Year in Re­view

Insurance - - EDITOR'S NOTE -

What seems like a mere blink of an eye has re­sulted in an en­tire year pass­ing by. Time in the 21st cen­tury seems to be spear­head­ing with the con­stant evo­lu­tion of tech­nol­ogy and its ad­vance­ments. But de­spite the speed in which nor­malcy has ac­cus­tomed it­self to, I would like to take the op­por­tu­nity to ask you to look back at 2014 and what it has meant to you. This is­sue is themed around ‘Re­flec­tion’ and with that we bring you an in-depth anal­y­sis of the global in­surance in­dus­try by McKin­sey’s Global In­surance Pools. This source is a pro­pri­etary data­base con­tain­ing over 150,000 data points cov­er­ing the largest 60 coun­tries world­wide and 99 per­cent of global in­surance pre­mi­ums. Our data­base in­cludes key fi­nan­cial in­di­ca­tors for ev­ery mar­ket, start­ing from 2000, and pro­jec­tions to 2020. The forecasts in this study are based on ex­ten­sive re­gres­sion mod­el­ing that in­cor­po­rates a set of macroe­co­nomic pa­ram­e­ters as in­put vari­ables, in­clud­ing in­ter­est rates, eq­uity mar­ket per­for­mance and nom­i­nal GDP growth. We have also asked our peers at Tow­ers Wat­son for an in-depth look into another hot topic, Salary Trends. Tow­ers Wat­son’s an­nual Fi­nan­cial Ser­vices To­tal Re­wards Survey is the largest com­pen­sa­tion survey re­port­ing on the Malaysian fi­nan­cial ser­vices in­dus­try. This year, over 130 com­pa­nies across sev­eral sec­tors par­tic­i­pated in the survey. The Fi­nan­cial Ser­vices To­tal Re­wards Survey con­tains com­pre­hen­sive anal­y­sis and find­ings that pro­vides in­sights into cur­rent com­pen­sa­tion prac­tices and trends in the in­dus­try. The survey is aimed at help­ing or­gan­i­sa­tions make in­formed de­ci­sions about to­tal re­ward pro­grams for its em­ploy­ees. The re­sults would help com­pa­nies in val­i­dat­ing their salary com­pet­i­tive­ness in the mar­ket, help in re­cruit­ment ac­tiv­i­ties and also to en­sure that cor­rect salary ad­just­ments are made for crit­i­cal roles for re­ten­tion pur­poses. Then we have an in­ter­est­ing out­look on CEO, Mr Toi See Jong, from Tokio Marine In­surance and how giv­ing back through Cor­po­rate So­cial Re­spon­si­bil­ity has played a ma­jor role in the suc­cess of his business to­day. The MII high­lights sec­tion showcases both the Malaysian In­surance Sum­mit as well as the GIAC which re­ceived tremen­dous support from the in­dus­try this year. Lastly, I would like to take this won­der­ful op­por­tu­nity to wish our read­ers a Merry Christ­mas and a very Happy New Year. May 2015 be just as pros­per­ous as 2014 has been.

En­joy this is­sue!

Dato' Haji Syed Mo­heeb Syed Ka­marulza­man Ed­i­tor in­sur­anceed­i­tor@mii.org.my

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