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General Insurance Company of the Year - 21st Asia Insurance Industry Awards 2017: Apollo Munich Health - This Award inspires us to reach new milestones
Awards are great! They are a mark of recognition given in honour of an achievement! Awards enhance a company’s brand reputation, instil confidence in customers about the quality and professionalism, and help employees take pride in their work.

Source : AIR | 01 Jan 2018
RIMS' inaugural China forum draws government and industry support
RIMS, the risk management society, held its inaugural China forum in Beijing on 22 November. It was attended by an audience of 200 which included Chinese government officials, state-owned enterprises, large private entities, academics and local risk management and insurance professionals.

Source : AIR | 01 Jan 2018
China: CIRC mulls revising rules for guarantee fund
The insurance regulator CIRC is considering amending rules for the country’s insurance security fund, which will allow the fund to provide necessary liquidity support to insurers in case of a crisis.

Source : AIR | 01 Jan 2018
Belt and road initiative: Expansion has its challenges
China is expanding into new territories while developing new products and services. We spoke to Mr Wise Xu of Willis Towers Watson, China to understand the changing nature of risk.

Source : AIR | 01 Jan 2019
P&C growth drivers in China
Non-motor insurance will continue as the growth driver for China’s P&C market, despite the US-China trade war creating uncertainties over overall growth dynamics.

Source : AIR | 01 Jan 2019
Cautious expansion
Taiping Reinsurance general manager Polly Ho gives us some insights into the company’s plans and strategies for the region and beyond.

Source : AIR | 01 Jan 2019
Asia: Typhoon Talim strikes Japan
Another major typhoon hit northern Asia last month. Typhoon Talim made landfall in Kagoshima Prefecture on the southern tip of Kyushu Island, Japan, on 17 Sept with maximum sustained winds at 111 km/h (79 mph)—the equivalent of a weak Category 1 hurricane on the Saffir-Simpson Scale, said catastrophe modeling firm AIR Worldwide. It maintained its intensity as it traveled northward across Shikoku, Japan’s main island of Honshu, and Hokkaido through 19 Sept.

Source : AIR | 01 Oct 2017
China: Regulator steps up risk control measures
The insurance regulator CIRC is leaving no stone unturned in its continued drive to reduce risk in the insurance industry since an outcry in February against “financial crocodiles” in the stock market.

Source : AIR | 01 Oct 2017
Environmental Insurance in Asia: Regulatory and public scrutiny will drive take up rates
With growing environmental consciousness worldwide, companies need to face up to the potential pollution impacts of their business activities on their surroundings and protect themselves from potential liabilities. We spoke with Mr Arthur Lu, Allianz Global Corporate & Specialty’s (AGCS) Head of Environmental Impairment Liability (EIL) on how this trend is shaping up in Asia.

Source : AIR | 01 Oct 2017
China's Belt & Road Initiative: Opportunities and risks for ASEAN
The Belt & Road (B&R) Initiative will provide a boost for international trade and also for insurance. Dr Shen Yiming of Marsh explores.

Source : AIR | 01 Oct 2017
Nat CAT- The 'calm' before the year-end storm
While the conversation this time last year was about hurricanes Harvey and Irma, Asia at this time is reeling from losses far closer to home. As we go to print, Mother Nature is wreaking havoc across multiple countries - with typhoon Jebi, super typhoon Mangkhut and Kerala grapples with its worst floods in a century. We take stock of the Nat CAT—prior to the upcoming deluge.

Source : AIR | 01 Oct 2018
China: Solvency improves for life insurers, declines for P&C and reinsurers
The average solvency ratio for Chinese life insurers increased in the first half of 2017, ending a decline in 2016, according to S&P’s analysis of the June 2017 solvency summary report under the China Risk-Oriented Solvency System (C-ROSS). At the same time, solvency ratios for property and casualty (P&C) insurers and reinsurers continued to decline.

Source : AIR | 01 Nov 2017
Regulatory changes the way of non-life
China’s non-life insurance industry has traditionally been underpinned by motor insurance, but that is changing. We spoke to Mr Qin Lu, CEO for both Aon Benfield Greater China and Aon Risk Solutions, China at the recent Rendez-vous de Septembre for his perspective on the industry’s new growth opportunities and the impact of regulatory developments on the mainland.

Source : AIR | 01 Nov 2017
Dragon in fiery heights
China’s insurance mart expanded by 27.5% to CNY3.09 trillion in 2016, and a 20.45% y-o-y growth in the first eight months of 2017 to CNY2.77 trillion. Changes though are brewing in the insurance industry.

Aside from embracing global megatrends of digitalisation and automation, industry players have also had to grapple with the slew of CIRC measures introduced in the last couple of years to strengthen both market and the players. China is resilient, says everyone. Companies race to blaze the market, in innovation and product development. Both local and foreign insurers agree that the market is simply dynamic and potential is abundant.

Source : AIR | 01 Nov 2017
Insurance behemoth rolls with the times
Chinese giant Ping An Group is synonymous with innovation and progress in the industry. In this exclusive, Executive Vice President and Chief Insurance Business Officer Lee Yuansiong shares tips on blazing the innovation trail.

Source : AIR | 01 Nov 2017
Protecting the world's second largest insurance market
Fast-growing economy, digital economy, sharing economy, China has them all. Mr Eric Gao of Lloyd’s Insurance Company (China) Limited gives an overview and their outlook of this dynamic market.

Source : AIR | 01 Nov 2017
Far-reaching changes call for new concepts
Virtually no other insurance market is changing as dynamically as the Chinese non-life market. This becomes clear just from looking at global megatrends like digitalisation and automation. While these topics dominate discussions about the future in many markets – almost to the exclusion of all others – in China, they are only part of a long list of challenges. Mr Christoph Hoch of Munich Re Greater China, explains what these challenges are, what the government is doing about them, and how insurers can benefit from cooperation with Munich Re on the road to the future.

Source : AIR | 01 Nov 2017
Chinese (re)insurers need focus shift for success
There is no doubt China’s (re)insurance industry holds abundant potential, especially with strong governmental support. But to continue on the success track, Swiss Re’s President of China, Mr John Chen, says the market also needs a paradigm shift in underwriting.

Source : AIR | 01 Nov 2017
Making agriculture insurance more attractive to farmers
Despite being the second- largest agricultural insurance market globally, there is still a protection gap in this sector in China. Ms Arina Tek of Peak Re suggests ways this can be addressed.

Source : AIR | 01 Nov 2017
A new breed
Formed in 2008, TigerRisk Partners, a privately-held risk, capital and strategic adviser to the insurance and reinsurance industries, has gone beyond the traditional reinsurance realm, by providing specialised services and new innovative products.

Source : AIR | 01 Nov 2017
State-owned Russian reinsurer sets sights on Asia
The Russian National Reinsurance Company (RNRC) was established by Russia’s Central Bank in August 2016 but only started operations in January 2017. However, it has already gained CIRC’s approval to operate in China in the specialty market, and has been granted a licence in Egypt. We caught up with Vice-President of Business Development Igor Karpovich at the SIRC 2017 to learn more about the reinsurer’s hunger for new business in the region.

Source : AIR | 01 Dec 2017
China: Questions aplenty over nod for 100% foreign ownership of insurers
Foreign insurance players are keeping an eye on new regulations from CIRC following the Finance Ministry’s announcement that it would allow 100% foreign ownership of insurers in mainland China.

Source : AIR | 01 Dec 2017
Institute of Risk Management expands footprint to Asia
The London-headquartered Institute of Risk Management has appointed its first “ambassadors” in India, as it seeks to expand its international footprint into Asia. It comes on the back of the organisation’s inaugural visit to China last month.

Source : AIR | 01 Feb 2018
Staying relevant in digital China
While insurers in Asia and the rest of the world remain in various phases of disruption and tech adoption, China is without doubt the trailblazer in this space, leading the industry by a substantial margin. Asia Insurance Review caught up with China Pacific Insurance Company (CPIC) Group’s Chief Digital Officer, Mr Yang Xiao Ling, who elaborated on taking CPIC digital, on the sidelines of the InsurTech Innovation Congress, organised by SZ&W Group.

Source : AIR | 01 Feb 2018
China - Ping An taps government's rental housing policies
China’s largest insurance group, Ping An, has entered the country’s emerging rental housing market through a strategic cooperation agreement with Landsea Green Properties, according to a stock exchange filing by the real estate group.

Source : AIR | 01 Feb 2018
ILS potential within Belt and Road Initiative
Asia Insurance Review spoke with ECIS-focused Bermudian ILS specialist Phoenix CRetro chief executive Kirill Savrassov about insurance-linked securities as a risk transfer option for BRI.

Source : AIR | 01 Feb 2019
Digitalisation is driving motor insurance in China
Rapidly evolving digital technologies such as telematics, advanced driver assistance systems (ADAS) and autonomous driving are changing the face of motor insurance, with the Chinese market taking a leading position. Mr Zhen Liu from Munich Re explores.

Source : AIR | 01 Mar 2018
Asia: InsurTech investments surging strong
InsurTech funding in 2017 rose 36% from the year before to reach US$2.3 billion, according to the latest data published by Willis Towers Watson.

Source : AIR | 01 Mar 2018
China: Insurance and financial industry regulation set to be discussed by lawmakers
Tighter supervision and continued risk prevention in the Chinese insurance industry are expected to be emphasised at the annual session of the National People’s Congress (NPC), the national legislature which will convene on 5 March.

Source : AIR | 01 Mar 2018
Singapore: InsurTech newbie provides cover for Internet economy
Singapore-based InsurTech company Axinan is creating products that are easily integrated into online marketplaces and platforms. It is focused on building innovative, high frequency/low premium services for the Internet economy.

Source : AIR | 01 Mar 2018
Mainland's demand to boost both life and general insurance
China is a key factor for both the life and general insurance sectors in Hong Kong as the city stands to benefit from Mainland’s Belt & Road Initiative. The new independent Insurance Authority (IA) has also been busy, with several plans for the sector in the pipeline.

Source : AIR | 01 Mar 2018
Life insurance continues to soar
Life insurance in Hong Kong continues to be prosperous. Office premiums for in-force business recorded a growth of 39.8% y-o-y in 2016 and amounted to HK$325.4 billion (US$46.4 billion) for the first three quarters of 2017, an 11.6% increase over the corresponding period in 2016. We speak to a few life insurers for an update of this continuing vibrant sector.

Source : AIR | 01 Mar 2018
General insurance stagnant, but buoyed by Mainland infrastructure projects
The general insurance market in Hong Kong is still relatively stagnant compared to the long-term business. In 2016, gross premiums of general business recorded a y-o-y decrease of 1% to HK$45.5 billion (US$5.8 billion). While a growth of 5.8% was recorded for the first three quarters of 2017, the growth for direct business was only 2.8%.

Source : AIR | 01 Mar 2018
Reinsurance perspective: China and regulatory priorities
Having ushered in somewhat harder rates at the 1/1 renewals due to Nat CATs, opportunities on the Mainland and regulatory changes figure among the key issues for this year. We speak to a few reinsurance players in Hong Kong about their thoughts on the market.

Source : AIR | 01 Mar 2018
Look out for these what-if scenarios - WEF's 10 potential future shocks
The growing complexity and interconnectedness of our global systems can lead to feedback loops, threshold effects and cascading disruptions. Sudden and dramatic breakdowns – future shocks – become more likely, according to the Global Risks Report 2018 published by the World Economic Forum.

Source : AIR | 01 Mar 2018
China: Regulator sets out rules for shareholders of insurers
The CIRC issued its amended “Insurer Shareholder Regulations” on 7 March that aim to ensure transparency and to curb undue control by shareholders of insurance companies in a bid to reduce risk.

Source : AIR | 01 Apr 2018
Product Bytes

Source : AIR | 01 Apr 2018
CAT bonds can bridge the protection gap
Asia Insurance Review spoke with two insurance-linked securities experts to discuss the feasibility of CAT bonds as a risk transfer mechanism in China.

Source : AIR | 01 Apr 2019
Asia: Insurers must leverage China's Belt and Road Initiative projects
Asia Insurance Review is organising its inaugural two-day Insurance Summit on Belt and Road Initiative from 12-13 June 2018, in light of the tremendous opportunities arising out of what China’s President Xi Jinping called the “project of the century” which is tipped to be worth $900bn.

Source : AIR | 01 May 2018
China: Central bank gives more details on liberalising insurance mart
The People’s Bank of China (PBOC) has announced 11 measures aimed at further opening China’s financial services sector, including the insurance market, to foreign participants.

Source : AIR | 01 May 2018
Greying population and gap in pension funding are major challenges
The increase in longevity and the declining birth-rate is leading to a rapidly greying population in China.

Source : AIR | 01 May 2019
China: CIRC directs insurers back to basics
The current CIRC leadership is showing “renewed commitment” to strictly enforcing the principle of risk control, following the removal in April of the agency’s Chairman Xiang Junbo from his post for serious disciplinary violations.

Source : AIR | 01 Jun 2017
China: Regulator promises severe penalties for those who violate financial sector regulations
The China Banking and Insurance Regulatory Commission (CBIRC) has warned that it would take a ‘high pressure’ stance to impose strict penalties and press for strict accountability in cases of violations of laws and regulations.

Source : AIR | 01 Jun 2018
Specialisation in an evolving market
Speciality reinsurance broking in Asia could still be a growth area for global specialists. RKH Specialty CEO Asia Pacific Stuart Beatty outlines some of the opportunities as well as the impediments to growth.

Source : AIR | 01 Jun 2018
China reins in its insurance sector - so what's next?
China’s financial services sector is in the midst of its biggest shake-up in decades as the government attempts to tighten oversight of the financial system in the world’s second largest economy.

Source : AIR | 01 Jun 2018
Managing flood risks and sustainable development go hand in hand
Floods in China continue to be a regular occurrence. Dr Wolfgang Kron of Munich Re discusses the flood situations there and looks at the need for sustainable development of cities as crucial to manag-ing flood risks.

Source : AIR | 01 Jul 2017
China-Outbound/US-Inbound M&A
Messrs Sean M Keyvan and Greg Oguss of Sidley Austin LLP look at the general US insurance regulatory framework and specific rules and requirements that apply to Chinese investors making US acquisitions.

Source : AIR | 01 Jul 2017
China: Par business to regain dominance
As a result of regulatory dynamics and the market environment, participating business has a great chance to reclaim its once dominant position in the Chinese market, according to independent actuarial and consulting firm Milliman.

Source : AIR | 01 Jul 2017
China: Central pension adjustment system to be established to address imbalances
China will establish a central pension management system for the basic pension funds of employees to balance payment burdens of local governments, according to an official document issued by the State Council, the Chinese cabinet.

Source : AIR | 01 Jul 2018
Where does the pursuit of digitalisation lead?
The insurance industry’s pursuit of digitalisation continues even as the hype around disruptors fades. But where are insurers’ investment dollars being channelled and what exactly are they looking to achieve? Are some parts of the insurance value chain more equal than others?

Source : AIR | 01 Jul 2018
Non-communicable diseases: When death isn't catching
Non-communicable diseases do not make headlines like infectious epidemics but they are responsible for over 70% of deaths every year globally. China has the ‘dubious’ distinction of being the global leader in non-communicable diseases.

Source : AIR | 01 Jul 2019
Asia Pacific: Regional giants to drive global life market
The giant emerging markets of China and India will drive global life premium growth in the coming years, forecasts Swiss Re Institute in its sigma report titled “World insurance in 2016: the China growth engine steams ahead”.

Source : AIR | 01 Aug 2017
Asia: SMART pensions for ageing populations
The pensions industry is facing a massive challenge. Across Asia, populations are ageing as genetics and technology add years of life, and emphasis is placed on their healthcare. Regulators are cognisant that the pension schemes of yesteryear are no longer sustainable and need to be overhauled. At the same time, affluence has created a higher demand for sophisticated retirement planning and solutions.

Source : AIR | 01 Aug 2017
China: Insurance asset management to see reform in 6 areas

Source : AIR | 01 Aug 2017
China: Super regulator to be formed
President Xi Jinping has announced that China would set up a financial stability committee under the State Council to be responsible for the coordinated oversight of the insurance, banking and securities sectors.

Source : AIR | 01 Aug 2017
PARIMA Shanghai 2017 highlights risk management concerns in China
The Pan-Asia Risk and Insurance Management Association (PARIMA) hosted its second regional conference of 2017 in Shanghai recently. Topics including China’s cyber regulation, captives, supply chain risks, project risks related to international expansion, product recall and safety management in construction projects were discussed.

Source : AIR | 01 Aug 2017
Are there bubbles in Zhong An Insurance's IPO?
After prolonged speculation of Zhong An Insurance going public, the InsurTech unicorn has finally made a move. The online insurer formally filed for an IPO in the Hong Kong Stock Exchange on 30 June and the news has garnered much attention from not only the insurance community, but also the wider financial services industry, observes Chinese InsurTech platform InsurView.

Source : AIR | 01 Aug 2017
Reinsurers face challenging operating environment
Onshore reinsurers in China facing tight underwriting margins can anticipate further competition from neighbouring Hong Kong soon.

Source : AIR | 01 Aug 2018
InsurTechs in China - A promising scenario
In China, both InsurTechs and traditional insurers are leveraging digital technology to tap unexplored areas to bring better and specialised insurance services to customer and boost China’s insurance penetration.

Source : AIR | 01 Aug 2018
Belt and Road Initiative: Opportunities and risks
China’s Belt and Road Initiative will bring the global economy enormous growth and investment opportunities, estimated by Swiss Re to be worth an additional $23bn in commercial insurance premiums by 2030. However, BRI projects also bring with them risks. The first-ever Insurance Summit on BRI organised by Asia Insurance Review saw experts discuss these issues.

Source : AIR | 01 Aug 2018
Product Bites

Source : AIR | 01 Aug 2018
China: Health insurance grows at sedate pace in Jan-May
Health insurance premiums increased by 9.32% to CNY244.9bn ($36.6bn) in the first five months of this year, compared to the corresponding period last year, data from the CBIRC show.

Source : AIR | 01 Aug 2018
Achieving growth in one of the world's largest insurance markets
Since June, the China Insurance Regulatory Commission has allowed foreign life insurers to take a majority stake in local JVs, although growing their market share still seems a tall order. We take a look at the state of foreign insurers in China.

Source : AIR | 01 Aug 2018
China Crop - Are you prepared for an extreme loss year?
Agriculture insurers should consider “extreme loss” years in their strategic planning, as that can help them prepare better for possible events not reflected in the historical records, say Dr Jacqueline Chen and Ms Heidi Wang of AIR Worldwide.

Source : AIR | 01 Sep 2017
China: Ping An Insurance harbours Asian expansion ambitions
China’s largest insurer by market value, Ping An Insurance, has evaluated buying UK-headquartered Prudential’s Asia business, Bloomberg has reported citing people familiar with the matter. Such a deal would immediately extend its reach to insurance markets from Singapore to Indonesia, bringing it into more direct competition with international brands like AIA and Manulife Financial.

Source : AIR | 01 Sep 2018

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