Ipac goes with Asian push despite epidemic
AXA Australiais fully committed to rolling out theIpacfinancial planning model in Asia, despite the growing impact of Severe Acute Respiratory Syndrome (SARS) in the region. However, the group has flagged potential damage to its margins through significant rises in life insurance claims.
Speaking at the company’s annual general meeting in Melbourne last week, chief executive Les Owen revealed two senior members of staff had been appointed to its Singapore operation — expected to become operational later this year.
An Ipac staff member has also been relocated to Hong Kong in preparation for launching a financial planning arm there next year.
On the SARS issue, AXA has only had one claim on a life policy in Hong Kong to date but is anticipating more.
Despite the potential damage to the firm in the form of payouts, Owens says the epidemic is creating opportunities for risk business.
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