Guided tour in Asia, by Pascal Paoli
After thirty years of experience in the Asian insurance markets, Pascal Paoli joined AXA Corporate Solutions on October 1, 2009 as "P&C Executive Officer for South East Asia" and "Regional Commercial Manager" for the branch offices of AXA Corporate Solutions in Asia (Hong Kong, Shanghai and Singapore). Four months later, Pascal is here to take us on a guided tour of Southeast Asia: we’ll look at its natural constraints, its economic potential, its insurance market prospects, and P&C platform run by AXA Corporate Solutions in Singapore!
AXA Corporate Solutions has two branch offices in Asia, one in Hong Kong and one in Singapore, for its Marine business. In addition, since 2007 it has had a dedicated team in Shanghai, China. Today, AXA Corporate Solutions is reinforcing its presence in Asia, with the rollout in Singapore of a regional P&C platform for all of Northeast Asia (South Korea, Taiwan, and Hong Kong) and Southeast Asia (Malaysia, Singapore, Indonesia, Thailand). Composed of underwriters and engineers, the structure will primarily place the accent on the property and construction lines – which are the most in demand within the region – while also addressing needs in the area of casualty coverage, a business line that is being developed more gradually.
The Asian region stands out economically: it boasts sustained industrial output (China has become the world’s factory) and dynamic growth that far outpaces Europe (8 to 9%). The region attracts a substantial amount of foreign investment inflows. Asia is also highly exposed to natural disasters – not just earthquakes (China, Japan, and Taiwan), typhoons, tidal waves of the tsunami variety, volcanoes (Philippines, Indonesia) – but uses construction technologies designed to take them into account.
In this environment, teams will apply the underwriting discipline developed by AXA Corporate Solutions: monitor CAT exposures and accumulations, and give preference to clearly identified and well-managed risks. In this part of the world, where needs are enormous, they will also share their expertise in PowerGen and High Tech projects.
The platform is already seeing a high level of business with the brokers and hopes to set up and hold quarterly business reviews with them as a way of developing locally-based relationships and optimizing team work.
Contact : firstname.lastname@example.org
Specialty Markets: already a long tradition in Asia!
AXA Corporate Solutions has an established history in Asia, and has been doing business through two branch offices, one in Singapore and one in Hong Kong, since 2002. It writes both Hull and Cargo business, especially the latter.
Local teams are comprised of about thirty people, who work under the regional leadership of Mike Davies, who specializes in Cargo. Mike is also the chairman of the Cargo Committee of the IUMI (International Union of Marine Insurance). It will be holding its 2010 Spring Executive and Technical Committee Meeting in Hong Kong on March 14 and 15.
In this region, which is undergoing rapid economic development, has extensive transportation needs. Clients can count on the Project Cargo expertise of AXA Corporate Solutions, and on the support of a technical advisor (Marine & Transport Risk Consulting) based in Singapore, a decisive competitive advantage for AXA Corporate Solutions.
In Aviation and Space, AXA Corporate Solutions writes business from Paris for Asian airlines and operators of satellites.
In all, the Specialty Market lines in Asia generated revenues of USD83.5M in 2009.
- Marine : Mike Davies, email@example.com
- Aviation : Dzung Nguyen-Tu, firstname.lastname@example.org
- Spatial : Matthieu Caillat, email@example.com
News: a new address for AXA Corporate Solutions in China
Since January 25, 2010, the new address for AXA Corporate Solutions in Shanghai is:
11F, South Tower, China Diamond Exchange Center,
1701 Century Avenue, PuDong, Shanghai 200122 PRC
Tel: +86 (0)21- 6156 3500 Fax: +86 (0)21- 6882 5603
For other Asian locations, no change in address:
- Hong Kong - AXA Corporate Solutions 1204 - 5, DCH Commercial Centre, 25 Westlands Road, Quarry Bay, Hong Kong - Martin Rueegg, CEO, firstname.lastname@example.org Tél. : + 852 2968 07 33
- Singapour - AXA Corporate Solutions 143 Cecil Street, # 09-02 GB Building Singapore 069542 - Mike Davies, CEO, email@example.com Tél. : + 65 6880 48 28 - Pascal Paoli, P&C Executive and Regional Commercial Manager Asia, firstname.lastname@example.org Tél.: + 65 6880 46 94