In this episode of A.M.BestTV, attendees at the annual Singapore International Reinsurance Conference (SIRC) said market growth, combined with regulatory changes that emphasize solvency standards, should raise the amount of insurance premiums collected in Asia that is ultimately ceded to reinsurers. Click on http://www.ambest.com/v.asp?v=sirc21118 to view the entire program.
The hot topic at this year conference in Singapore: how to increase reinsurance growth in Asia, which contributes less than 30% to the worlds insurance premiums and less than 15% to the entire reinsurance industry.
The ones that represent the most potential are the markets that show the biggest economic growth, said William Ho, head of reinsurance, Asia, MS Amlin. That is where the potential is and is why so many of us reinsurers and insurers are trying to grow in this region.
Jayne Plunkett, chief executive officer, reinsurance, Asia, Swiss Re, believes that China will be the area that will offer the most growth.
I think we will see most of the growth coming from China, she said. Part of that reason is because the regulator in China has a very disciplined and proactive approach about building the marketplace around liability, agriculture and health.
Other people that appear in this episode:
- Tony Gallagher, chief executive officer, Guy Carpenter;
- Franz-Josef Hahn, chief executive officer, Peak Re;
- Iain Willis, managing director, JBA Risk Management;
- Tobias Farny, chief executive, Asia-Pacific, Munich Re; and
- Mark Newman, chief executive officer, MENA & APAC, Canopius.
For full video coverage of the SIRC 2018 conference, including exclusive executive interviews, please visit http://www.ambest.tv/sirc18.
Recent episodes of A.M.BestTV include:
- Reinsurance Pricing in Asia Struggles to Keep Up With Loss Activity: Attendees at the Singapore International Reinsurance Conference said some insurers and some regions may see higher rates when reinsurance agreements renew, but overall market pricing is constrained by plentiful available risk capital: http://www.ambest.com/v.asp?v=sirc11018.
- Property/Casualty Insurers Look to Product Innovation to Fuel Growth: Attendees at the Property Casualty Insurers Association of America Conference said they are focusing on new coverages for cyber risk, flooding, cannabis and other emerging exposures to find new paths to growth: http://www.ambest.com/v.asp?v=pci21018.
- As Insurers Discuss Flood Coverage, They Are Challenged To Do More Than Talk: Insurers and reinsurers at the Property Casualty Insurers Association of America Conference see opportunities in expanding their flood coverage: http://www.ambest.com/v.asp?v=pci1018.
- Interest Rates, Storms and Fires Constrain Title Sector Growth, Say A.M. Best Analysts: Meg Mulry, associate director, and David Blades, senior research analyst, both of A.M. Best, said that a review of the U.S. title insurance sector has revealed a slowing of growth and profitability: http://www.ambest.com/v.asp?v=title1118.
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