I was in Hong Kong for my first business trip from Wednesday to Friday last week. Yes. Hong Kong, you read that right. The questions people asked me when I got back were: "Kamusta naman yung mga tao?" "Binato ba nila ang passport mo noong nalaman na Pilipino ka?" I thought the questions were funny because well, I did not sense any animosity.
In case you were out of the loop, a hostage-taking incident, took place in Manila in August resulting in the death of nine Hong Kong nationals. As a result of the incident, the Philippines was placed on Hong Kong's country blacklist.
The people were pleasant during my trip. I guess they did not think I am a Filipino because the shop keepers were talking to me in their language. I think they were speaking Mandarin and I couldn't respond because the only words and phrases I know are: nihao, xie xie, wo ai ni and chao xi huan ni.
Anyway, I was in Hong Kong to cover the awarding of Pioneer Group of Insurance Companies as Best Insurer for Asia and for the Philippines by Euromoney magazine, which covers international financial markets. The award was based on a survey of direct insurance buyers such as chief finance officers conducted from February to April. The respondents were asked to identify the best insurer in terms of the following criteria: price, claims resolution, products offered and innovation.
The main event was only on Thursday, which meant I had Wednesday and Friday to go around. My editor told me I was only required to submit a story on Thursdat since there no events to cover on the other days.
I went to H&M and spent two hours in that store alone on the first day. While I was able to buy some stuff, I was not able to get everything I wanted due to the lack of time. The CEOs of the life and non-life arm of the Pioneer Group hosted dinner on the first day, which was also supposed to be a free day, so time to go around was limited. It was fine with me, because well, the food was good. We were served with ten courses, if I remember correctly. We had dinner in a restaurant called Golden Bull which served Vietnamese cuisine. Oh, and there was a cute waiter there. I think he should be part of an Asian boyband. Haha.
I enjoyed the trip but I still felt the time I spent there was not enough. I wanted to go to other stores like Cotton On, In Fashion, Maple and Two Percent. But then again, I was there primarily for work so I should probably arrange to come back some other time. When that would be, I am not sure. Hopefully, soon. I need to look for travel pals.
Here's the product of my first business trip:
| More mergers and acquisitions seen among insurers in Asia |
| Louella D. Desiderio |
October 1, 2010 |
|
HONG KONG - Consolidation among Asia's insurers will increase in the coming years, resulting in stronger and bigger insurance firms.
William Powell, associate publisher of Euromoney magazine, told reporters during a roundtable discussion yesterday that more mergers and acquisitions (M&As) are expected to take place in Asia in the coming years, as what has been happening in other parts of the world.
We foresee, as we have seen in other parts of the world, that there will be fewer players in the future. Perhaps, the environment is not perfect for insurance M&As right now, but when the appetite returns, I think we'll be seeing a lot of that in Asia and that presents opportunities for the likes of the Pioneer (Group) to expand and to grow, Mr. Powell said.
Euromoney, a magazine covering the international financial markets, awarded the Pioneer Group of Insurance Companies as best insurance company in Asia and in the Philippines for 2010.
What we found from people we spoke to was they felt the insurance industry in Asia is developing and becoming sophisticated at a faster rate than they first thought or appeared from the outside, Mr. Powell said.
He noted that with many insurance companies competing in the market today, consolidation among the companies is logical.
In Asia, there are many players and perhaps in the future, the natural course would be to consolidate. And that would generally affect smaller players, he said.
He said that with new rules approved by regulators for European insurers, large global insurance firms may have to sell some of their businesses or pull out of certain markets.
When I say there are going to be few players, that does not discount larger global players leaving certain markets particularly with the new regulations coming into effect throughout Europe. They'll be required to set aside more capital and for large companies, that would mean selling units abroad where they have been previously looking to expand, he said.
New regulations in the form of Solvency II are expected to take effect in the European Union in 2012. It will will require insurance firms to have risks aligned with capital to ensure their clients' claims are covered.
Meanwhile, Mr. Powell said Euromoney's decision to recognize Pioneer was based on a survey conducted from February to April.
The survey involved asking direct buyers of insurance such as chief financial officers which they considered the best insurance company according to price range, claims resolution, range of products and innovation in products. The survey covered more than 400 respondents in over 50 countries.
The Pioneer Group, Mr. Powell said, received many votes based on innovation within the company and range of products.
At the same roundtable discussion, David Coyukiat, president and chief executive officer of Pioneer Insurance and Surety Corp. said what the group has done was to reach the low-income market.
Lorenzo O. Chan, president and chief executive officer of Pioneer Life Insurance, Inc., the life insurance arm of the Pioneer Group said that with many players catering to the A and B markets, the company saw an opportunity in the low-income market.
We designed products that are relevant to them, he said.
With low-income individuals having a limited budget, he said the company has come up with a bundled product that provides cash burial assistance, accident insurance, property damage assistance and a savings facility.
The company, Mr. Chan also said, has also partnered with religious groups, microfinance institutions and rural banks for distribution of products to suit the needs of that market.
As far as we are concerned, we'd like to keep doing that to keep pioneering new products and new approaches, he said.
There are different communities and they require different approaches, he added.
---as published in www.bworld.com.ph
