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

By Kok Loon Wong and Paul H. Barnes

Abstract

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

Topics: 150312 Organisational Planning and Management, Business Continuity, Insurance, Resilience, Southeast Asia
Publisher: Inderscience Publishers
Year: 2011
DOI identifier: 10.1504/IJBCRM.2011.041489
OAI identifier: oai:eprints.qut.edu.au:43333
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