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Mo­ments that mat­ter – how val­ues, cul­ture and be­hav­iour make a dif­fer­ence Angie Wong brings to at­ten­tion the re­cent In­surance Banana Skin Sur­vey 2013 that seems to in­di­cate Malaysia’s starkly dif­fer­ent re­sponse to global in­sur­ers in terms of reg­u­la­tion as an emerg­ing risk in the in­dus­try since the af­ter­math of the global fi­nan­cial cri­sis. She also pointed out how cap­i­tal­is­ing on or­gan­i­sa­tion’s adapt­abil­ity and cul­tural el­e­ments will help an or­gan­i­sa­tion in­no­vate, adapt and meet is or­gan­i­sa­tion’s goals for suc­cess.

Ayear ago to this month, Malaysia played host to the 26th East Asian In­surance Congress, which urged its mem­bers in the East Asia in­surance com­mu­nity to be brave and work to trans­form with the ever-evolv­ing mar­ket while heed­ing the call for ac­tion. This was done to en­cour­age mem­bers to take ad­van­tage of the changes and the op­por­tu­ni­ties oc­cur­ring around them. Yes – the fu­ture may be hard to pre­dict, as in­sur­ers con­tinue to grap­ple with tough new busi­ness, in­vest­ment and reg­u­la­tory en­vi­ron­ments that are emerg­ing from the fi­nan­cial cri­sis. And with that sim­i­lar thought in mind, the Cen­tre for the Study of Fi­nan­cial In­no­va­tion based in New York, USA, in col­lab­o­ra­tion with PwC, launched the In­surance Banana Skin Sur­vey in 2008 to ex­am­ine the risks fac­ing the global in­surance in­dus­try at a time of con­sid­er­able mar­ket un­cer­tainty. The sur­vey sought to iden­tify those changes that ap­pear most ur­gent to in­surance prac­ti­tion­ers and close ob­servers of the in­surance scene around the world. In its fourth year of sur­vey, the bi­en­nial sur­vey is aimed at se­nior ex­ec­u­tives in the in­dus­try. It ex­plores the risks in­sur­ers face and their level of pre­pared­ness. This year, ap­prox­i­mately 662 in­dus­try play­ers from 54 coun­tries par­tic­i­pated in the sur­vey, of which 14 re­spon­dents were from Malaysia. The 2013 In­surance Banana Skins Sur­vey re­sults high­lighted the fact that the bur­den of reg­u­la­tion emerged as the top risk in the world rank­ings for the sec­ond year in a row. This re­sponse is per­haps not at all un­sur­pris­ing, con­sid­er­ing the in­flux of new reg­u­la­tory ini­tia­tives ex­pe­ri­enced by the Euro­pean mar­ket and in re­spec­tive lo­cal ju­ris­dic­tions. The con­tin­ued poor in­vest­ment cli­mate, com­pounded by the dif­fi­cult macro-eco­nomic cli­mate, made it harder for in­sur­ers, par­tic­u­larly life in­sur­ers, to per­form, This was fea­tured highly in the list of chal­lenges faced by the global mar­ket, fol­lowed by a marked con­cern over en­sur­ing con­sumer in­ter­ests. These were ad­dressed due to past poor and ques­tion­able busi­ness prac­tices.

Chart 1: Break­down of re­spon­dents1

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