Enhancing business continuity management capacities in the insurance industry: a Southeast Asian perspective

Kok Loon Wong and Paul H. Barnes

International Journal of Business Continuity and Risk Management, 2011, vol. 2, issue 2, 139-166

Abstract: As a resilience enhancing practice, business continuity management (BCM) can play an important role in aiding preparation of the insurance industry for coping with the losses incurred by major discontinuity incidents: regardless of cause. Acknowledging the increasing frequency of unpredictable man-made disasters and natural catastrophes, the insurance industry would benefit from examining and implementing, where suitable, key elements of BCM. Such strategic decisions would assist insurers and re-insurers collectively to enhance mutual capability to respond to, and recover from, the impact of significant losses. This paper presents a comparison of opinions about BCM practitioners in both retail and re-insurance companies on the importance of generic continuity practices with actual levels of BCM practice across the two industry groups in Southeast Asia. It suggests means by which multi-lateral cooperation across Asian economies and between retail and re-insurance market segments might enhance the viability of the insurance industry in the face of increased stress from major natural and socio-technical hazards.

Keywords: business continuity management; insurance industry; resilience; Southeast Asia; management capacities; multi-lateral cooperation; retail industry; re-insurance; risk management; man-made disasters; natural catastrophes. (search for similar items in EconPapers)
Date: 2011
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