The Asian Captive Conference will be returning for its seventh year as an in-person event on Thursday, 19 September 2024 at the Sime Darby Convention Centre, Kuala Lumpur, Malaysia from 9.00am to 5.30pm. The conference, which is a collaboration between Labuan International Insurance Association (LIIA) and Labuan IBFC Incorporated Sdn Bhd (Labuan IBFC Inc.), is dedicated to the development of self-insurance in the region. Looking ahead to the coming year, we are preparing to address the evolving needs of the captive insurance industry in the APAC region with a carefully curated theme. Stay tuned for more details as we continue to deliver insightful and impactful events for professionals in the field. If you are interested in being part of the event or to learn about sponsorship opportunities at this event, kindly get in touch with the Labuan IBFC team at events@libfc.com For more information kindly visit: www.labuanibfc.com

By Herminia S. Jacinto In my column on June 17, titled "Attracting talents to the insurance industry," I mentioned the SUITS program of the Insurance Institute for Asia and the Pacific, or the IIAP as it is more popularly known. SUITS stands for Select Universities Insurance Training Scholarship. The program consists of comprehensive training in life and non-life insurance, hands-on learning and practical sessions. It aims to provide comprehensive insights, networking opportunities and a chance to jump-start a career in the insurance industry. Who is eligible to join the program? Graduating students from any CHEd-recognized college or university who are interested in exploring and pursuing a career in the life or non-life insurance industry. IIAP conducts an active search by inviting graduating students and entertaining referrals from these universities. It is a 10-week scholarship program designed to provide a strong foundation in the insurance business through core courses in insurance, basic management, values integration and presentation skills. No tuition is charged to the participants. Meals and daily allowances are provided for during the training period. The program hopes to develop a strong knowledge of general insurance and life insurance concepts and principles. In addition, participants will learn strong interpersonal and communication skills and acquire confidence in dealing with colleagues and clients. Soft skills like improving grammar in business writing, leadership, personality development and values integration are included in the program. When the training program is done, the scholars will be presented to the insurance companies who may want to hire them. Hiring companies will reimburse IIAP for the training costs. IIAP can manage a group of around 20 scholars during one training period but is not getting that number every year. The program started in 2015, and the average number of enrollees is 9. All of the scholars are hired within the first two months after the end of the training period. That shows the acute need of the insurance industry for talents to fill the vacant or available positions in their respective companies. It has been noted that insurance companies are not the priority or top-of-mind companies that new graduates want to join! Even during job fairs, people like to go to the booths of banks, marketing, technology and companies other than insurance. They prefer foreign companies or those with foreign affiliations, which they believe will give them opportunities to travel. The insurance industry continues to experience these challenges in enticing or attracting new graduates to join their companies. Since there are very few subjects about insurance in most courses in the universities, the students have very little appreciation of the business of insurance. A negative image has hounded the industry as well when clients are not happy about claim settlements or when there are insurance companies that are remiss in their obligations to clients. It's just unfortunate that these are the ones highlighted or recalled, which contributes to the unpopularity of the industry. The SUITS program is a step towards providing the insurance industry with top-notch and well-trained employees who will eventually spread the good word about insurance. There is available training in the insurance industry so the new graduate need not feel insecure about his lack of knowledge of insurance. The IIAP provides all the training needs of the industry, ranging from the technical or pure insurance courses like life, fire, marine, motor, surety, aviation, and a lot more. The institute has collaboration arrangements with other institutes in the region and Europe to facilitate training of the local talents abroad. The institute turns 50 years old in August this year. It takes pride in being the pioneer insurance institute in the Asean/Asian regions. Students from Indonesia, Thailand, Malaysia, Singapore, Maldives, Nepal, Bhutan and Sri Lanka have taken up courses in IIAP before they were able to put up their own insurance institutes. We hope that more graduates will consider joining our SUITS program which starts in August this year. As they say, join the insurance industry and see the world! Source: manilatimes.net

PIRA and SEADRIF team discussed their roles and the team's mission to provide insurance and support to strengthen resilience not only in the Philippines but also in ASEAN countries.

“The development of longer-term partnerships between businesses and insurers, along with cross-sector planning and collaboration, is now essential to ensure sufficient capacity and coverage will be available”, the report said. This is because, according to the report, there has been an investment of $19tn in the climate transition, “through to 2030”. “Deploying these funds on the development, construction, and operation of climate related infrastructure and technology will require additional insurance coverage for up to $10tn of this investment,” the report said. This would ensure that “widespread market disruption” would be avoided and the transition to net zero would be a resilient one. “Achieving net zero and climate resilience with adaptation strategies is an unprecedented challenge for all economies. Without sufficient insurance to de-risk markets, a smooth transition will be impossible,” BCG managing director and partner Lorenzo Fantini said. “Insurance is an engine for collaboration”, as well as a social structure and economic ecosystem that brings together different interests to release economic potential “in a way that would simply be impossible if everyone acted alone”, the report said. It also cited the role of insurance as “a crucial nexus for governing and managing risk, offering a foundational level of security”. “Insurance is the financial bedrock needed to de-risk investments and attract the additional capital necessary to mobilise the climate transition,” Howden CEO, climate risk and resilience Rowan Douglas said. “The inevitable changes that the climate transition will bring will impact both the availability of insurance and the level of demand. Traditional approaches that fail to adjust to this new reality will leave buyers scrambling to adapt when change arrives. “To avoid this outcome, businesses should start thinking strategically about how insurers can support them in this new world, and about how the insurance market must innovate and reform to make that possible,” the report said. Source: asiainsurancereview.com

A parametric insurance plan helped 46,000 women across 22 districts in India tackle the extreme heatwave conditions that swept through vast swathes of the country in May and June this year. These women registered with the Self-Employed Women’s Association (SEWA) labour union were enrolled under a parametric insurance programme covered by ICICI Lombard. A total of 50,000 women were covered under this programme out of which 46,000 women received a total of $340,000 in payouts in the month of May. The premium for this programme is paid for partly by the women enrolled in the programme, with climate resilience for all, a non-profit, covering the remaining portion. The pilot programme launched in 2023 is set to run until April 2025. India, over the past three months has faced one of its worst heatwave streaks ever, with temperatures hovering around the 50ºC mark in many parts of the country. These extreme conditions have taken a toll on the population with many succumbing to heat strokes and other life-threatening conditions. The national media has reported close to 450 deaths from heat strokes and over 41,000 suspected heat stroke related hospitalisation cases from across the country. Parametric insurance to the rescue The availability of the parametric insurance cover helped the women covered to stop working for a few hours daily during the intense heatwave period.  Parametric insurance pays out when a certain pre-defined metric is hit and once verification is done, the person covered is eligible for a prompt payout without going through a claims process. Considering the success of the programme, climate resilience for all plans to continue its support for the programme for a few more years and hopes to ultimately include the 2.9m members of SEWA to the programme. Doing so would allow the plan to be funded entirely by women paying the premiums, that would be a day’s wage every month. Source: asiainsurancereview.com

In a bid to provide more opportunities for insurance companies and fintech firms to co-develop innovative insurance products, the Financial Supervisory Commission of Taiwan (FSC) now allows cross-industry collaborations. The collaboration initiative that began in 2023, facilitates the development of innovative insurance products, services or processes and application to conduct pilot projects. By relaxing regulations, insurance products and services can now be sold not only on insurance company websites or apps but also on related non-insurance platforms. Speaking to Asia Insurance Review, FSC insurance bureau director general Chiung-Hwa Shih said, “Given the rapid development of the digital economy and emerging technologies, building an ecosystem where the insurance industry collaborates with different industries to offer diverse services is an inevitable trend.” So far, five pilot projects involving insurance companies and fintech firms have been approved. These include collaborations between non-life insurance companies and telecommunications companies to promote travel-related insurance with premium collection through telecom bills. Also, collaborations between non-life insurance companies and airlines to promote travel-related insurance, and partnerships between non-life insurance companies and e-commerce platforms to promote insurance for mobile devices and home appliances are making good progress. This allows consumers to access innovative, diverse, and convenient insurance products and services online. Ms Shih said, “Under the premises of requiring insurance companies to strengthen cyber security, personal data protection, and maintain strict internal controls, the FSC encourages the proactive development of e-commerce business in the insurance sector in areas such as cyber security and personal data protection. The FSC mandates that insurance companies obtain international certifications for information security management systems (ISO27001) and personal information management systems. “Additionally, internet application systems must undergo regular security testing. Facing the wave of emerging technologies such as AI, the FSC continues to encourage the use of fintech in the insurance industry, providing the public with more diverse insurance coverage and services while adhering to the aforementioned premises.” FSC has also promoted initiatives such as policy digitalisation and the use of blockchain technology for policy conservation and claims adjusting. Ms Shih said, “In this rapidly evolving technological landscape, the insurance industry is expected to continue leveraging technology to develop customer-centric innovative products and services while ensuring information security. In response to the digital era, the demand for obtaining various products and services online has significantly increased.” Source: asiainsurancereview.com

The National Reinsurance Corporation of the Philippines (Nat Re) has announced that it marked the 45th anniversary of its founding with record figures in 2023, posting a massive 862% increase in net profits driven by the corporation's underwriting and investment incomes. During its annual shareholders’ meeting held on 26 June 2024, Nat Re announced its record net profit of PHP536.1m ($9.2m) in 2023 from PHP55.7m. This was attributed to the reinsurer’s outstanding performance in both its underwriting and investment operations, which respectively saw a 142% and 121% surge in 2023. Nat Re’s net underwriting income reached PHP572.5m in 2023, while investment and other income doubled from PHP215.m in 2022 to PHP476.4m. This, according to Nat Re president and CEO Allan R Santos, was primarily due to the company’s active asset-liability management efforts and underwriting actions, supported by last year’s higher interest income and benign catastrophe loss experience. Nat Re’s total assets breached the PHP20bn mark at PHP20.4bn, posting a 12% year-on-year increase from 2022. Additionally, gross reinsurance premium revenues were up 44% to PHP4.3bn, while stockholders’ equity increased by 12% to PHP6.25bn. Reaching beyond borders Mr. Santos also said that the company’s 2023 success was a result of the company’s continued efforts to expand locally and internationally. “Last year, we expanded our involvement in agriculture reinsurance globally, which marks a significant stride toward helping bolster food security and provide farmers with a financial safety net against unforeseen adversities such as extreme weather conditions which are becoming increasingly prevalent due to climate change,” he said, adding that the expansion also continued locally with the introduction of new products to address current market needs. In 2023, Nat Re started to reinsure Health Maintenance Organizations (HMOs) through the Insurance Commission’s Regulatory Sandbox Framework for Innovations, allowing HMOs to offer higher benefit limits and expanded coverages to their customers. Nat Re also introduced a Casualty Facility in a bid to assist cedants in developing new lines of business such as products and public liability. With its record 2023 performance, Nat Re — which was founded in June 1978 — is looking forward to new gains in 2024 on the back of better reinsurance market conditions. Source: www.asiainsurancereview.com

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The Singapore Reinsurers' Association (SRA) has announced its new Executive Committee line-up for 2024-2025 as well as its new logo and website. The unveiling was carried out at the association’s Annual General Meeting (AGM) held at the Sofitel City Centre on 17 May 2024, says the SRA in a statement. SRA members at the AGM were briefed on key highlights from 2023, the association’s strategic focus for 2024 as well as updates on the preparations for the upcoming 20th Singapore International Reinsurance Conference (SIRC) to be held from 4 to 7 November 2024. In his address, SRA chair Marc Haushofer reflected on the association's positive trajectory ahead. He underscored the continued importance of the association's role not only in Singapore but also in the region as the SRA broadens its horizons. “As we confront the challenges of this dynamic world, we remain committed to fostering meaningful dialogues and connections to uphold the relevance of our industry. In the coming year, I am confident that we will continue bringing value to our members while amplifying our impact through a broadened network,” said Mr Haushofer. He officially unveiled the new SRA logo and website that embody SRA's forward-looking values and continuous commitment. These updates symbolise the association’s elevated vision to continue empowering the (re)insurance industry and positively shape it against a rapidly changing global landscape. The website’s URL is sg-reinsurers.org.sg The SRA extended its gratitude to the 2023-2024 EXCO for their dedication and leadership and announced the elected members for the 2024-2025 term. Established in 1979, the SRA has a total membership of over 50 members comprising major reinsurance companies with a presence in Singapore, direct insurance companies that write substantial reinsurance portfolios, major reinsurance broking firms, regional reinsurers, Lloyd’s service companies, and ancillary service providers. Source: asiainsurancereview.com

About the Module The Malaysian Insurance Institute (MII)'s much awaited ARP Reinsurance Accounting is back! This application-based course aims to provide participants with more exposure to the know-how and mechanism of Reinsurance Accounting. Participants will learn the various uses of reinsurance accounting, the accounting related terms appearing in slips/ wording, including the administration process for proportional and excess of loss (XL) treaties, as well as the reinsurance accounting provision, method of unearned premium calculation and the alternative to reinsurance commission. The basic understanding of IFRS 17 will also be provided. If you need more information, please the contact: sales@mii.org.my Ashraff Mohd Rasol +60 12 210 0465 Azean Arifin +60 17 649 2510 Santhi Mogan +60 12 652 3934 About the ARP Programme The ASEAN Reinsurance Programme (ARP) aims to enhance reinsurance education and talent development in the region. It is an initiative under the ASEAN Insurance Education Committee and the ASEAN Reinsurance Working Committee and managed by the Insurance Institute of the Asia- Pacific (IIAP) in collaboration with the Singapore College of Insurance (SCI), the Malaysian Insurance Institute (MII), the Thailand Insurance Institute (TII) and DAI, Indonesia. The ARP is a first of its kind, multi-pronged holistic talent and professional development initiative that combines technical training programmes with simulation and internships. https://aseaninsurancecouncil.org/training-programmes/