tokio marine life insurance singapore

here is an important statement from mr david beynon, the ceo of tokio marine life insurance singapore which we have just received:

Japanese Earthquake and Tsunami
CEO Message

Singapore, 22nd March 2011 – As you are, of course, aware, on March 11, Japan
suffered its worst ever 9-point earthquake which then triggered the devastating
Tsunami. I feel sure that we all share the deepest sympathy and concern for the
unfortunate people affected.
Staff and Agents of Tokio Marine Life Insurance Singapore Ltd. (TMLS), along with
all other companies in the Tokio Marine group worldwide, have begun to donate
funds to try to help as much as we can. The Singapore Red Cross Society has also
appealed to the public.
It has come to our attention, though, that some questions have been raised with
regard to the implications on our Singapore business and we need to clarify the
situation to put any concerns to rest.
Firstly, then, to explain the situation in Japan. The Tokio Marine Group is one of the
largest non-life insurer in Japan and, as such, is operating on a “business as usual”
basis. They will expedite claims as quickly and efficiently as possible. This will, of
course, include residential property damage but as, unfortunately, earthquakes are,
of course, very frequent there, the Japanese government retains part of the risk
themselves within their Government pooling scheme. Individual insurers are
therefore, less affected. There will, of course be commercial property claims,
although Earthquake Insurance is not part of standard coverage. Earthquake risk
exposure only represents a tiny 3.2% of the Tokio Marine portfolio. We are confident
that our parent company’s financial soundness, backed by ample reserves and
capital will enable all claims to be met without affecting the solidarity of the company.

As to Singapore, as stated in the CEO’s message on our website
http://www.tokiomarine-life.sg/news, “I need to reassure you that this will have no
effect whatsoever on TMLS. The Tokio Marine Group are the majority shareholder of
our company but we are totally independent of them, financially. We are in exactly
the same very strong financial shape as we were before the tragic events of that
terrible Friday”.

We are regulated by the Monetary Authority of Singapore, who, at all times, ensure
that all local insurers (of whom Tokio Marine Life Insurance Singapore is one) are
fully reserved and financially able to support policy obligations here. The Insurance
Act (Chapter 142 – Section 16, 17 and 18) ensures that all insurers maintain
statutory insurance funds which are segregated from its head office and other
shareholders' fund. Within these funds, insurers must maintain sufficient assets to
meet all its liabilities to policyholders. As such, these funds remain separate and
protected and can only be used if attributable to our life insurance business. Tokio
Marine Life Insurance’s Risk Based Capital rating (an MAS measure of financial
strength) is amongst the highest in Singapore. None of our policyholders’ funds are
invested directly or indirectly in Japan.

my comments:

the tragic event in japan of march 11, 2011 has not altered my belief in the sound financial standing of tokio marine life insurance singapore and i'll continue to recommend tokio marine life insurance singapore's products, based on what i firmly believe in their value-add propositiona to my clientele.