Topic:
Indonesia,
17%
Malaysia,
16%
Philippines,
6%
Vietnam,
3%
Other,
0%
Thailand, 25%
Singapore,
32%
Brunei, 0%
Cambodia, 0%
Laos, 0%
Myanmar, 0%
Malaysia,
23%
Singapore,
62%
Data from SOA website plus websites of the Singapore, Malaysia and Thailand actuarial associations.
These are globally recognized qualifications, not local actuarial qualifications
Others
10%
Singaporean
33%
Euro & UK
9%
China, HK,
TW
15%
Malaysian
27%
Data from the website of the Singapore actuarial association, assume same proportions for fellows as total
association members
FSA, 39%
FIA, 39%
Data from the websites of the Singapore, Malaysia and Thailand actuarial associations. For Malaysia had to
scale by bodies of total membership
Enhanced participation in
global supply networks
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13
14
15
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Contribution
Actual Management
Expenses of the
Association
Diabetes
Fund
Benefits
Surplus
Malaysian
Diabetes
Association for
its members
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Extension to agricultural or
catastrophe pools
This concept can be easily extended to agricultural or
catastrophe pools, where the value of diversification to
multi-country risks is obvious.
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Well diversified
business
portfolio
Profitable
portfolio
Responsible
management with good
corporate governance
and risk management
process
Sufficient
capital
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Operational and
Sustainability
Life Insurance
Risk Indicators
Premium Growth
Shareholders
Profitability
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Premium Growth
Several criteria to consider:
1. APE (100% of regular premium plus 10% of single
premium) growth exceeds expense growth in the year
2. More than 50% of APE from regular premium
3. There is growth in renewal premium from year to year
(this reflects policy persistency)
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Shareholders Profitability
Shareholders profitability would indicate the companys ability
to generate its own capital rather than having to rely on
shareholders willingness to finance new capital.
Benchmark would be against ITCL.
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Conclusions
AEC, slowly but surely, is coming. We are one region but with many
differences.
A new type of insurance will be needed to cater for the smaller
operations envisioned in the AEC. Takaful type pools can be a
solution.
There are so many challenges for regulators in particular. They will
need to keep an eye on the big picture: finding ways to encourage
risk diversification and flow throughout ASEAN.
Regulators will also need to understand what is a model insurer to
encourage good behaviour. We do not need ASEAN becoming a
free for all with poor practices and insurer failures crippling the
industry.
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QUESTIONS?
hassan.odierno@actuarialpartners.com
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