Preferred risk life insurance products have been in the US since the 1980s and were introduced in many other insurance markets in some form. Preferred term products have also been promoted as solutions in the Asian markets for some time; however, the success of these products has been limited. Mr Louis Rossouw, Regional Chief Actuary, ASEAN & India, Gen Re and Dr Detloff Rump, Regional Chief Underwriter, Asia, Gen Re, examine this class of products and explain why they believe that preferred risk products offer a good opportunity for life insurers.
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Many organisations have failed to adopt effective enterprise-wide risk management cultures and behaviours, adding fuel to the global financial crisis, said Mr Brian Roylett, President of the Risk Management Institution of Australasia Ltd (RMIA) at a Lloyd’s of London business briefing in March.
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The cost of reinsuring Japanese catastrophe risks, which dominated the recent 1 April renewals period, is higher than a year ago, said Aon Benfield in its latest update to its Reinsurance Market Outlook report.
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