Lockton Asia appoints Alex Yip as Chief Executive Officer for Greater China

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Oct 06, 2014, 01:44 ET

HONG KONG, Oct. 6, 2014 /PRNewswire/ -- Lockton Asia is pleased to announce the appointment of Alex Yip as Chief Executive Officer for Greater China. Alex is based in Hong Kong and will lead the Hong Kong and China teams. Alex has more than 29 years' experience in the Asian insurance industry, and will have a particular focus on business development and strategic planning for the Greater China market.

Over his career, Alex has worked with clients in Hong Kong, Macau, and Mainland China. Prior to joining Lockton, Alex was Chairman and General Manager of JLT China, running offices in Beijing, Shanghai and Guangzhou with more than 90 staff members.

Alex has extensive experience in corporate and specialty segments, particularly Property, Liability, Construction, Power and Energy. His clients included multinational as well as local Chinese companies, and he believes there is great potential for Lockton China to develop its business as the local market matures.

"The China Insurance market developed at an incredible pace over the last two decades. There are already more than 100 insurers covering the life and non-life segments, and approximately 1,000 intermediaries, such as brokers, agents and loss adjusters, operating in the country. With a vast amount of insurance capital, as well as underwriting capacity, flowing into the market, competition is increasing and premium pricing rates are dropping.

"Short term trends are hard to pick. Although there is a feeling that the market will soften, the size, scale, and increasing regulatory oversight of the Chinese insurance industry means there will always be opportunities for quality operators. New product lines and coverage policies, being offered by international insurers, are increasingly attracting the attention of the country's insurance buyers who are becoming more and more risk and insurance minded."

Alex noted that an important high-growth market for Lockton Companies, both internationally and in China, would be providing coverage and advice to the increasing number of Chinese companies developing business abroad.

"We are seeing an increase in the demand for insurance products and advice from Chinese businesses working overseas—from wider Asia to the Middle East, Africa, Latin America, and the United States. Undoubtedly, risk management is of increasing concern, especially as these companies are facing a new range of commercial, environmental, and regulatory risks."

Alex is a regular speaker in various insurance and industry forums both in Hong Kong and Mainland China. Alex is a Fellow of Chartered Insurance Institute (FCII) and Chartered Property Casualty Underwriter (CPCU).

About Lockton
More than 5,300 professionals at Lockton provide 41,000 clients around the world with risk management, insurance, and employee benefits consulting services that improve their businesses. From its founding in 1966 in Kansas City, Missouri, Lockton has attracted entrepreneurial professionals who have driven its growth to become the largest privately held, independent insurance broker in the world and 10^thlargest overall. Independent researcher Greenwich Associates has awarded Lockton its Service Excellence Award for risk management for large companies. For five consecutive years, Business Insurance magazine has recognized Lockton as a "Best Place to Work in Insurance." To see the latest insights from Lockton's experts, check Lockton Market Update.

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