Initiatives on data gathering and statistics
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2 Industry profile Data gathering - current process Statistics - weaknesses Initiatives on data gathering and statistics
3 Industry profile Data gathering - current process Statistics - weaknesses Initiatives on data gathering and statistics
4 Life Insurance Social Insurance Program and Workers Social Security General Insurance Insurance Program for Civil Servants and Armed Forces/Police Reinsurance Life Insurance (Full) General Insurance (Full) Reinsurance (Unit) Life Insurance (Unit) General Insurance (Unit)
5 Insurance 141 Reinsurance Broker 23 Insurance Agencies 13 Actuarial Consultant 28 Loss Adjuster 28
6 Billion US $ Billion US $ Assets Investments Insurance Program for Civil Servants and Armed Forces/Police Social Insurance Program and Workers Social Security General Insurance and reinsurance Life Insurance Program for Civil Servants and Armed Forces/Police Social Insurance Program and Workers Social Security General Insurance and reinsurance Life
7 Billion US $ Investment Asset
8 Billion US $ Insurance Program for Civil Servants and Armed Forces/Police Social Insurance Program and Workers Social Security General Insurance and reinsurance Life
9 2.00% % 1.90% 1.97% % 1.80% 1.75% 1.70% 1.65% 1.76% % % % US $ 1.60% % 1.50% Penetration (Gross Premium/GDP) Density (Grosss Premium/population)
10 100% 4.00% 2.97% 9.45% 8.95% 9.84% 9.64% 90% 80% 70% 44.10% 5.40% 6.42% 5.96% 7.75% 6.61% 7.12% 3.31% 5.76% 10.49% 9.59% 12.73% 14.78% 60% 50% 6.99% 31.71% 35.06% 33.00% 33.74% 40% 18.32% 30% 20% 23.61% 34.09% 32.85% 37.41% 28.33% 10% 0% Property Motor Vehicle Marine & Aviation Energy PA & Health Others
11 100% 90% 80% 70% 60% 50% 40% 30% 0.00% 0.00% 0.25% 1.67% 2.13% 19.17% 28.06% 36.33% 5.92% 5.18% 38.48% 41.30% 8.47% 8.97% 3.09% 7.31% 7.59% 5.94% 3.12% 1.46% 6.88% 5.87% 4.24% 1.21% 4.00% 54.03% 44.39% 39.53% 40.90% 35.26% 20% 10% 0% 7.23% 7.90% 7.59% 7.31% 9.23% Term Insurance Endowment Whole Life Anuity Health and PA Investment Link Others
12 Industry profile Data gathering - current process Statistics - weaknesses Initiatives on data gathering and statistics
13 Insurance Company Regular Filing Supervisory activities: Data analysis Financial Condition Monitoring Early Warning On-Spot Examination Special Reports Data verification -manual Data up load-by system Central Database Statistics Annual Report Quarterly report MV advisory rate etc
14 Filing in spreadsheet format Quarterly solvency and operational reports Annual solvency, operational and audited financial reports Monthly financial report (for certain companies) Annual reinsurance treaty reports Annual motor vehicle (MV) risk and loss profile reports Data verification To ensure that data submitted is in correct format Up load data By system Manual entry
15 OUTPUT Statistics for General Stakeholders Company profile Numbers of supervised entity Total Assets, Liabilities, and Equities of Insurance/Re Co. Overall investment portfolio Insurance Density and Penetration Overall Composition of Business Overall Loss Ratio Internal Use For Supervisory Activities RBC level Early Warning Ratio Market Sensitivity Test Result Actuarial Projection Industry Reference Automobile advisory premium rate
16 Industry profile Data gathering - current process Statistics - weaknesses Initiatives on data gathering and statistics
17 AREA OF CONCERN Accuracy and Integrity Cross report inconsistencies Mistakes on mathematical calculation Relevance Too general operational data Some data not available Market segmentation Geographical distribution Number of policies issued for general insurance Number of insureds Timeliness Annual statistics issued at October Quarterly report issued 45 days after the end of quarter filings
18 CAUSES Lack of the quality control in reporting companies Lack of IT Utilization Data submission Data verification Deficiencies in reporting standard Need for insurance supervisor reorganization Special unit for data collection and maintenance
19 Industry profile Data gathering - current process Statistics - weaknesses Initiatives on data gathering and statistics
20 To revise regulations and adopt international best practices (i.e IAIS Core Principles) Re-identification of data needs Re-design filing format and procedures Data Accuracy Data Relevance Data Integrity Information Timeliness Early Warning for Prudential Supervision Market Transparen cy Fair Competition Policyholder Protection
21 SPECIFIC ACTIVITIES (PROJECT) Regular training on reporting preparation Specific certification for reporting officer Full use of IT for report submission Moduls are finalized and ready for trial Distribution of moduls to companies Utilization of external auditor to check RBC calculation Reorganization and new recruitment for the Agency More frequent and/or more detail publiction of company s information New rewards and punishment for reporting companies.
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