Year in Review
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!