Sign up | Log in



Home  >>   Daily News  >>   Singapore News  >> Insurance  >> Allianz and Singapore
NEWS UPDATES Asean Affairs   20 September 2013  

Allianz and Singapore

This marks a major step forward for Allianz in Singapore and in Asia. For the first time, we will see Allianz’s 450 staff across 11 entities coming under one roof. This new centre will strengthen synergies across business units, enabling Allianz to better serve the needs of its 20 million customers in the region.

In a way, Allianz’s story reflects Singapore’s own development as a specialist insurance market. Just ten years ago, the insurance industry in Singapore was focused on writing pure domestic risks. Singapore has now developed the capacity and expertise to underwrite large and complex risks across Asia.

With the opening of Allianz’s new office here, Asia Square is also shaping up to be Singapore’s own version of London’s Leadenhall Street, where many prominent insurers and brokers are located. Such physical co-location will help to promote greater exchange of ideas and collaboration, and create an insurance marketplace that is committed to deliver customised and innovative solutions.

Mitigating Asian Risks
The prospects for Asia’s insurance market are bright. A growing middle class and rising affluence will underpin a steady increase in insurance penetration rates. Continued industrialisation, growing trade activities, and infrastructure development will mean greater demand for insurance solutions to mitigate a variety of risks. Over the next decade, insurance business in Asia is projected to grow at about 8% per annum. By 2020, Asia is likely to account for almost 40% of the global market.

It is vital that insurers seeking to expand in Asia have a deep understanding of Asia’s risk landscape. Aggregate exposures have grown steadily in Asia, due to rapid urbanisation and economic growth over the last two decades. Asia’s strong record of development means that we have more to lose from unforeseen calamities.

Take for example the spate of natural calamities in Asia in 2011. The three costliest events – the Tohoku earthquake and tsunami, Thai floods and New Zealand earthquake - caused a combined insured loss of almost US$70 billion. The scale of these losses was unexpected. Thailand had not even been viewed as a catastrophe risk zone, and had in fact been used to diversify against catastrophe risks. These events are a timely reminder to the industry to constantly stay ahead of the risk management curve.

3 + One Strategy
I understand that Allianz embraces a “3+One” strategy to achieve sustainable growth. In the spirit of this very happy occasion, allow me to adapt your framework to illustrate its relevance to Singapore’s insurance industry as a whole.
One, Capacity. Allianz strives to support its businesses with sufficient capacity to underwrite risks. The establishment of the Singapore branch of Allianz Global Corporate and Specialty in 2011 reflects a deep commitment to build underwriting capacity in the Asia-Pacific. In the same way, to be the premier specialist insurance market in Asia, Singapore must deepen its underwriting expertise in reinsurance and specialty insurance with an Asian focus.

Two, Profitability. Allianz seeks to be profitable through its operating businesses alone, so as to be as independent as possible from volatility in the financial and capital markets. The global insurance industry continues to face pressure from weak economic growth, soft pricing and persistently low investment yields. Insurers can no longer rely on investment income or rate increases alone, to compensate for weak underwriting. Likewise, even as Singapore’s insurance industry diversifies the span of its activities to include capital markets, it must continue to stay focused on core competencies in underwriting insurance risks. High underwriting standards are critical for sustainable growth.
Three, Internal Capabilities. Allianz aims to reduce complexity by focusing on core activities, reducing structural inefficiencies, and streamlining processes. Likewise, in seeking to

strengthen its value proposition as a specialist insurance market with a deep appreciation of Asia’s risks, Singapore’s insurance industry must invest in Asia-focussed data, research and analytics. Singapore has achieved a good head-start in a number of areas, such as SMU’s Centre for Silver Security for longevity risk and NTU’s Institute for Catastrophe Risk Management for catastrophic risks. We must continue to build on these capabilities.

Finally, +One, Synergistic Growth. Allianz seeks to inculcate systematic cooperation between business lines and markets across the Group to deliver profitable growth. Likewise, Singapore’s insurance market must continue to be underpinned by the strong partnership between industry, academia, and government. Research, talent development and market infrastructure are areas where active collaboration is a critical success factor.

The commitment of key industry players such as Allianz has been instrumental in establishing Singapore as a leading insurance market. On this happy occasion, we are also pleased to announce that Singapore has been chosen to host the Geneva Association General Assembly in 2015. The General Assembly will bring together global CEOs and other stakeholders in the insurance industry over a two-day conference to discuss industry trends. This is only the second time it will be hosted in Asia, after Japan in 2009.
In closing, I thank Allianz for growing with Singapore. I am confident your strong presence in Singapore will serve you well as you continue to extend your Asian footprint.

Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates

Comment on this Article. Send them to

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
submit your comment in the box below

Today's  Stories    20  September 2013 Subsribe Now !
• 5th World Ecotourism Conference announced Subcribe: Asean Affairs Global Magazine
• Allianz and Singapore Asean Affairs Premium
• ASEAN and Serbia to Strengthen Cooperation
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Meeting of ASEAN Women Parliamentarians Kicks-off 34th AIPA General Assembly
• ASEAN Secretariat Welcomes Governors and Mayors from ASEAN Capitals
• Pestech secures US$29mil Laos job
• More than 15,000 flee volcano in Indonesia
Asean Analysis           20 September 2013 Advertise Your Brand
• Asean Analysis- September 20, 2013
Indonesia And Vietnam Would Get A Boost If They Joined The Expanded Information Technology Agreement
• Asean Analysis- September 20, 2013
Mahathir: ASEAN not yet ready for integration
• Asean Weekly:The Biweekly Update 20 September 2013
Asean Stock Watch     19 September  2013
• Asean Stock Watch-September 19, 2013 

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan


This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More






1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand