Asia’s insurance industry players emerge from disasters as winners

Asia’s insurance players shine brighter as they rise from the catastrophes of 2011 and emerge as winners in this year’s Asia Insurance Industry Awards.

Leading the crop of 14 prestigious winners and bagging the General Insurance Company of the Year is Tokio Marine Holdings, which bounced back robustly and posted record growth after suffering its two largest losses in the same year. The Life Insurance Company of the Year award goes to AIA Singapore. The company impressed the judges not only for its initiatives to address the protection gap in Singapore, but also for its innovation to increase the ease of customers’ insurance buying experience.

This year’s General Reinsurer is Swiss Re, for showing strong industry leadership, extraordinary commitment to clients, and nimble response to their needs in a year that saw the second largest insured losses from catastrophes. Clinching the Life Reinsurer of the Year award is RGA with its leveraging of global expertise and local insights to help clients grow their bancassurance business in Asia.

In a market where innovation is king, Indian’s Apollo Munich Health Insurance has made itself a clear winner for coming up with a coverage-restoring indemnity health plan, earning it the Innovation of the Year award. And in the field of education, the Malaysian Insurance Institute won the judges’ votes for providing much-needed human capital development solutions to Asia’s insurance industry.

Winning the Personality of the Year award is Chairman & CEO of Kyobo Life Insurance, Dr Chang-Jae Shin, a visionary and well-rounded leader who has earned the high regard of the Korean insurance industry for his leadership in change management and his business strategy. Chandra Thomas Adolphus Schaffter, Chairman & Director of Janashakthi Insurance, has won the Lifetime Achievement Award for dedicating the past 60 years of his life to developing the various facets of the insurance industry in Sri Lanka.

Organised by Asia Insurance Review since 1996, the Awards honoured the winners yesterday in Kuala Lumpur, where the 26th East Asian Insurance Congress is currently taking place.