Guest Editorial - Australian insurance brokers - Who are they?
Technical Feature - Insuring Mega Risks : No lack of insurance supply for mega risks in Asia
Technical Feature - Insuring Mega Risks : Challenges facing our industry
Risk Management Focus - Rising to the global risk management challenge
Think Tank - The Geneva Association: Mitigating systemic risks in insurance
News - China: Munich Re highlights climate change risks and opportunities
Global News - Globalisation tidal wave creates new risk pathways
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China and other parts of Asia are charging ahead with a long list of mega infrastructure and energy projects. Mr Greg McCoy, Managing Director, Lockton Hong Kong, says that insurance expertise for such complex risks is now readily available in Asia, revealing a vibrant but keenly competitive market today.
Mr Jim Attwood from Asia Capital Reinsurance examines some technical and structural inefficiencies for mega risks which can lead to mis-pricing, anti-selection, and unsustainable cross-subsidies.
Thanks to a “global” economy, the world is a smaller place. FM Global’s Mr Peter Madeley looks at the challenges risk managers face today, especially when their companies go global.
The Geneva Association is working hard to get the voice of insurers heard at the highest levels. We bring you GA’s letter sent to the Group of 20 leaders ahead of their meeting in Toronto.
Combating climate change is not only opening up new business segments and creating opportunities for the insurance industry, but is also creating an advantage for countries that are leaders in innovation, which include China, according to Munich Re. The world’s largest reinsurer sees opportunities for insurance companies, which take the...
Globalisation over the past two decades has surged like a tidal wave. Whilst it has made the majority of us healthier, wealthier and wiser about our planet, the financial crisis has also shown that it can leave society exposed to systemic risks that, if the wave breaks, require international co-operation to predict and prevent rather than react...
From having a single market focus in six Asian countries for the period 1986–2000, to building a regional platform across eight Asian countries in the new millennium, we find out from AXA Asia Life’s Regional COO Keith Perkins about the company’s future plans and strategies to become one of the top insurers in Asia.
Since its inception in June 2008, Canara HSBC Oriental Bank of Commerce Life Insurance Co Ltd has crossed Rs10 billion (US$214 million) in terms of total premium and has become the fastest to achieve this milestone in a record time of 21 months. We find out from its CEO, Mr Harpal Karlcut, on the company’s success strategies and priorities...
Led by the regulator, the Malaysian insurance sector is soaring ahead with robust growth expected in all sectors. Despite caution in certain areas as competition heats up, the market is bustling with activities. New regulations take effect and insurers jostle to merge or find partners, while agents stay focused.
Our...
Good times are here for Malaysia’s life insurers as they reap the fruits of the growing economy and the increasing disposable income, as well as better consumer confidence. And it certainly looks like these good times are here to stay.
Malaysia’s non-life market saw limited growth in its premium and investment returns last year, while the motor business remains unprofitable. Smaller players are also falling behind as their capacity wavers amidst their need for more capital. Nonetheless, the sector is optimistic as the economy rebounds, and is embracing its challenges as...
Bank Negara Malaysia is leading the development of the local insurance industry. Its measures to open up the market are boosting the industry’s resilience and efficiency, though insurers are paying extra costs as a result. We ask key players what they think about this pioneering role of the regulator.
Malaysia’s non-life sector is going through a crucial juncture as it faces changes that may determine the success of its business. In this interview, Mr Hashim Harun, CEO of Malaysian Re, stresses that non-life insurers have to deal with these changes and other challenges to clear the way forward.
Malaysia’s broking sector is seeing a promising chapter as it rides on the country’s robust economic outlook and delivers strong results. While it is expecting good things to come out of the growing competition, Mr Alex Low, Chairman of the Malaysian Insurance and Takaful Brokers Association (MITBA), warns of a possible threat to...
Bancassurance continues its ascent in the Malaysian life market, livened up further by the lifting last year of the restriction for locally-incorporated foreign insurers to enter into bancassurance arrangements.
The talent problem facing the local insurance industry is not unique to Malaysia – it is something other growing markets and other industries also face. But there is surely something insurers can do in response.
Besides having to deal with bancassurance’s growing clout, the agency channel also has to fend against competition outside the industry. There are unit trusts and banks that are fighting for the same ringgit as insurance companies. Independent financial advisers (IFAs) are also gaining ground in the market.
The Malaysian insurance market is making a blast in M&As this year as a number of players seal deals, including its biggest so far, between Mitsui Sumitomo Insurance and Hong Leong Assurance. More acquisition talks are going the rounds, and more deals are expected to see completion before the year ends.
A substantial loss-making component of motor insurance in Malaysia is the Third Party Bodily Injury and Death (TPBID) cover. Ms Chong Wan Leng, Analyst, and Mr Gary Hoo, Principal of JPWALL Consulting Partners (Malaysia), look at this problem, reviewing the current tariff situation, the needs of both the consumers and insurers, as well as Bank...
The ISO26000 social responsibility guidance standard will be released this year. Mr Masao Seki, Associate Director, Chief CSR Officer, Sompo Japan Insurance Inc, is a member of the ISO26000 working group for the last five years. He talks about the importance for businesses to embrace CSR, for insurers to share their expertise in this area and to...
Mr Daniel Reymond of Zurich Financial Services believes that direct and online strategies can be a growth force for this class in Asia.
Chartis’ Mr Andre Chan examines the bumpy ride motor insurers generally have in Asia and shares how to stay focused to pave a smooth road to profit.
Mr Tony McHarg of Chartis looks at the challenges facing multinational enterprises based in the Asia Pacific when arranging risk financing for operations in multiple countries.
The new Tort Liability Law has come into effect on 1 July 2010. Ms Jennifer Chen from Deacons Shanghai looks at its impact.
3i Infotech Asia Pacific’s Mr Peter Williamson talks about data migration and the risks, challenges and benefits associated with such a project.
With diverse distribution channels being the norm now, insurance firms need to harness the power of technology. Mr Tony Rotstein of Bravura Solutions Ltd discusses technologically advanced web enablement.
Mr Simon Drimer from Pi Financial Services Intelligence shares the main findings of their recently completed benchmarking study of Asia’s agency forces.
Companies need to rethink about pricing their products more competitively. Ernst & Young’s Mr Jeremy Tay tells us that one way is to consider pricing on a marginal cost basis.
Mr Christian Diedrich of ERGO Insurance Group explains the responsibility that German companies must assume for environmental damage today, and examines what the future may hold for companies in Asia.
The 46th International Insurance Society provided a forum to thrash out the challenges following the global financial crisis.
It is all about people, said life insurers at the 3rd Asian Life Insurance Summit in Mumbai. We bring you highlights of the event.
Debating the issues, the prestigious lineup of Asia’s CFOs tries to make sense of today, and what it takes to succeed tomorrow.
There is an explosion in bancassurance deals, said speakers at the 11th Asian Conference on Bancassurance & Alternative Distribution Channels in Mumbai, which looked at how to get maximum value from these deals.
More than 800 delegates have already registered for the 25th East Asian Insurance Congress (EAIC) in Bali, Indonesia. We present a sneak peek into this most anticipated event.
Mr Mark Errington of Barlow Lyde & Gilbert discusses the recent court decision on hotel damages caused by Hurricanes Katrina and Rita.
Ratings movements on this page are made between 15 June to 15 July 2010. Companies and rating agencies which want to be covered are kindly requested to send their inputs to Ms Min Yong at editorial@asiainsurancereview.com
Recognising the importance of encouraging young managers to lead the insurance economies in ASEAN towards excellence, the ASEAN Insurance Council (AIC) and the ASEAN Insurance Training & Research Institute are organising the Young ASEAN Manager Award (YAMA) 2010 to honour outstanding young managers for their achievements, contributions and...
Allianz is going to further develop its property and casualty business in Asia through its Singapore and Hong Kong subsidiaries: Allianz Insurance Co of Singapore (AICS) and Allianz Insurance Hong Kong Ltd (AZHK).
AIG is reported to be planning to raise as much as US$23 billion from an initial public offering of its Asian life operations – AIA – that is planned to take place in Hong Kong by early November.
Life insurers Down Under need to win the trust of Australians because most of them do not believe that the insurance companies will pay up at claim time, according to a survey by one of Australia’s largest life insurance brokers, Lifebroker. The broker found that 67% of respondents believed insurers would use loopholes to avoid...
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has partnered with China’s Insurance Professional College (IPC) to promote and market ANZIIF certified education products and services in China.
The amount of funds in China’s pension system has reached 1.3 trillion yuan (US$192 billion), up 56 billion yuan over the level in 2004, according to the Chinese media citing Mr Zheng Bingwen, a pension fund expert at the Chinese Academy of Social Sciences.
The Hong Kong government is proposing that it follows international regulatory practices and establish an insurance regulatory authority, which is both financially and operationally independent of the government. To fund the operations of the new body, the government will charge a levy on insurance premiums for all insurance policies.
The Indian insurance watchdog, the IRDA, is shifting its focus to universal life insurance policies, after tightening rules for unit-linked insurance plans (ULIPs), according to a local media.
At least 18 insurers in India, including the four public-sector insurance companies, have withdrawn their cashless treatment facility from more than 150 hospitals in Delhi and other cities, alleging that the blacklisted hospitals were overcharging them, according to media reports from India.
Indonesia’s insurance industry is forecasting healthy growth this year but said low income levels and a lack of education resulting in widespread public scepticism about insurance are preventing even greater gains, said a local media.
Fitch Ratings expects Tokio Marine & Nichido Fire Insurance group to be the biggest beneficiary from the mergers of several other non-life insurers that have led to the creation of NKSJ Holdings and MS&AD Holdings (MS&AD).
Aided by a rebounding economy, South Korea’s motor insurance market grew by 7.5% from April to June to reach 2.93 trillion won (US$2.42 billion) compared with 2.72 trillion won a year earlier, according to the a local news agency.
Takaful Ikhlas was awarded the “Best Takaful Product” award at the International Takaful Award 2010 held in conjunction with the Fourth International Takaful Summit 2010 in London.
Insurers in Malaysia are cautiously hopeful that the second half of 2010 will be better than the first, citing the current stable economic environment despite volatility in global markets, according to media reports.
Sompo Japan Insurance will set up a local reinsurance unit in Malaysia this October to expand its reinsurance business into the Middle East and Southeast Asia, according to media reports.
The Philippine life insurance industry posted a modest 0.5% growth in premium revenue to 57.19 billion pesos (US$1.22 billion) in 2009, from 56.89 billion pesos in 2008, according to data from the Insurance Commission (IC).
NTUC Income will deploy CSC’s FUTUREFirst/Asia (FFA) solution to support the company’s fast-growing insurance and healthcare business.
Taiwan’s insurance regulator, the Financial Supervisory Commission (FSC), is set to issue rules to allow the island’s insurance companies to invest in Chinese securities by the end of September after Taiwan and mainland China signed an economic treaty in June to allow greater access to each other’s markets, according to media...
Thailand’s insurance sector will show healthy growth because of strong demand and despite the political clashes seen in recent months, according to the local media citing Kasikorn Research.
Insurance and reinsurance broker, Pana Harrison with offices in Asia and the first Singapore-based company to be registered as a Lloyd’s broker, celebrated its 30th anniversary in grand style with several insurance and non-insurance VIPs including the Foreign Minister of Singapore, Mr George Yeo, Mayor North East District, Mr Teo Ser...
It is imperative that the prudential regulator of insurance should be an integrated authority with a good understanding of general insurance, of its role in the economy, of the importance of the London insurance and reinsurance industry in the UK and the global economy, recommended International Underwriting Association (IUA).
The new Manchester United home kit for the 2010/11 season was unveiled with Aon Corp’s logo on the front of the famous shirt. Aon’s four-year shirt sponsorship of the Manchester United Football Club was launched on 1 June 2010, after AIG’s contract expired.
Reinsurance rates continued to slide during the 1 July 2010 renewals despite severe catastrophe losses during 1H 2010, according to reports by Aon Benfield, Guy Carpenter and Willis Re.
World insurance premium volume fell 1.1% on an inflation-adjusted basis in 2009, but in emerging markets, premium was still growing although slower than before and this was mainly driven by China and India, according to Swiss Re’s latest sigma report, “World Insurance in 2009,” which was released in June.