Just Released: "Insight Report: Insurance Governance, Risk and Compliance in Asia-Pacific"

From: Fast Market Research, Inc.
Published: Thu Jun 12 2014

As the insurance markets in the countries of the European Union work towards achieving greater transparency, enhanced ability in identifying exposure to risk, greater process efficiency and control (by adopting Solvency II standards) and other governance, risk and compliance (GRC) initiatives, many countries of the Asia-Pacific region are also following suit. The Asia-Pacific region comprises diverse economies with significantly varying GRC frameworks governing the respective insurance industries. The region consists of economies with highly developed and complex regulatory environments, and those with only basic regulatory standards. The pace of regulatory developments and changes has increased in the Asia-Pacific region in recent times, as insurance regulators are focusing on enhancing their GRC frameworks.

Full Report Details at
- http://www.fastmr.com/prod/833358_insight_report_insurance_governance_risk_and.aspx?afid=301

After the global financial crisis, insurance regulators in Europe and America markets are strengthening their GRC frameworks with specific focus on prudential standards and consumer protection standards. Key initiatives in this area include the implementation of Solvency II in Europe region, and the adoption of risk-based solvency frameworks and IFRS standards by many countries. These developments have influenced Asia-Pacific insurance regulators to enhance their own GRC frameworks to keep pace with international trends.

International and regional organizations, including the International Association of Insurance Supervisors (IAIS), International Monetary Fund (IMF), Financial Stability Board (FSB) and Asian Development Bank (ADB), promote the adoption of international best practices across insurance industries. Insurance regulators receive help from such organizations in developing and enhancing GRC frameworks and implementing new standards in line with the international best practices.

Most countries in the Asia-Pacific region are strengthening their solvency frameworks and consumer protection standards. Countries which have already implemented risk-based capital adequacy standards, such as Australia and Singapore, are enhancing their standards by incorporating internal models for risk assessment, enterprise risk management standards, new public disclosure requirements and additional risks for solvency margin calculation. Other countries which have a factor-based solvency margin framework, such as China, Hong Kong and Sri Lanka, are moving towards adopting risk-based capital adequacy standards.

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