Insurance Banana Skins 2013 is a biennial survey of the risks facing the insurance industry, produced by the Centre for the Study of Financial Innovation (CSFI) in association with PwC.
This is the third Insurance Banana Skins survey, which sets out to identify the risk concerns at the top of the boardroom agenda and how these perceptions change over time. It includes insights from over 660 insurers, regulators and close observers of the industry across 54 countries.
There were 14 respondents from Malaysia.
A stark contrast in results was observed between Malaysia and that of the world’s. In particular:
1) According to Dr Michael Heng:
PwC Malaysia assurance executive director Angie Wong interviewed Dr. Michael Heng, the CEO of Tokio Marine Insurans (Malaysia) Berhad, a survey respondent. Watch this video on
his thoughts and observations on the survey results and the industry outlook, in particular:
On risk management:
“The fundamental risk management frameworks are in place, but they are not so robust.”
On talent in the area of corporate governance:
“In general, there is a dearth in talent at board level when it comes to insurance expertise especially in the takaful / retakaful arena.”
On reinsurance risk:
Concerned about “rate softening and credit risk increase due to possibility of reinsurer default.”