Reform in China’s
insurance market will continue, in order to achieve the goal of building big
and strong insurance companies and a vibrant industry, said Mr Wu Ding Fu,
Chairman of the CIRC, in an exclusive interview with our Editor, Ms Wendy
Koh.
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Insurance heavyweight
AIG is targeting for all its non-life operations outside of the US to each bring
in US$1 billion of business. Anything less is not a meaningful scale, says Mr
Nicholas Walsh, the company’s Executive Vice President, in an exclusive
interview with our Editor Wendy Koh.
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It is a story of
continuity at AXA Re, following the acquisition by Paris Re Holdings earlier
this year. In an interview with Asia Insurance Review during a stopover
in Singapore recently, Mr Hans Peter Gerhardt, CEO of AXA Re, sought
to assure clients that the reinsurer remains firmly committed to the region
and that it is business as usual.
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Bermudian company
Arch Reinsurance Ltd, a strong, well-capitalised leading provider of specialty
property and casualty reinsurance, is continuously looking at opportunities
to expand its business in Australia and New Zealand which currently account
for 7% of its international property portfolio.
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Banks often have
the upper hand in partnerships with insurers. So how would the latter succeed
in bancassurance? Mr Philip Brook, Global Practice Director of Insurance
and Financial Services, Watson Wyatt, discusses the issue with Asia Insurance
Review.
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In his first interview
with Asia Insurance Review since assuming the role of Deputy Commissioner
for International Affairs of the Financial Services Agency(FSA) in Japan, Mr
Nobuyoshi Chihara, pledged to improve transparency and regain consumer confidence
in the wake of the high profile non-payment debacle that plagued the insurance
market earlier this year.
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Finding profitable
growth in a mature market is never easy. However, most insurers are optimistic,
whether domestic or foreign, and they have their business plans all mapped out
till the 2010s, with growth numbers spelt out for each year. The numbers certainly
look good. Asia Insurance Review sits down with some insurers to find
out the rationale behind the numbers and some of the ideas turn out quite surprising
and contrary to ordinary expectations.
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Famed for the longevity
of its people, Japan has more than 23,000 centenarians. While this is something
to celebrate, it has also raised concerns in the country with longevity itself
becoming what one insurer termed “a fear factor”. As medical costs
escalate and the public healthcare system’s financial situation deteriorates,
Japan is urging its private sector to step in and provide medical insurance,
nursing care and other appropriate products that can supplement the public healthcare
system. Asia Insurance Review speaks with the Life Association and some
life insurers about the challenges they face and finds out what they are doing
to support “a prosperous and cheerful longevity society”.
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It has been more
than a year since the insurance industry, both life and non-life, has been tainted
with the unpaid claims debacle. Yet the issue continues to plague the industry
despite all the submissions of business improvement plans, and it remains a
key concern for the Financial Services Agency (FSA). Here, several insurers
share insights on what happened and what has been done to make sure it does
not occur again.
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Despite ongoing
liberalisation in Japan, there has been no significant increase in foreign presence,
a trend quite contrary to experiences in other liberalising markets, said Mr
Kimio Morisaki, Executive Vice Chairman & General Secretary of the Foreign
Non-Life Insurance Association of Japan.
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“AIG will
continue to keep up the pressure in Japan, the company’s second-largest
market accounting for 30% of global business, by doing what it does best - enhancing
distribution and leveraging on product innovation,” said Mr Robert W
Clyde, President and CEO AIG Companies Japan and Korea.
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Japan’s undisputable
market leader Millea Group has coped with market challenges with a clear focus
on reducing expense ratio, looking at overseas expansion as well as repositioning
and stabilising current operations. Mr Toshiro Yagi, member of the Board,
Senior Managing Director of Millea Holdings, highlights five key lessons that
Asia can learn from Japan’s experience.
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Besides the individual
insurance companies in Japan, the major associations in the country are also
very active on the industry scene. Here, three of the bigger associations tell
us what their immediate concerns and priorities are.
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The Japanese insurance
industry is a highly sophisticated and professional market that requires high-quality
expertise and knowledge transfer from reinsurers, as well as huge capacity because
of their catastrophe exposures. Asia Insurance Review talks to three
major reinsurers in Japan to find out what the market needs today.
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Mr Mish Nakazono,
President & CEO, RGA Reinsurance Company, Japan Branch, examines prospects
for market growth in a changing regulatory environment and suggests how reinsurers
can assist insurers in Japan with new products and financial solutions.
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With marketing,
distribution and use of technology being some of the critical success factors
in personal lines, we look at how some companies are boosting their efforts
in meeting the needs of their customers.
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Mr Gordon Perchthold
and Ms Jenny Sutton have over 40 years of combined experience assisting
banks and insurance companies with the selection and implementation of a wide
range of solutions, allowing these organisations to evolve. This article is
the last of a bi-monthly column on the selection of external service and technology
providers – this month focuses on considerations for site location and
vendors for shared service centres.Buy Now
As the deadline
for attainment of contract certainty in London draws near, Ms Katy-Marie
Wilson, Partner, and Ms Tracey Anderson, Associate in the Reinsurance
& International Risk team at Barlow Lyde & Gilbert, looks at the possible
occurrence of disputes and how to minimise their impact when they cannot be
avoided.
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Historically, the
market for term insurance in Asia has been very limited. But as the market and
consumers mature, the case for term insurance is growing. Ms Na Jia,
a Principal at Alfinanz Asia, looks at this increasing trend.
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How well do you
know your portfolio? As more countries move away from tariff pricing, the key
to profitable underwriting lies in a deep and detailed understanding of the
risks you accept, says Mr Naeem Ali, a Senior Consultant for EMB.
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Drawing from his
experience in the Japanese market, Mr Katsuo Matsushita of The General
Insurance Association of Japan shares how liberalising markets in Asia can cope
with the challenges of a detariffed market environment to ensure the sustainable
and sound development of the industry.
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The increasing
number of natural disasters around the world has highlighted the importance
of businesses understanding the risks they face and being adequately prepared
to deal with these risks. Mr Chris Turton, Field Engineering Group Manager,
Asia, FM Global, looks at how businesses can minimise the damaging impact during
an earthquake.
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Mr Peter Coates,
Chief Executive of Axiom Asia Pacific, looks at the way Lloyd’s Syndicates
are improving their supervision of regional coverholders and underwriters.
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Ms Angela Koechli
,a Client Partner in Korn/Ferry International’s Singapore office, discusses
recruitment trends in the region.
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Tokyo, Japan, will
be hosting the 14th East Asian Actuarial Conference (EAAC) for the second time
in a decade from 9-12 October 2007. Asia Insurance Review meets with
the Organising Committee to find out what is in store for delegates who will
be attending this important gathering of actuaries in the region.
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After hard lobbying
from the country’s insurance regulator, the Annual IAIS Conference and
General Meeting was finally brought to China, home of one of the fastest growing
insurance markets in the world. Staff reporter, Wong Mei-Hwen,
highlights some of the hot issues discussed at the Beijing gathering which was
held in October.
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The IUMI conference
is made up of several breakout sessions focusing on “Cargo, Energy and
Offshore, Legal and Liability, Ocean Hull and Inland Hull, Fishing Vessels and
Yachting (IFY)”. Here, we bring you highlights of some of the discussions.
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In a number of
Asian markets, like Singapore, India, Indonesia and South Korea, bancassurance
partnerships are beginning to bear positive results. The customer in the region
today is getting more sophisticated, with globalisation and integration being
the buzzwords in the financial services sector. At the 7th Asian Conference
on Bancassurance & Alternative Distribution Channels, organised by Asia
Insurance Review and held in Mumbai, India, more than 100 delegates debated
about the challenges facing the sector. Read on to find out how bancassurance
is set to grow and what the Indian scenario is.
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Championing the
concept of a mutual business model, Mr Shaun Tarbuck, Chief Executive
of International Cooperative and Mutual Insurance Federation (ICMIF), said to
more than 70 people attending a Mutuality Seminar hosted by NTUC Income in Singapore
that the mutual insurance concept is not just a “feel-good factor”,
that it is a concept whereby the strategy of the organisation revolves around
the members and delivers value through the mutual model. Asia Insurance Review
attended the Singapore segment of this series of Mutuality Seminars which are
scheduled in various countries around the world and reported on what Mr Tarbuck
and other speakers are saying about mutuality. Buy Now
A
book just on the law of life insurance was long overdue in Singapore and this
newly launched book now fills that gap not only for students but insurance professionals
as well.
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This
practical insurance guide gives detailed insights into the problem of insurance
fraud and how to deal with it, but if you’re looking for illustrations
from this part of the world, you might be disappointed.
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