Title: Enhancing business continuity management capacities in the insurance industry: a Southeast Asian perspective
Author: Kok Loon Wong, Paul H. Barnes
Business School, Queensland University of Technology, 2 George Street, Brisbane, 4001, Australia.
Business School, Queensland University of Technology, 2 George Street, Brisbane, 4001, Australia
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.
Int. J. of Business Continuity and Risk Management, 2011 Vol.2, No.2, pp.139 - 166
Available online: 24 Jul 2011