Fifteen companies and individuals have emerged as winners of the 15th Asia Insurance Industry Awards, in a hotly contested race which received more than 500 entries in 15 categories.
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Japan’s newly merged MS&AD Group was honoured as General Insurance Company of the Year for its move to solidify its footprint in Asia while keeping its focus on stakeholders. The Life Insurance Company of the Year went to Singapore-based regional player Great Eastern Life Assurance for its understanding of the local market and its innovation.
For the first time in the history of the awards, Willis was named as Broker of the Year for being in the vanguard of providing risk management solutions. Aon Benfield won the Reinsurance Broker of the Year award for remaining available to its clients amid the natural catastrophes that have hit the region.
The Personality of the Year award went to Mr David Fried, in recognition of his achievements as the former Group Head of Insurance for HSBC. Two individuals – Mr TM Shih of Fubon Insurance and Mr Qin DaoFu of the People’s Insurance Company of China – received the Lifetime Achievement of the Year award.
The 15 winners were chosen from a list of 45 finalists by a distinguished panel of 29 judges, comprising leaders and regulators from the insurance industry. This year, the top three finalists in each category were announced for the first time in the awards’ history.
Launched jointly by Asia Insurance Review and The Review Worldwide in 1996 to recognise and salute excellence in the insurance industry, the annual Asia Insurance Industry Awards have become a much coveted and prestigious endorsement by peers in the industry, and are among the highlights of the insurance calendar.
This year’s Awards presentation was held in conjunction with the 11th Singapore International Reinsurance Conference and attended by more than 600 senior executives from the insurance industry at the Shangri-la Hotel in Singapore. Next year, the Asia Insurance Industry Awards will be held in Kuala Lumpur, Malaysia in conjunction with the East Asian Insurance Congress.
The Winners for 2011 are:
Life Insurance Company of the Year
Great Eastern Life Assurance Co Ltd, Singapore
Singapore’s oldest life insurer takes pride in its in-depth understanding of the local market and has earned high regard not only for its innovative products, but also for equipping distributors with tools and technology necessary to achieve higher productivity and to efficiently serve clients.
General Insurance Company of the Year
MS&AD Insurance Group
Fresh from its formation as a strategic alliance of three Japanese insurers, MS&AD made news last year with its bold move to solidify its footprint in Asia. Amidst such a move, stakeholders have remained the focus of its initiatives and innovations.
Educational Service Provider of the Year
Australian & New Zealand Institute of Insurance & Finance
ANZIIF is once again the Educational Service Provider of the Year for its effort to further expand its services across Asia and to develop greater educational and professional standards in the region.
Special Award – Micro Insurance Academy for its exceptional contribution of bringing insurance to the masses.
Service Provider of the Year
BELFOR Asia Pte Ltd
What set BELFOR Asia Pte Ltd apart as a service provider are its experienced and long-serving personnel committed to responding to clients’ needs even in highly challenging environments.
Risk Manager of the Year
Bharti Axa General Insurance Co Ltd, India
The India-based insurer impressed the judges for its trailblazing role in risk management by having an in-house team that provides a wide range of risk management consultancy services to the insured for free.
Broker of the Year
Willis Asia
Willis Asia has won the Broker of the Year award for being in the vanguard of providing risk management solutions to help Asian clients mitigate new exposures.
Reinsurance Broker of the Year
Aon Benfield
Aon Benfield is the Reinsurance Broker of the Year for its responsiveness to the needs of clients by remaining available to them despite the extreme adversity caused by the natural catastrophes that hit the region.
General Reinsurer of the Year
Munich Re
Munich Re’s dedication to help its Asia Pacific clients manage losses following devastating natural catastrophes has won the judges’ votes for the General Reinsurer of the Year award.
Life Reinsurer of the Year
Swiss Re
Winning the Life Reinsurer of the Year award for the fourth time, Swiss Re has used its know-how to help insurers in Asia meet their changing demands with innovation.
Corporate Social Responsibility Award
Samsung Life Insurance Co Ltd, Korea
The panel of judges has given Samsung Life the Corporate Social Responsibility Award this year for leading the CSR movement in South Korea’s financial services industry and for its effort to align its programme with the needs of the society through grassroots initiatives.
Green Company of the Year
HSBC Insurance (Asia-Pacific) Holdings Limited
HSBC Insurance has bagged the Green Company of the Year award for developing a corporate culture committed to long-term environment sustainability and to achieving eco-friendly operations.
Technology Initiative of the Year
RMSI Private Ltd, India
India’s RMSI Private Ltd has clinched the Technology Initiative of the Year award for developing an innovative solution that helps insurers better identify, assess and manage risks.
Personality of the Year
Mr David Fried
Former Group General Manager and Group Head of Insurance, HSBC
Despite having reached the top echelons of the industry as head of a global insurance business, what David Fried, simply known to many children in Hong Kong as “Uncle Moustacheâ€, was most proud of was leading the creation of a corporate culture that encouraged and valued charitable endeavours.
Lifetime Achievement Award
Mr Shih Tsan-Ming
Chairman, Fubon Insurance Co Ltd
A tireless industry leader, T M Shih has worked hard to transform and grow the Taiwanese insurance sector. For this, the panel of judges has chosen him as one of this year’s Lifetime Achievement awardees.
Mr Qin DaoFu
Former Chairman & President, People’s Insurance Company of China
Besides dedicating his 50-year career to the industry, Qin Daofu blazed a trail in designing and executing the early stages of reform in China’s insurance sector. For this, he has won one of this year’s Lifetime Achievement Awards.
Innovation of the Year
This year, the Panel of Judges felt that the X factor for the winner of innovation was missing.
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