Asia has been fully
exposed to the vagaries of increased frequency and severity of catastrophes
and their ultimate toll on the people, economy and society. Asia Insurance
Review brought its 5th Conference on Catastrophe Insurance in Asia, with
the theme “Managing the Challenge of Increasing Frequency and Severity
in Catastrophe Losses”, to Hong Kong recently. Our Conference Journalist
May Low examines the urgent need to educate and bring catastrophe
insurance to the masses.
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Marine underwriters
are in the best position to contribute to loss prevention measures as they were
driven by the incentive of paying claims, said Mr Patrick de la Morinerie,
IUMI President in his opening address to more than 330 delegates attending the
133rd IUMI held in Tokyo for the fourth time since 1975. Urging them forward
to break the seemingly “everlasting deadlock”, he added that underwriters
must persuade and demonstrate to clients that insurance should be seen primarily
as a cost-reducing factor and not a pure cost factor. Here, Asia Insurance
Review brings you a report of what the international marine insurance world
is saying about their market today and all the challenges facing them in the
main report and in the breakout session report.
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Despite the growing
recognition of Enterprise Risk Management (ERM), hurdles still exist in Asia
where there is still the phenomenon of conducting risk management at the cost
of cover, said speakers at the 6th Federation of Asia Pacific & African
Risk Management Organisation (Faparmo) International Risk Management Conference
held in Singapore. With the theme of “Risk Management as a Priority for
Government, Boardroom and Operational Strategies”, the conference, which
drew nearly 200 delegates, also discussed the growing importance of the Chief
Risk Officer and other risk management trends and strategies around the world.
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This month, our
Editor Wendy Koh chats with Mr Scott Ryrie, Senior Vice
President & General Manager, Asia Pacific of XL Re, on his need for speed
both on the high seas and on dry land.
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