Guest Editorial - Asia Pacific insurers move ahead in turbulent times
Guest Editorial - Takaful operators still not tapping industrial and commercial sectors
Interviews - Supply chain concern spurs focus on risk engineering
Insurance Risk and Finance Research Centre - Catastrophe Risk Management: Addressing the challenge of non-modelled perils
News - Asia: Tighter risk controls needed in the region – S&P
News - Asia: AIR Worldwide expands risk modelling suite to include supply chain risk quantification
Thai Flood Seminar : Insurers must manage risks better with more data and real information
Global News - 100 years after Titanic sinking, Allianz report highlights new shipping risks
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The supply chain problems triggered by the catastrophes in Asia last year brought realisation to companies of how their business could be impacted when a major disaster strikes and affects their suppliers. This, said Mr Raimund Navakas, Vice President & Manager, Risk Management Services – Asia Pacific and Mr David Haynes, Senior Vice...
In spite of the advances in cat risk modelling tools, there are some material limitations in the current suite of risk models. Mr Paul Nunn of SCOR Global P&C discusses the challenges that remain in quantifying these non-modelled risks.
With CATs occurring more frequently and severely, more stringent underwriting and risk controls are needed to deal with the increasingly complex risks, said Standard & Poors (S&P) in a report “Asia-Pacific Non-Life Insurance Outlook: Tighter Risk Controls Are Crucial As The Markets Continue To Grow”.
AIR Worldwide said they have expanded their suite of Catastrophe Risk Engineering (CRE) solutions to add the ability to better quantify, mitigate, and manage the risk associated with the impact of catastrophes on supply chain networks.
The one-day seminar on the Critical Lessons from the Thai Floods organised by Asia Insurance Review within a short span of five weeks, with the active support of the Office of the Insurance Commission of Thailand and the General Insurance Association of Thailand, drew more than 250 delegates, with more than half coming from overseas, and made a...
Despite greatly improved safety records 100 years since the sinking of the Titanic, the maritime industry faces new challenges driven by the continued growth of worldwide shipping, specialist marine insurer Allianz Global Corporate & Specialty (AGCS) has advised.
RPC (Reynolds Porter Chamberlain LLP) is rapidly growing its presence in Asia to meet increasing demand from clients. Mr Jonathan Watmough, RPC’s Managing Partner and Mr Mark Errington, head of RPC’s Singapore office, give an insight into the growing need for insurance lawyers in Asia, saying that clients in today’s markets...
Leading global insurer RSA is continuing to move its expansion focus to international markets, with a target to grow to US$3.5 billion in net written premiums in the emerging markets by 2015. This, say Mr Simon Lee, its Group CEO, and Mr Paul Whittaker, CEO of Emerging Markets, will be largely through organic growth and bolt-on acquisitions as...
Beware of the dangers of relying on past experience, says Mr Hans-Joachim Guenther, Chief Underwriting Officer and Head of Europe/Asia Pacific Reinsurance for Endurance, explaining that recent cat losses have shown that pricing models have not stood the test of time.
Two major legislations are being put in motion for the insurance industry – the Independent Insurance Authority (IIA) and the Policyholders’ Protection Fund (PPF). The regulator and the regulated as well as associations have been and are still busy fine-tuning the proposals and preparing for their implementation. Meanwhile, it is...
Non-life insurers had a good 2011. Good news had abounded in most quarters of last year which saw increases in premiums for accident & health. And with motor and employees’ compensation rates going through corrections and increases, one segment is seeing a rise of as much as 100%. As such, insurers remain bullish about the growth...
Despite being a mature market, Hong Kong is still underinsured. Hence there are opportunities. Optimistic for 2012, life insurers in Hong Kong share what their focus will be for this year and beyond, as well as give their views on various topical issues such as the Policyholders’ Protection Fund, the Independent Insurance Authority and the...
As the Hong Kong market continues to grow and mature, the Hong Kong Federation of Insurers (HKFI) is preparing for the new role that it will play in the Hong Kong insurance industry. Mr Alex Chu, immediate past Chairman, shares about his outlook for the industry and the role that HKFI is playing to boost growth and facilitate the move into the...
By Ms Charlotte Robins, Partner, Norton Rose Hong Kong
Mr David Smyth and Ms Isabelle Ma of Clyde & Co Hong Kong consider the PPF’s recent proposals in Hong Kong and the various issues emanating from it.
The challenges facing Chief Financial Officers mirror those a Chief Executive Officer would face. In our poll taken with six CFOs, the challenges listed by these heavyweights include sharing the burdens with the man at the helm. They also share the secrets of building a great finance team.
In this extract from The Geneva Association’s Insurance and Finance Newsletter, Ms Lynda Sullivan from Manulife Financial Corporation, Mr Burkhard Keese and Mr Roman Sauer, both from Allianz SE, discuss the breakthroughs in the evolution of the future accounting standards last year while itemising the remaining concerns to be tackled this...
Mr Stuart Selden of FM Global explores how independent research underlines the extent to which clients have benefited from the company’s in-house claims adjusters.
One of the keys to success in direct marketing lies in the ability to interpret data to grow your business. We draw from the key findings of our recent direct marketing roundtable held in Tokyo, in conjunction with ReMark.
Mr Andreas Kleiner of ERGO International describes the regulatory bancassurance environment and recent regulatory trends affecting bancassurance in India, China and Vietnam
The bancassurance channel in two of the largest insurance markets in Asia – China and India – is experiencing significant changes. Mr Sam Evans and Mr Shashwat Sharma of KPMG give an overview of the recent regulations in these two countries.
Messrs Stephen Woolley and Stafford Neil of PricewaterhouseCoopers explore the future of the bancassurance model and whether the industry is optimising the model yet.
Although new learning technologies, such as online methods form an excellent adjunct to traditional learning environments, the traditional face-to-face setting remains hard to beat, especially when it is effectively co-blended. Ms Karine Kam from the Singapore College of Insurance tells us more about this “new classroom” of...
Mr Jerome Matrundola of RGA International Corp explains the various configurations and benefits of the popular Severity-Based Critical Illness insurance product for both policyholders and insurers.
The motor insurance market in China has evolved rapidly but restrictions on foreign insurers’ involvement have virtually eliminated them from the market. Recent developments, however, are expected to alter China’s vast motor insurance market. Messrs Guanjun Jiang and Jack Jiang from Milliman explore this new dawn.
Dr Armin Sandhoevel and Mr Martin Ewald from Allianz Climate Solutions say that carbon investments, as a sub category of infrastructure and pure forest investments, serve as a promising alternative with direct emission reduction, a constant return and tradable carbon credits.
As a curtain-raiser to LIMRA/LOMA 20th Annual Strategic Issues Conference to be held in Ho Chi Minh City, Vietnam in June, Mr Gary Aluise of LIMRA, LOMA and LL Global, looks at distribution channels needed to sell insurance to Gen X and Y in Asia as well as recruiting them as field force.
The sale of ING Groep’s life insurance arm in Asia has piqued the interest of some of the largest insurers in the world. ING is reportedly seeking at least US$7 billion from the sale.
Reinsurance rates rose as the market continues to work through the impact of the events of 2011, according to Guy Carpenter & Company, LLC, global risk and reinsurance specialist and a member of Marsh & McLennan Companies. In a briefing released last month, Guy Carpenter reported that this year’s 1 April renewals are continuing...
With increased ageing across the region, there will be implications for long term care and health, thus Asian retirement systems will need to be more sustainable, said Professor Michael Sherris, University of New South Wales at the Singapore Actuarial Society- Life Insurance Association Retirement Conference.
Insurance Australia Group (IAG) announced that it had entered into a conditional agreement to acquire 30% of Vietnam-based AAA Assurance Corporation (AAA).
The China P&I Club has announced that it will be halting its indemnity coverage for tankers that transport Iranian oil starting from July.
The ERGO Insurance Group is entering the Chinese insurance market and is launching the start-up of a joint venture with a local partner.
AIA Group Ltd (AIA) has announced the signing of a Memorandum of Understanding (MoU) with Nippon Life Insurance Company (Nippon Life).
DirectAsia.com, a new direct-to-consumer insurance company, launched its operations in Hong Kong, providing instant and convenient access to insurance needs online.
The proposal to increase the foreign direct investment (FDI) cap to 49% has been delayed by the government, foiling the initial public offer (IPO) plans of larger insurers. This move could also spur consolidation in the industry.
Mitsui Sumitomo Insurance Co will acquire 26% of Max New York Life Insurance Co’s shares held by New York Life based on the assumption that approval will be obtained from the India insurance supervisory authorities.
The magnitude 8.6 earthquake which struck off northern Sumatra last month, rattling buildings as far away as Thailand, Sri Lanka and south India, is not expected to lead to significant insurance losses because of the location where it took place, according to AIR Worldwide.
All five major non-life insurers have seen y-o-y increases in premium revenue for FY2011, according to preliminary reports.
Life insurers in South Korea saw their net losses from overseas operations further widen in 2011 due mainly to a rise in payouts and costs, the country’s financial watchdog said.
AmG Insurance Berhad (AmG) has entered into a conditional agreement to acquire Kurnia Insurans (Malaysia) Berhad (Kurnia), announced Insurance Australia Group (IAG) which has a 49% stake in the company.
Malayan United Industries Bhd (MUI) intends to sell the insurance assets and liabilities of MUI Continental Insurance Bhd (MCI) to Tokio Marine Insurans (M) Bhd for a premium of MYR180.23 million (US$58.8 million) and has applied to Bank Negara for approval.
The Monetary Authority of Singapore (MAS) will conduct a comprehensive Financial Advisory Industry Review (FAIR) which will include lowering costs by addressing what Mr Ravi Menon, Managing Director of MAS, described as “underlying inefficiencies in remuneration and distribution structure”.
While the Singapore motor business registered its first underwriting profit in six years in 2011, the situation remains precarious as stiff competition is setting in again and many insurers are compromising on underwriting and pricing discipline again in pursuit of market share, said Mr Lee Boon Ngiap, Assistant Managing Director, Monetary...
Starr Companies said that it has received a direct general licence from the Monetary Authority of Singapore (MAS) to operate as a direct insurer in the Republic.
Soaring benefit payments and slow growth of insurance premiums are nudging Taiwan’s life insurers closer to a liquidity shortfall. Under the most likely scenario, insurers should be able to maintain enough liquidity to cover cash outflows in 2012. But smaller insurers could face heightened liquidity risk under weaker performance...
AXA Group announced that it is seeking a licence to open a branch office in Taiwan and has filed an application with local regulators.
Thailand has raised the foreign ownership limit for domestic insurance companies to 49% from 25%, the industry regulator, the Office of Insurance Commission (OIC), has announced.
While every standard setting body plays an important role in setting and implementing international standards, supervisors must respond to the growing need to coordinate their actions as the insurance marketplace becomes even more globally interconnected, said Mr Peter Braumüller, Chair of the Executive Committee of the International...
Last year witnessed the highest economic losses in history at US$370 billion, the second largest insured losses ever at $116 billion, the highest insured earthquake losses at $49 billion, and the biggest insured losses ever for a single flood event at $12 billion from the Thai floods, says Swiss Re in its latest sigma report.
Moody’s Investors Service said exposure to Europe’s economic slowdown is not expected to result in rating changes for the vast majority of rated corporates in Asia.
The number of microinsurance schemes worldwide has increased substantially over the past five years and now reaches an estimated 500 million worldwide, according to the Microinsurance Innovation Facility of the International Labour Organisation (ILO) and the Munich Re Foundation.
Zurich has announced that the name change from Zurich Financial Services Ltd to Zurich Insurance Group Ltd has become effective upon entry in the commercial register of the canton of Zurich.
Providing high quality and reliability in the search phase when a consumer is searching for information on insurance is of prime importance.
The Hanover Insurance Group, Inc announced that it is beginning a year-long celebration of its 160th anniversary.