Indian life insurance sector expects $10bn foreign investment after regulation change

Benson Chen, President, Fubon Life Insurance

Populations around the world are getting older – but the Taiwanese population is facing one of the fastest of these demographic shifts. It’s a big challenge for insurance companies, but Fubon Life is up to the task, planning new products to cater specifically for older people and longer lives. President Benson Chen outlines the company’s latest financials and plans for the future.

Mohan De Alwis and Piyadasa Kudabalage, Sri Lanka Insurance Corporation Ltd.

The insurance industry is being challenged by regulatory, political and economic factors. However, in contrast to the instability seen in the US and Europe, the insurance market in Asia has enjoyed growth. Mohan De Alwis and Piyadasa Kudabalage discuss Sri Lanka Insurance Corporation Ltd.’s position as the market leader in general insurance, its commitment to sustainability, and plans for global expansion.

Jean Paul Quiroz, Strategy and Projects Vice President, Seguros Banreservas

How do insurance companies maintain excellent performance in regions frequently assailed by natural disasters? Seguros Banreservas has maintained an A rating from Fitch Ratings for the last five years thanks to its excellent reinsurance programmes and good governance.  Jean Paul Quiroz discusses the challenges of operating in a volatile environment, the importance of technology for growth, and the benefits of being a member of the Banreservas family.

José Tudela, International Business Manager, Rimac Seguros

Peru has changed enormously since 1990: opening up to foreign investment, controlling inflation, and maintaining a stable economic policy over the following 20 years. With the economy booming, the insurance market is predicted to grow 12 percent in 2012. José Tudela describes how Rimac Seguros is helping to drive this growth and overcome Peru’s lack of insurance culture, by developing a stronger market for personal insurance and expand beyond Lima into the provinces.

Natdhanai Mankosol, Branch Manager, Viriyah Insurance Public Company

The worst flooding in Thailand in over half a century caused widespread havoc in 2011. The cost of the damage could exceed $6bn, and has already resulted in insurance claims totalling $3.3bn. Natdhani Mankosol explains how the domestic insurance industry reacted to the extreme weather conditions, and outlines Viriyah Insurance’s work with the government in its aftermath. He also describes how the company’s accessibility – with over 100 branches countrywide and 4,000 agents – sets it apart from its rivals.

Dominique Uzel, Director of International Operations, Groupama

Turkey’s insurance market has been growing rapidly in recent years, thanks to new laws introduced to liberalise the industry. But it is still underdeveloped compared with other established economies: the market is worth just $120 per capita, while the French insurance sector is worth over $4,000 per capita. Dominique Uzel explains how Groupama is working closely with its extensive agent network to create new products designed especially for Turkey.

Hendrisman Rahim, President Director, Asuransi Jiwasraya

With just 14 percent of Indonesia’s population insured, the challenge for the sector is showing people the benefits that comprehensive financial planning can bring to themselves and their families. Hendrisman Rahim discusses Asuransi Jiwasraya’s 150 years of experience, its comprehensive distribution networks, and the new products the company has tailored to meet the needs of a new generation.

Walid Sidani, Shaikh W Ahmed, and Abdulla Al Naeimi, ADNIC

Recognised for the third time in the World Finance Insurance Awards, ADNIC has developed strongly thanks to its accelerated evolution plan and strong business pillars. Its c-suite officers discuss the increasingly competitive insurance market, getting closer to customers, and engaging with Abu Dhabi’s 2030 vision for a diversified economy.

Jeff Mack, Group CEO, Guardian Holdings

The Guardian Holdings insurance group has been “Protecting the Caribbean” for more than 160 years. Today it is founded on three strategic pillars of life, health and pension; property and casualty; and asset management. Jeff Mack returns to World Finance to celebrate the company’s recent double-digit revenue growth and ratings upgrade; and discuss the possibility of regional consolidation in the insurance sector.