and shares with Asia Insurance Review how Great Eastern plans to be more than just a life insurer and why social media will be key in the initiative.
By Benjamin Ang
Buy Now
Aiming to be one of Asia Pacific’s leading insurance brokers, Howden Broking Group recently acquired the Asia operations of Accette Insurance Group. The company, said its CEO, Mr Tim Coles, continues to be on the lookout for new acquisitions and has an exciting outlook for its business in the region amidst the growing demand for increasingly sophisticated products.
By Manuelita Contreras
Buy Now
With operations in China, India and Hong Kong, Standard Life Group Chief Executive David Nish sees Asia as a key component of its plans given the region’s growing wealth and propensity towards savings which complement its offer of investment propositions.
By Seow Kai Lun
Buy Now
Young ASEAN Manager Award (YAMA) 2011 winner, Mr Kevin Koh, AVP, Head of Information Technology, Manulife (Singapore) Pte Ltd, impressed the judges with his strong leadership skill in grooming talent. Asia Insurance Review speaks with him about his leadership philosophy.
By Benjamin Ang
Buy Now
It has been almost a year since the tragedy of the Great East Japan Earthquake. Life and non-life insurers have been working in overdrive, putting top priority on paying claims and benefits, volunteering to work in affected areas and helping those affected get back on their feet. The tragic disaster has pulled the country together, showing magnanimous self-sacrifice and generosity and for the industry, “reconfirms that insurance has the spirit of self-help and public benefit”.
We speak to the leaders of the life and non-life associations who pay tribute to the support of the government and the necessary partnerships between private and public spheres. The insurance industry was tested severely but it passed the test, inspiring confidence all round.
Away from the disaster, we also look at a prospective trend of foreign insurers changing their business form as there is expectation that there will be a relaxation in the rules in this arena.
Buy Now
Non-life insurers are looking to pay a total of US$15.5 billion for the Great East Japan Earthquake (Earthquake Insurance on Dwelling Risks) but the sector is still financially sound despite this monumental event. We speak with Mr Yasushi Kuriyama of the General Insurance Association of Japan, who shares with us some of the thoughts of the industry and the support they got from the regulator and the public. He also dwells on the effectiveness of the Japanese Earthquake Reinsurance scheme and that it only needs to be enhanced, not changed drastically.
Buy Now
Mr Yoshinobu Tsutsui, Chairman of the Life Insurance Association of Japan, gives an update on the situation in the country, attributing the ability to pay claims smoothly to successful partnerships between the public and private sectors as well as among member companies.
By Seow Kai Lun
Buy Now
By Mr Shinichi Takahashi, Partner; and Mr Yoshihide Matsushita, Associate of Nishimura and Asahi
Buy Now
Operations, culture, people factor, financials, rating environments, markets and the list goes on. The CEOs’ dashboard is full with many a red alert as they steer their companies through 2012.
To mark our annual CEO Summit, organised jointly with The Geneva Association, with the theme: “A Dashboard for CEOs – A Vision for Success”, we bring you the priorities and preoccupations of nine CEOs as they drive towards success and sustainability.
But beyond the indicators, there is still the need for judgment and intuitive feel of the operations and markets by an experienced CEO.
Buy Now
Mr Andrew Holderness and Mr William Tsang, both from Clyde & Co, review the recent M&A activity across Asia Pacific.
Buy Now
Ms Wendy Ding at Deacons Shanghai Representative Office shares details of the “Amendment to Primary and Secondary School Students in Shanghai Injury Treatment Regulation” that came into effect in the last quarter of 2011.
Buy Now
The treatment of counterparty default credit risk depends on ratings from external credit rating
agencies. Prof Duan Jin-Chuan and Dr Oliver Chen from the Risk Management Institute at the National University of Singapore demonstrate a public good alternative to traditional credit ratings that has applications in insurers’ economic capital decisions.
Buy Now
Mr David Wu from Ernst & Young Asia Pacific shares how insurers can embark on a sustainable improved cost management exercise and hence optimising the cost factor in the company.
Buy Now
Prudential Asia’s Chairman, Mr Donald Kanak, who also chairs the World Economic Forum’s Global Agenda Council on Insurance and Asset Management, tells us why our industry can be a huge potential for “green” investment and what policymakers have to do to make that happen.
Buy Now
The AIA group is believed to be exploring making a bid for ING’s Asian insurance operations, said to be worth US$6 billion, according to industry observers. It was noted that AIA had invited four banks to pitch for advisory roles to conduct the feasibility study.
Buy Now
AXA announced that it will close down its Ipac Wealth Management Asia operations in Hong Kong and Singapore in the first half of 2012. It plans to focus instead on insurance business in Asia.
Buy Now
Residents of Queensland now face higher insurance premiums for flood insurance even though more insurers are offering it. The state was hit by devastating floods last year and people are still struggling to rebuild their homes and lives.
Buy Now
Despite the difficult conditions, China’s insurance industry amassed CNY1.43 trillion (US$227 billion) in premiums for 2011, making it an increase of 10.4% y-o-y, said the CIRC.
Accette Insurance has changed its name to Howden Insurance Brokers, following the acquisition of its operations by Howden Broking Group in London, a member of the Hyperion Insurance Group.
Buy Now
The IRDA is considering allowing domestic private sector insurance companies to set up overseas joint venture firms and subsidiaries through buying a stake in foreign insurers.
Buy Now
IRDA has announced that it will scrap the unpopular Indian Motor Third Party Insurance Pool (IMTPIP) and replace it with an Indian Third Party Motor Declined Risk Insurance Pool with effect from April 2012.
Buy Now
Non-life insurers in Korea experienced a drop of 52% in their earnings in overseas markets from April to September 2011, compared to the same period the previous year.
Buy Now
The life insurance industry in Malaysia expects to see new business premiums growth by between 14 and 15% in 2012, higher than in 2011, said the Life Insurance Association of Malaysia (LIAM).
Buy Now
Philippine insurers are bullish about the industry’s growth for 2012 as the country is expecting a higher GDP growth, fuelled by remittances, as well as public-private partnership projects to be rolled out by the government.
Buy Now
The Philippines government is adhering to scheduled increase in capitalisation requirements for non-life insurers and has plans to further raise the capital requirements in a bid to align it with those of neighbouring countries. It believes that the move would enhance the solvency of insurers and protect public interest.
Buy Now
AIA has successfully transferred its insurance business in Singapore from a branch to a Singapore-incorporated and wholly-owned subsidiary of American International Assurance Company, Ltd. AIA in Singapore is now known as AIA Singapore Private Ltd, with all business transacted under this name.
Buy Now
Chinatrust Life Insurance is aiming to become the number one retirement insurance provider in Taiwan within in the next four years. It plans to focus its efforts on wealth management and retirement insurance products.
Buy Now
Local insurers should consider setting up “natural catastrophe reserves” to protect themselves against disasters and higher reinsurance charges, said Fitch Ratings, especially after the months-long flood that plagued Thailand in 2011.
Buy Now
The Vietnam government is planning to introduce an insurance plan for the nuclear power plants it intends to build together with Japan, which is scheduled to begin operations in 2020.
Buy Now
Mr Yogesh Lohiya retired from GIC Re at the end of last year. We salute this visionary, taking a quick look at his work at the company, as well as his foresight and achievements there.
By Jimmy John
Buy Now
A study published by Swiss Re quantifies the total mortality protection gap across 12 insurance markets in the Asia Pacific to be US$41 trillion. Mr Paul Turner and Mr David Alexander, both from Swiss Re, highlight some key findings of the study.
Buy Now
Aon Corp has announced it will move its corporate headquarters to London from Chicago. It said that the move “provides greater access to emerging markets and takes better advantage of the strategic proximity to Lloyd’s and the London market as one of the key international hubs of insurance and risk brokerage”.
Buy Now
Mr Ikuo Uno, Executive Advisor to the Board and former Chairman, Nippon Life, is the 2012 Insurance Hall of Fame winner, announced the International Insurance Society (IIS), which administers the award.
Buy Now