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  • The Actuarial Society of Hong Kong, 2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong Tel (852) 2147 9420 Fax (852) 2147 2497 Website: www.actuaries.org.hk

    Note: Views expressed are not necessary those of The Actuarial Society of Hong Kong

    Volume 3 / 2014 | Hong Kong Actuaries (Page 1)

    AU TU MN VO LU ME

    03 Oct 2014

    Hong Kong Actuaries Actuarial Society of Hong Kongs Newsletter

    Call for Articles or Views for the next issue of Newsletter

    While all articles are welcome, we would especially like to receive articles for the Feature Articles and Knowledge Sharing sections. If you have written any inspiring articles or have read any interesting articles from other actuarial organization(s), please feel free to let us know. We will try to reprint the article(s) in our newsletter to share with our members. For the above issues, please e-mail your articles or views to Simon Lam by email at slam@munichre.com or ASHKs office by email at actuaries@biznetvigator.com.

    Life Insurance and Actuarial Market in India

    Actuarial Update from Japan

    Preparation of Roadmap to Advance and Enhance Framework

    for Financial Soundness of Insurance Company in Korea

    Risk Based Capital Framework for Insurers in Singapore

    An Update on the Institute and Faculty of Actuaries

    A Strong Global Presence from the Society of Actuaries

  • The Actuarial Society of Hong Kong, 2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong Tel (852) 2147 9420 Fax (852) 2147 2497 Website: www.actuaries.org.hk

    Note: Views expressed are not necessary those of The Actuarial Society of Hong Kong

    Volume 3 / 2014 | Hong Kong Actuaries (Page 2)

    Dear Readers,

    We are pleased to welcome you all to the third issue of newsletter in 2014! In this issue, we have revamped the layout to make it more refreshing and easier to read. It also has the brand new name Hong Kong Actuaries to signify this milestone of our effort to more comprehensively address our readers needs with our professional image. We would like to express our gratitude to all members for the valuable opinions in the membership survey. We are now consolidating the immense input and will be sharing the results with our members in the coming issue. A review of the survey responses allowed us to see our members desire for a better understanding of the global actuarial development, and so we have developed a section of Global Actuarial Update in this issue with the hope of meeting your needs. For this topic, we are glad to have the support from actuarial societies in India, Japan, Korea, Singapore, UK and USA (countries listed in alphabetical order) in enhancing our knowledge in their respective regions. With the much appreciated input from our counterparts around the globe, the content may be too rich to fit into a single issue, thus we will be continuing to provide information for the rest of the countries update in the coming issue. Besides, it is our pleasure to have the update from the Office of the Commissioner of Insurance on the latest development of the Independent Insurance Authority initiative. Also, interviews were held with senior industry practitioner, Patrick Poon, to provide us with advice on career development. Finally, we have Eric Yau to share with us about the Economic Capital in Asia Pacific to supplement our country update in this issue. May I, on behalf of ASHK, show our heartfelt appreciation to the Institute of Actuaries of India, the Institute of Actuaries of Japan, the Institute of Actuaries of Korea, Singapore Actuarial Society, Institute and Faculty of Actuaries and Society of Actuaries, Commissioner of Insurance, Annie Choi, Patrick Poon, and Eric Yau for their cordial contribution to our newsletter. This issue could not have been published successfully without their help. Apart from that, the framework for the Hong Kong RBC concept paper has been issued for public consultation. We will be updating the news for readers in the coming issue. Again, our committee is happy to listen to recommendations on both membership and publications matters. Please feel free to contact me at slam@munichre.com or ASHKs office at actuaries@biznetvigator.com for any ideas of interest. Having spent the effort in attempting to improve the newsletter, it is our sincere hope that everyone will benefit from the advancements and enjoy reading this publication. Happy reading! Simon Lam EDITOR

    Editors Note

    Disclaimer: This publication is provided for informational and educational purposes only. The Actuarial Society of Hong Kong makes no endorsement, representation or guarantee with regard to any content and disclaims any liability in connection to the use or misuse of any information provided herein. This publication should not be construed as professional or financial advice. Statement of fact and opinions expressed herein are those of the individual authors and are not necessarily those of the Actuarial Society of Hong Kong.

    CONTENTS * Feature Articles

    Life Insurance and Actuarial Market in India.....p.3

    Actuarial Update from Japan.....p.6

    Preparation of Roadmap to Advance and Enhance Framework for Financial Soundness of Insurance Company in Korea...p.8

    Risk Based Capital Framework for Insurers in Singapore .p.9

    An Update on the Institute and Faculty of Actuaries.....p.10

    A Strong Global Presence from the Society of Actuaries.....p.13 * Knowledge Sharing

    Interview with Commissioner of Insurance, Ms. Annie Choi, JP....p.15 Interview with Senior Actuary, Mr. Patrick Poon........p.17 Economic Capital in APAC - A Brief Overview of Current Practice..........p.19 * Committee & Market Update

    Committees Update..p.23

    MPFAs Revised Guidelines...p.23 * Others Membership Update..p.24

    Upcoming Events & Events Highlights....p.25

    Prize to Give Away....p.29

  • The Actuarial Society of Hong Kong, 2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong Tel (852) 2147 9420 Fax (852) 2147 2497 Website: www.actuaries.org.hk

    Note: Views expressed are not necessary those of The Actuarial Society of Hong Kong

    Volume 3 / 2014 | Hong Kong Actuaries (Page 3)

    KOREA

    INDIA

    JAPAN

    UK

    T he insurance market in India was opened up to private insurers in the year 2000 with a restricted participation of foreign capital at 26%. Composite insurance entities are not allowed in the Indian market and market players are only permitted to operate as separate entities for life and non-life segments. Standalone health insurance companies are also permitted. As many as ten life insurers and six non-life insurers started business in the beginning and after more than a decade of opening up the sector, a total of 52 insurers are in the market which include 24 life insurers, 23 non-life insurers and 5 standalone health insurers. Insurance penetration and density levels had been low in the pre-liberalization era in comparison with any other developing country when only public sector life and non-life companies operated in the Indian market. A comparison of insurance penetration and density with global insurance markets is shown below:

    Vinod Kumar Kuttierath Head-Research, Research Department Institute of Actuaries of India vinodkumar@actuariesindia.org

    INTERNATIONAL COMPARISON-Year 1999 (Insurance Penetration & Insurance Density)

    Countries

    Insurance Penetration (Premiums as % of GDP-year 1999)

    Insurance Density (Premiums per capita in USD-year 1999)

    Non-life Life Total Non-life Life Total

    United States 4.32

    4.23

    8.55

    1,474.40

    1,446.60

    2,921.00

    Canada 3.31

    3.19

    6.50

    700.60

    674.60

    1,375.20

    Brazil 1.66

    0.35

    2.01

    56.70

    11.80

    68.50

    Mexico 0.86

    0.82

    1.68

    43.30

    41.30

    84.60

    Chile 1.13

    2.65

    3.78

    48.70

    114.30

    163.00

    United Kingdom 3.05

    10.30

    13.35

    741.50

    2,502.80

    3,244.30

    Germany 3.55

    2.96

    6.51

    913.50

    762.20

    1,675.70

    France 2.82

    5.70

    8.52

    688.60

    1,392.30

    2,080.90

    Contribution from India: Life Insurance and Actuarial Market in India

    SINGAPORE

    USA

    Volume 3 / 2014 - Feature Articles

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  • The Actuarial Society of Hong Kong, 2202 Tower Two, Lippo Centre, 89 Queensway, Hong Kong Tel (852) 2147 9420 Fax (852) 2147 2497 Website: www.actuaries.org.hk

    Note: Views expressed are not necessary those of The Actuarial Society of Hong Kong

    Volume 3 / 2014 | Hong Kong Actuaries (Page 4)

    Volume 3 / 2014 - Feature Articles

    INTERNATIONAL COMPARISON-Year 1999 (Contd) (Insurance Penetration & Insurance Density)

    Countries Insurance Penetration (Premiums as % of GDP-year 1999)

    Insurance Density (Premiums per capita in USD-year 1999)

    Non-life Life Total Non-life Life Total Russia 1.34 0.78 2.12 17.00 9.90 26.90

    Japan 2.30 8.87 11.17 805.50 3,103.40 3,908.90

    South Korea 2.89 8.39 11.28 2

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