Where it all began. Where it all began (again) GIRO Convention. The Insurance Industry steps forward under the flag of Deng Xiao Ping
|
|
- Ashley Gregory
- 8 years ago
- Views:
Transcription
1 GIRO Convention The Insurance Industry steps forward under the flag of Deng Xiao Ping China Non-Life Insurance Market David Campbell September 2008 Where it all began Where it all began (again)
2 Non-Life Insurance History In China People s Insurance Company of China ( PICC ) was established in Beijing, marking the development of insurance industry in China All insurance business came to a stop due to political turmoil th Central Committee of the Communist Party recognized the importance of restarting insurance business PICC restarted business. People s Bank of China ( PBOC ) was the regulatory body Ping An was established and headquartered in Shenzhen China Pacific Insurance Company ( CPIC ) was established and headquartered in Shanghai American International Group ( AIG ) was granted insurance licenses to operate in both life and non-life businesses in Shanghai, the first foreign company operating in China post <Insurance Law of The People s Republic of China> was published The China Insurance Regulatory Commission (the CIRC ) was established, replacing PBOC, to assume the responsibility of supervising insurance industry. CIRC directly reported to the State Council CIRC promulgated the <Administration of Foreign-funded Insurance Companies> CIRC promulgated the <Administration of Reserves for Non-life Insurance Business (Trial)> CIRC promulgated the <Administration of Insurance Provision and Premium Rates of Property Insurance Companies>. Market Potential Non-life Insurance 2007 Non-life Insurance Penetration vs. GDP Per Capita US Switzerland UK Germany South Korea Singapore Non-life % Taiwan Australia Penetration % % Japan 2% Premium Indonesia China Thailand Malaysia = 2% Hong Kong GDP 1% India 1% Philippines (US $) 100 1,000 China10, ,000 GDP per capita China India India Source: Swiss Sigma No. 3/2008 Market Potential Non-life Insurance Growth of Non-life Premium Income (RMB billion) % Business Mix of Non-life Insurance in China, 2006 Source: China Insurance Year Book Motor, 7 Enterprise Property, 1 Agriculture, 1% Cargo, Liability, Credit, 2% Others, 6% Source: China Insurance Year Book
3 Meeting the real insurance needs There is too much capacity for the foreseeable future.what we need is a major flood in Shanghai China CEO of a major global insurer
4 Source: China Insurance Year Book Non-life Insurance Market Share in 2007 CPIC, 11.2% China United, 8. CCIC, 4. Ping An, 10. Other Domestic Companies, 21. Foreign Companies, 1.2% PICC, 42. Company Time Stock Exchange Other Domestic Companies Market Share Tian An 3.51% An Bang 2.76% Yong An 2.6 Sunshine Property 1.9 Tai Ping 1.6 China Export and Credit 1.61% Du Bang 1.2 Hua Tai 1.2 Alltrust 0.72% An Hua Agriculture 0.6 Da Zhong 0.61% Tian Ping Auto 0.56% Hua An 0.4 China Life P&C 0.3 Bohai 0.36% Sunlight Mutual 0.26% BOC 0.2 Min An 0.22% An Xin 0.1 An Cheng 0.0 Huanong P&C 0.01% Chang An Liability 0.0 PICC Nov 2003 Hong Kong H Share Ping An Jun 2004 Mar 2007 Hong Kong H Share Shanghai A Share CPIC Dec 2007 Shanghai A Share
5 72% Profitability - PICC Overall profitability (% of net earned premium) % 6 3 Loss Ratio % Expense Ratio Underw riting Profit % 6 2 Investment Return % -1% 2 Source: PICC annual report Loss and Expense ratio % 12% % 86% 8 76% % 76% 62% 16% 1 26% 16% 26% 1 12% 16% 66% 71% 6 6 Acquisition Expense Ratio(Policy Acquisition Expense/Net EP) Loss Ratio(Net Paid Loss/Net EP) 2 46% % Motor Enterprise Property Accident Others Source: PICC annual report Profitability Ping An Overall profitability (% of net earned premium) Loss Ratio % 61% 41% 1 Total Expense Ratio Underw riting Profit % 2 Investment Return % 2 Source: Ping An annual report 12 Loss and Expense ratio 10 Acquisition Expense % % % % 11% % 1 6 Ratio(Policy Acquisition Expense/Net EP) Loss Ratio(Net Paid Loss/Net EP) Source: Ping An annual report Motor Non-Motor Accident & Health Profitability - CPIC Overall profitability (% of net earned premium) Loss Ratio % Total Expense Ratio % Underw riting Profit % Investment Return % Loss and Expense ratio % % % 4 46% % Source: CPIC annual report 6 71% % Motor Property Accident & Health Cargo Marine Liability Loss Ratio(Net Paid Loss/Net EP) Acquisition Expense Ratio(Policy Acquisition Expense/Net EP) Source: CPIC annual report
6 Distribution Channels 2007 Distribution Channels for all lines in China Salaried staff, 3 Loss Adjustor, Affinity Group (Bank), 3 Special Agency, Broker, Source: CIRC website Distribution Channels Distribution Channels for Auto Insurance Percentage of respondents using each channel Bank Auto Dealer Agent Auto Other Already Bought Auto Insurance Intending to Buy Auto Insurance Registration Office Percentage intending to use channel Distribution Channels for Personal Lines Bank Auto Dealer Agent Other Accident Insurance Domestic Property Source: PwC Research CIRC Actions & Actuarial Professions Regulatory Drives on Reserving and Pricing Stipulate rules requiring insurance companies to report profits under proper actuarial valuation, but granting 2-year grace period,effective from Jan 2005; Stipulate rules requiring companies to submit annual actuarial reports and statistics, effective from Jan 2005; Stipulate rules requiring actuary s sign off on quarterly solvency and year end reserve, effective from Jan 2006; De-regulate Motor tariff premium, but demanding actuary s sign off on product pricing, effective from Jan 2006; Issue circular on non-life business supervision, especially internal control and data quality, effective from Feb 2008; Stipulate rules requiring all insurance companies to have its own chief actuary, but allowing leaner rules for non-life insurers,effective from Apr 2008; Continuous Effort Establish Chinese actuarial education syllabus and examinations. Establish Chinese actuarial association Life and Non-Life Actuarial Practitioners in China number Establish insurance industry association. Organize regular industry seminars, forums and trainings Issue rules and guidance on actuarial reserving Chinese Actuarial Association - Fellow 111 Chinese Actuarial Association - Associate 640 Internationally qualified Fellow and unqualified practitioners 200 Beef up regulatory team and divide supervision responsibility Support IPO of Sate Own Enterprise insurance companies Subcontract external advisers and professors to conduct researches. Encourage discussions on solvency II Plan for Dynamic Solvency Test implementation
7 Thanks to Judy Cheng and her team at PricewaterhouseCoopers China for pulling together the data Ruth Lear and Barbara Green for the photographs, some of which appeared in their two walking guides to Shanghai: The Streets of Changing Fortune: six Shanghai walks Patterns of the Past: six more Shanghai walks David Campbell : david@frymans.net
SOA Annual Symposium Shanghai. November 5-6, 2012. Shanghai, China. Session 5b: Motor Insurance Market in China. Scott Yin
SOA Annual Symposium Shanghai November 5-6, 2012 Shanghai, China Session 5b: Motor Insurance Market in China Scott Yin Scott Yin ( 殷 兆 男 ) FIAA Overview Market overview Key trends and issues 1 Market Overview
More informationOverview of Asian Insurance Markets
Overview of Asian Insurance Markets Simon Walpole Session Number: TPS2 Joint IACA, IAAHS and PBSS Colloquium in Hong Kong www.actuaries.org/hongkong2012/ Market Ranking in Asia Notes: 1. Colored boxes
More informationThe development of non-life markets in Asia with a focus on China and India Opportunities and risks for foreign investors
The development of non-life markets in Asia with a focus on China and India Opportunities and risks for foreign investors Prepared by John Tucci and Verne Baker Presented to the Institute of Actuaries
More informationA look at some rapidly growing general insurance markets in Asia
A look at some rapidly growing general insurance markets in Asia Prepared by John Tucci and Verne Baker Presented to the Institute of Actuaries of Australia Biennial Convention 23-26 September 2007 Christchurch,
More informationSession 5a Non-Life Insurance: Asia Pacific Regional Overview and Outlook. Martin Noble, MSci, FIA
Session 5a Non-Life Insurance: Asia Pacific Regional Overview and Outlook Martin Noble, MSci, FIA SOA Annual Symposium SOA 24-25 June 2013 Macau, China Session 5a Non-Life Insurance: Asia Pacific Regional
More informationLIFE INSURANCE INDUSTRY IN CHINA
Unless otherwise indicated, the financial and market share information set forth in this section is based on information reported by companies to the CIRC. The reported information includes premium and
More informationIntroduction of P/C Insurance Market in China
Introduction of P/C Insurance Market in China Context Economic Environment in China P/C Insurance Market in China Development Status Market Potential P/C Insurance Regulation in China Overview Solvency
More informationBI FOCUS DAY ASIA LIFE INSURANCE
BI FOCUS DAY ASIA LIFE INSURANCE STEVEN LAM BLOOMBERG INDUSTRIES ANALYST SLAM122@BLOOMBERG.NET BI , BI LIFEA APR // 15 // 2014 TABLE OF CONTENTS 2 TOPIC: Life Insurers in Developed Japan and Developing
More informationFocus on China Market and Pursue Sustainable Value Growth
Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC
More informationCLASS REVIEW. www.lloyds.com/classreview. 2011 China Direct Market (selected cities and Provinces) March 2013
CLASS REVIEW 2011 China Direct Market (selected cities and Provinces) March 2013 www.lloyds.com/classreview 1 Key Contacts Filip Wuebbeler, International Markets, Market Intelligence Telephone: 020 7327
More informationOverview of China P&C Insurance Market WBN Global Conference, Shanghai, October 18, 2012 Eric Zheng, Chartis Insurance Company China Ltd.
Overview of China P&C Insurance Market WBN Global Conference, Shanghai, October 18, 2012 Eric Zheng, Chartis Insurance Company China Ltd. Page 1 Outline 1. Macro trends in China 2. P&C Insurance in China
More information2. China Life and Non-Life Insurance Market Size by Value, 2008-2015
TABLE OF CONTENTS 1. China Insurance Market Introduction 2. China Life and Non-Life Insurance Market Size by Value, 2008-2015 3. China Life and Non-Life Insurance Density, Premium per Capita, USD, 2001-2015
More informationCurrent Regulatory and Market Advancements in the China P&C Insurance Market
2015 CAS RPM Seminar, International Track Current Regulatory and Market Advancements in the China P&C Insurance Market Moderator: Cheng-sheng Peter Wu, FCAS, ASA, MAAA Panelists: Dr. Jun Yan Professor
More informationThe Chinese non-life insurance market Are you ready to face the challenge?
The Chinese non-life insurance market Are you ready to face the challenge? White Paper The Chinese non-life insurance market In this White Paper Executive summary...3 The Chinese non-life insurance market...4
More informationAssessing Sources of Funding for Insurance Risk Based Capital
Assessing Sources of Funding for Insurance Risk Based Capital Louis Lee Session Number: (ex. MBR4) AGENDA for Today 1. Motivations of Capital Needs 2. Practical Risk Based Capital Funding Options 3. Types
More informationREINSURANCE IN THAILAND by Potjanee Thanavaranit Deputy Director-General, Department of Insurance Ministry of Commerce, Thailand
REINSURANCE IN THAILAND by Potjanee Thanavaranit Deputy Director-General, Department of Insurance Ministry of Commerce, Thailand I. Structure of the insurance industry A. Number of companies Since 1982,
More informationRegulations on Administration of Reinsurance Business
Regulations on Administration of Reinsurance Business 再 保 险 业 务 管 理 规 定 ( The CIRC Ordinance No. 2 2005 ) (05-10-28) Reviewed and adopted at the Chairman Meeting of the China Insurance Regulatory Commission
More informationThe Future Growth of Stocks and Investments in Thailand
35 th Bangkok International Motor Show 2014 The Future Growth of Stocks and Investments in Thailand Mr. Charamporn Jotikasthira President The Stock Exchange of Thailand March 2014 I. SET: Overview The
More informationOctober 2013 - Bottled Water Exports and Imports continue to grow!
October 13 - Bottled Water Exports and Imports continue to grow! Annualised exports for the year to October 13 continue an upwards climb following their break through NZD1m last month. Leading markets
More informationThis is a licensed product of Ken Research and should not be copied
1 TABLE OF CONTENTS 1. Asia-Pacific Insurance Industry 1.1. Industry Introduction 1.2. Asia-Pacific Insurance Market Size by Direct Written Premium, 2005-2012P 1.3. Asia-Pacific Insurance Market Segmentation
More informationHow the Foreign Financial Institutions Play a Role in China s Insurance QDII Business
Llinks Asset Management Bulletin October 2012 How the Foreign Financial Institutions Play a Role in China s Insurance QDII Business By Sandra Lu and Lily Luo China Insurance Regulatory Commission ( CIRC
More informationTHE ROLE OF FOREIGN INSURANCE COMPANIES IN CHINA'S EMERGING INSURANCE INDUSTRY: AN FDI CASE STUDY
THE ROLE OF FOREIGN INSURANCE COMPANIES IN CHINA'S EMERGING INSURANCE INDUSTRY: AN FDI CASE STUDY Chen Ji College of Business and Administration University of Colorado at Denver & Steve Thomas Political
More informationRecent trends of dynamically growing and developing life insurance markets in Asia
Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign
More informationBESTW EEK. China Close to Opening Its Auto Insurance Market A.M. Best Analyst: Foreign Players May Ease Loss Pressure in Motor Market.
www.bestweek.com BESTW Weekly EEK Asia/Pacific Insurance Newsletter September, 2011 China Close to Opening Its Auto Insurance Market A.M. Best Analyst: Foreign Players May Ease Loss Pressure in Motor Market
More informationDOMINION GLOBALIZATION WORKSHOP
DOMINION GLOBALIZATION WORKSHOP Financial Sector Dennis Encarnation Harvard University For more information, please contact me at www.encarnation.com SERVICES Financial Services & Capital Markets Topics:
More informationDeregulation and Liberalization in Japanese General Insurance Market
Deregulation and Liberalization in Japanese General Insurance Market 29 th October 2004 Takeshi Oiwa SOMPO JAPAN INSURANCE INC. INDEX 1. Features of Japanese General Insurance Market. P.1-4 2. Development
More informationHong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations
July 212 Steven Sun* Equity Strategist The Hongkong and Shanghai Banking Corporation Limited +852 2822 4298 stevensun@hsbc.com.hk Roger Xie* Equity Strategist The Hongkong and Shanghai Banking Corporation
More informationChallenges for Capital Market Development in Asia
Challenges for Capital Market Development in Asia Osaka, 30 October 2014 Masamichi Kono Vice Minister for International Affairs President, Asian Financial Partnership Center Financial Services Agency,
More information2010 Expatriate, Returnee and China Hired Foreigner, Compensation and Benefits Survey
2010 Expatriate, Returnee and China Hired Foreigner, Compensation and Benefits Survey Result Sharing Presentation The American Chamber of Commerce in Shanghai Agenda Study Background Growth Expatriates
More informationAn Overview of Offshore RMB Market. Nov 2013
An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international
More informationASIAN PORTFOLIO INVESTMENT ADVISORY
ASIAN PORTFOLIO INVESTMENT ADVISORY This Asian Portfolio Investment Advisory service is set up to assist international financial advisory and planning organizations to create dedicated Asian investment
More informationThe Actuarial Society of Hong Kong Valuation from a banker s perspective
The Actuarial Society of Hong Kong Valuation from a banker s perspective Arjan van Veen, Equity Research, Credit Suisse 7 November 2012 Agenda 1. Role of equity analysts 2. What is listed in Asia? 3. Valuation
More informationAsian Stock Markets in 2015:
Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,
More informationBeazley Group Large Law Firm Professional Liability
Beazley Group Large Law Firm Professional Liability Presentation to 2007 CARe Seminar on Reinsurance Session: Professional Liability Lawyers E&O Authors: Simon Brickman, Melissa Collins Date: May 7 th
More informationCONTINUING CONNECTED TRANSACTION PROVISION OF ELECTRONIC PLATFORM FOR SALE OF AVIATION PASSENGER COMPREHENSIVE INSURANCE
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationAnalysis One Code Desc. Transaction Amount. Fiscal Period
Analysis One Code Desc Transaction Amount Fiscal Period 57.63 Oct-12 12.13 Oct-12-38.90 Oct-12-773.00 Oct-12-800.00 Oct-12-187.00 Oct-12-82.00 Oct-12-82.00 Oct-12-110.00 Oct-12-1115.25 Oct-12-71.00 Oct-12-41.00
More informationReceivables Finance & Protection
Receivable management in China Receivables Finance & Protection General Management / Jens Hoter / 23.09.2009 / Page 1 of 14 Index General Environment in China Present Market Protection Business Receivables
More information3 rd China Vehicle Insurance Summit 2014
Duxes Insurance Series 3 rd China Vehicle Insurance Summit 2014 A Event In the midst of a period of unprecedented growth for global insurance, with the industry predicted to swell to $659 billion by 2017,
More informationINSURANCE DEVELOPMENT PLAN Volume II (2010-2014)
INSURANCE DEVELOPMENT PLAN Volume II (2010-2014) 1 PREFACE The Insurance industry plays a significant role in the social and economic development of a nation, serving as a contributing source of long-
More informationTHIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.
Fidelity Funds Société d Investissement à Capital Variable 2a, Rue Albert Borschette B.P. 2174 L-1021 Luxembourg R.C.S. B34036 Tél: +352 250 404 (1) Fax: +352 26 38 39 38 THIS DOCUMENT IS IMPORTANT AND
More informationGlobal Long-Term Incentives: Trends and Predictions Results from the 2013 iquantic Global Long-Term Incentive Practices Survey
Global Long-Term Incentives: Trends and Predictions Results from the 2013 iquantic Global Long-Term Incentive Practices Survey Jon F. Doyle and Sandra Sussman October 8, 2013 Presenters Jon F. Doyle Attorney
More informationGlobal Economic Outlook with Focus on China and Chinese Insurance Market
Global Economic Outlook with Focus on China and Chinese Insurance Market 3 rd International China Liability Regimes Conference 21 August 2013, Beijing Kurt Karl Swiss Re Global economic outlook with focus
More informationUpdate on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015
Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America
More informationKEY FACTS 2015. UK Insurance & Long Term Savings. Key Facts 2015. Follow us on Twitter @BritishInsurers
KEY FACTS 2015 UK Insurance & Long Term Savings Key Facts 2015 @BritishInsurers Follow us on Twitter @BritishInsurers ASSOCIATION OF BRITISH INSURERS The UK insurance and long term savings industry is
More informationHow To Invest In Panin Life
June 4 th 2013 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Investment in an Indonesian Life Insurance Company, PT
More information中 国 保 险 中 介 监 管 及 其 对 保 险 消 费 者 的 保 护. China Insurance Intermediaries Regulation and Insurance Consumers Protection
中 国 保 险 中 介 监 管 及 其 对 保 险 消 费 者 的 保 护 China Insurance Intermediaries Regulation and Insurance Consumers Protection 1 China Insurance Intermediaries System Insurance Intermediary companies Insurance Agency
More informationInsurance. Foreign insurance companies in China
Insurance Foreign insurance companies in China September 2009 Table of contents Foreword 1 Executive summary 2 Market environment 12 Human capital 33 Risk management 41 Competition and positioning 43 Products
More informationMacquarie Group Limited (MQG): Company Profile and SWOT Analysis
Brochure More information from http://www.researchandmarkets.com/reports/2309651/ Macquarie Group Limited (MQG): Company Profile and SWOT Analysis Description: "Macquarie Group Limited (MQG) : Company
More informationSnapshot of Chinese Non-Life Insurance Sector & Overview of Fitch s rating methodology
Snapshot of Chinese Non-Life Insurance Sector & Overview of Fitch s rating methodology Wan Siew Wai, Senior Director - Insurance 26 27 January 2012 Agenda Credit Snapshot of Chinese Non-Life Insurers Overview
More informationNEW CHINA LIFE INSURANCE COMPANY LTD. (A joint stock company incorporated in the People s Republic of China with limited liability) (Stock Code: 1336)
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationCHINA TAX, ACCOUNTING, AND AUDIT IN 2014-2015. IV. Accounting, Audit and Tax Compliance V. International Taxation
TAX, ACCOUNTING, AND AUDIT IN CHINA 2014-2015 I. China s Tax System II. China s Business Taxes III. Individual Income Tax IV. Accounting, Audit and Tax Compliance V. International Taxation Produced in
More informationTHE PHILIPPINE AMERICAN LIFE AND GENERAL INSURANCE COMPANY 3/F PHILAMLIFE BLDG., UN AVENUE, ERMITA, MANILA TEL. NO: 528-5029 PHILAMLIFE@AIA.
THE PHILIPPINE AMERICAN LIFE AND GENERAL INSURANCE COMPANY 3/F PHILAMLIFE BLDG., UN AVENUE, ERMITA, MANILA TEL. NO: 528-5029 PHILAMLIFE@AIA.COM Media Release Contacts : CJ Malibiran Tel. No. 528-5029 Philam
More informationInvesting in Asia s Debt Markets
Investing in Asia s Debt Markets Alexandre Bouchardy, CFA Head of Fixed Income Asia April 2013 Content How to Capture the Asian Growth Story Hard or Local Currency Bonds? Risk and Return Opportunities
More informationInsurance HEADLINE Regulatory PART 1 Developments in Asia Pacific: HEADLINE Risks PART and Opportunities 2 Heng Loong Cheong Joyce Chan Jonathan
Insurance HEADLINE Regulatory PART 1 Developments in Asia Pacific: HEADLINE Risks PART and Opportunities 2 Heng Loong Cheong Joyce Chan Jonathan Goacher Roy Chan DLA Piper's Asia Insurance Symposium, Singapore
More informationPRESS RELEASE Full year results Ageas UK, 12 February 2015
PRESS RELEASE Full year results Ageas UK, 12 February 2015 Ageas UK delivers profitable performance in 2014 Executive Summary Profitable performance despite challenging market conditions and first quarter
More informationHong Kong: Gateway to China for Estonian Businesses
Hong Kong: Gateway to China for Estonian Businesses Mrs Agnes ALLCOCK, Director-General Hong Kong Economic and Trade Office (London) 2 June 2011 1 Hong Kong: The Latest Economic Situation Real GDP Growth:
More informationGlobal Effective Tax Rates
www.pwc.com/us/nes Global s Global s April 14, 2011 This document has been prepared pursuant to an engagement between PwC and its Client. As to all other parties, it is for general information purposes
More informationANNEX TABLES Table 1. Revenue by ICT Type Revenue * Share to Total Revenues Growth Rate ICT Type 2004 2005 2004 2005 (in percent)
ANNEX TABLES Table 1. Revenue by Revenue * Share to Revenues 2004 2005 2004 2005 Contact Centers 32,904.1 54,295.1 44.4 49.4 65.0 Medical Transcription 236.7 466.2 0.3 0.4 97.0 Animation 694.2 939.1 0.9
More informationGlobal Insurance CONTENTS. Report Synopsis. Industry Surveys. March 2006. 1. Executive Summary 10. 2. Highlights 12
Industry Surveys Global Insurance www.reportsure.com March 2006 Report Synopsis In 2004 insurance premiums accounted for nearly 8% of global GDP, with a value of USD 3,244 billion. The industry grew by
More informationMarket comparison: sales and distribution of travel insurance and the growth of bancassurance
Market comparison: sales and distribution of travel insurance and the growth of bancassurance Simon Tottman 20th June 2012 Finaccord Ltd., 2012 Web: www.finaccord.com, E-mail: info@finaccord.com 1 Introduction
More informationBuilding profitable auto insurers in China
Building profitable auto insurers in China Web exclusive, June 27 Building profitable auto insurers in China The auto insurance market is booming, but the carriers profits are not. Raymond Gu, Richard
More informationHow To Understand And Understand The History Of Life Insurance In China
International Master s Program in China Studies College of Social Sciences National Chengchi University Master s Thesis A Study of Life Insurance Market in China Student: Wang, Chien-Wen Advisor: Dr. Hwang,
More informationTapping into the Lucrative China Market with an Omni-Channel Strategy. Frankie Ho General Manager
Tapping into the Lucrative China Market with an Omni-Channel Strategy Frankie Ho General Manager A GENDA v China Digital Landscape & Latest Marketing Trends v Embracing the Mobile Age v Connect with Your
More information亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do
亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do 薛 琦 Dr. Chi Schive The 28 th Asian Securities Forum, Taipei 2013.10.25 Agenda 0. Prelude: How Capital Markets Cooperate?
More information+20. Outsourcing feature STEPHEN MALLON/GETTY IMAGES
+20 Outsourcing feature STEPHEN MALLON/GETTY IMAGES [ 20 ] A Plus + September 2007 Outsourcing to Asia Business outsourcing to Asia is a fast growing trend what does this mean for Hong Kong accountants?
More information2010 AIRLINE HULL & LIABILITY INSURANCE MARKET REVIEW MARCH 2011
2010 AIRLINE HULL & LIABILITY INSURANCE MARKET REVIEW MARCH 2011 Algeria - Brazil - Colombia - Dubai - Germany - India - Japan - Korea - Malaysia - Mexico - Romania - Singapore - Sweden - Switzerland -
More informationAIA Delivers Strong Results for Third Quarter 2015. VONB growth of 25 per cent on constant exchange rates
AIA Group Limited 香 港 中 環 干 諾 道 中 一 號 友 邦 金 融 中 心 三 十 五 樓 35/F, AIA Central 1 Connaught Road Central Hong Kong T: (852) 2832 6166 F: (852) 2838 2005 AIA.com AIA Delivers Strong Results for Third Quarter
More informationAXA PRESS RELEASE 16.0 2.2 1.7 0.5 29% 16.4 3.5 1.8 0.6 32%
AXA PRESS RELEASE PARIS, 6 MAY 2013 1Q13 Activity Indicators Total revenues of Euro 28.9 billion growing at 3% Life & Savings APE of Euro 1.8 billion up 9% driven by rebound in Unit-Linked and continuing
More informationThe Study of Chinese P&C Insurance Risk for the Purpose of. Solvency Capital Requirement
The Study of Chinese P&C Insurance Risk for the Purpose of Solvency Capital Requirement Xie Zhigang, Wang Shangwen, Zhou Jinhan School of Finance, Shanghai University of Finance & Economics 777 Guoding
More informationChristopher Findlay University of Adelaide. Hussain G. Rammal University of South Australia
Australia-EU trade in Services: the case of Australian architecture firms Christopher Findlay University of Adelaide Hussain G. Rammal University of South Australia The study is funded as part of the research
More informationGroup Companies and Network
Annual Report 2009 By business segment as of March 31, 2009 Operations in Japan Corporate Financial Services Domestic Sales Administrative Headquarters Lending, Leasing, Other Financial Services Apr. 1964
More informationNew Capital Issuance for Cathay Insurance (China) 2015/9/14
New Capital Issuance for Cathay Insurance (China) 2015/9/14 本 資 料 僅 供 参 考, 投 資 人 應 審 慎 考 量 本 身 投 資 之 需 求 與 風 險 並 詳 閱 後 附 之 重 要 聲 明 Transaction Structure and Rationale Transaction Structure Cathay Insurance
More informationEconomic and Market Report. EU Automotive Industry Quarter 4 2015
Economic and Market Report EU Automotive Industry Quarter 4 2015 March 2016 CONTENTS Passenger cars... 2 Registrations... 2 World... 2 The European Union... 5 Production... 7 World... 7 The European Union...
More informationITALIAN INSURANCE IN FIGURES. Year 2015
ITALIAN INSURANCE IN FIGURES Year 2015 The Italian insurance industry gives a significant contribution to the economy and to the society, offering a wide range of services aiming at risk protection: from
More informationProperty & Casualty: AXA Direct
Investor Day 4 December, 2013 Property & Casualty: AXA Direct Stéphane Guinet CEO, AXA Global Direct Cautionary note concerning forward-looking statements Certain statements contained herein are forward-looking
More informationGeneral Insurance and General Takaful Ratemaking Seminar
General Insurance and General Takaful Ratemaking Seminar Organized by: Casualty Actuarial Society (CAS) Actuarial Society of Malaysia (ASM) Co-sponsored by: Institute of Actuaries of Australia (IAAus)
More informationSalary Survey Report. Accounting January 2005. Office and Administration April 2005. Banking and Finance October 2005
2005 Salary Survey Report January 2005 Office and Administration April 2005 Sales and Marketing July 2005 Banking and Finance October 2005 Manpower Inc. is a world leader in the employment services industry,
More informationPRESS RELEASE 3M 2015 results Ageas UK, 8 May 2015
PRESS RELEASE 3M 2015 results Ageas UK, 8 May 2015 Profitable first quarter for Ageas UK Executive Summary Increased year on year profit reflecting benign weather impact Net profit of GBP 12.0 million
More informationForeign insurance companies in China
www.pwccn.com Foreign insurance companies in China This survey focuses on the strategic and emerging issues surrounding the expanding activities of foreign insurance companies in China. December 2012 Table
More informationPricing Private Health Insurance Products in China. Chen Tao
Pricing Private Health Insurance Products in China Chen Tao Abstract In this paper an overview of how to price private health insurance products in China is given. In the beginning the Chinese private
More informationStrategy Insights. Moving toward an all-market approach to investing in China
Strategy Insights Moving toward an all-market approach to investing in China As China transitions from an economy that is driven by manufacturing to one led by its consumers, we are seeing the Chinese
More informationThe Chinese Insurance Market
The Chinese Insurance Market Asia-Pacific January to March 2012 Issue 20 (January to March 2012) Welcome to Issue 20 of the China Newsletter, covering developments in the Chinese insurance market in the
More informationIncorporating Environmental, Social, and Governance (ESG) into the Investment Process
August 212 Incorporating Environmental, Social, and Governance (ESG) into the Investment Process Jeffrey A. Urbina, CFA, Partner Portfolio Manager The UN Principles of Responsible Investing Aspirational
More informationVIETNAMESE INSURANCE MARKET
VIETNAMESE INSURANCE MARKET Tran Thanh Tu Deputy Director Insurance Research and Training Center Insurance Supervisory Authority of Vietnam 1 AGENDA Market Overview Market History Market Performance Supervisory
More informationVFB Dag van de tips 10 October 2015 Bart De Smet, CEO
VFB Dag van de tips 10 October 2015 Bart De Smet, CEO 2 PART 1 HAVE DONE Achievements Vision 2015 PART 2 SEE Challenges for the Insurance sector PART 3 WILL DO Our Strategy going forward 3 PART 1 HAVE
More informationInsurance Supervision Department. The Saudi Insurance Market Survey Report
Insurance Supervision Department The Saudi Insurance Market Survey Report Table of Contents Introduction...3 Overall Insurance Market Performance Gross Written Premiums Overall.. 5 Insurance Penetration
More informationForeign Taxes Paid and Foreign Source Income INTECH Global Income Managed Volatility Fund
Income INTECH Global Income Managed Volatility Fund Australia 0.0066 0.0375 Austria 0.0045 0.0014 Belgium 0.0461 0.0138 Bermuda 0.0000 0.0059 Canada 0.0919 0.0275 Cayman Islands 0.0000 0.0044 China 0.0000
More informationTime to strengthen economic relations between China and Italy
Time to strengthen economic relations between China and Italy Marco Ranieri CIRPET - Research Centre on Transition and Developing Countries Department of Economics - University of Turin (Italy) Contents
More informationDividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22
Dividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22 Note: A summary of the rates and the relevant provisions relating
More informationChina Pacific Insurance (Group) Co., Ltd. Issue of 2010 Interim Results
China Pacific Insurance (Group) Co., Ltd. Issue of 2010 Interim Results Strong Growth of Insurance Business and Significant Increase in Operating Profit Shanghai, Hong Kong, 30 August 2010 China Pacific
More informationHealth Care in the Global Market. Bill Atwell President, CIGNA International
Health Care in the Global Market Bill Atwell President, CIGNA International Health Care in the Global Market Agenda A CIGNA International overview Current global health care environment Our business strategy
More information10.0 FPSB s Country/region-specific Trademark Symbols and Legal Notices
FPSB s Guide to Use of the CFP Marks Page 13 10.0 FPSB s Country/region-specific Trademark Symbols and Legal Notices FPSB enters into license and affiliation agreements with one organization in each country
More informationSession 7a Life Insurance Product Trends in Japan. Tom Burke
Session 7a Life Insurance Product Trends in Japan Tom Burke Life Insurance Product Trends in Japan Tom Burke Prudential Holdings Japan June 26, 2014 1 Japan Key Statistics Population: 126,757,591 GDP per
More informationTurn headwinds to tailwinds adjust strategies to benefit from the continued growth of the Chinese insurance industry
Turn headwinds to tailwinds adjust strategies to benefit from the continued growth of the Chinese insurance industry Grow larger, grow bigger has been the mantra of growth in the past decade for the Chinese
More informationA Collision in the Motor Insurance Industry
ADVISORY A Collision in the Motor Insurance Industry How the combined effects of CMI price de-tariffication and CTPL liberalisation will change the industry over the next five years kpmg.com/cn 2 A Collision
More informationComposition of Premium in Life and Non-life Insurance Segments
2012 2nd International Conference on Computer and Software Modeling (ICCSM 2012) IPCSIT vol. 54 (2012) (2012) IACSIT Press, Singapore DOI: 10.7763/IPCSIT.2012.V54.16 Composition of Premium in Life and
More informationPRESS RELEASE 9M 2015 results Ageas UK, 4 November 2015
PRESS RELEASE 9M 2015 results Ageas UK, 4 November 2015 Ageas UK announces nine month profitable performance Executive Summary Solid year on year profit Net profit of GBP 46.9 million compared to an underlying
More informationThe FTSE China Onshore Bond Index Series
Research The FTSE China Onshore Bond Index Series ftserussell.com May 2015 China is now the world s largest economy (when measured by purchasing power parity (PPP) 1 ) and the largest trading nation 2.
More information