The SIRC is in town with yet another record-breaker, attesting to the growing importance of Asia in the reinsurance world and to Singapore’s increasing status as a hub.
At the last count, even without the SIRC, Singapore is abuzz with 32 licensed and six authorised reinsurers and a lone representative office, not to mention the 29 syndicates in Lloyd’s Asia scheme. And you have the battery of 14 reinsurance brokers and another 12 doing both direct and reinsurance bringing business to the marketplace. What is more, there are many more knocking at the door.
At SIRC, Singapore takes centre-stage as the leading reinsurance hub of Asia, though the reinsurance mart of US$250 billion needs several hubs around the world. Asia accounts for more than a quarter of the global pie today. This is significantly 2.5 times higher than that estimated by the Monte Carlo Rendezvous figures in 2013. Such is the sizzling growth of Asia even in the reinsurance world. Hence, everyone is coming to SIRC.
So the place is buzzing with about 1,000 professionals in town, including some from the ilk and fame of the capital market world still trying to sway Asia with innovative solutions. The Nat CAT scene in Asia needs this relief to get more risks insured with increasing calls for PPP.
Our Cover Story brings you the roundtable we had with some leaders in the market, looking at how to be clever in coping with changes in the marketplace beyond just business as usual.
With the renewals in full swing and pressures on rates, do remember that it isn’t always about price, but about what is truly covered -- terms and coverage. The reality has yet to kick home even at the industry level. What hope then for the direct insurers in dealing with the socially savvy aggregator-trained public?
With the Pacific Insurance Conference in Manila this month, we also bring you a call for consumer specialist insurers to get up close and personal with consumers to make them think insurance in managing their risks.
November is buzzing with activities, so be ready to give of your best. There is PARIMA’s risk management event where MNCs are taking lead roles to woo the Risk Manager, elusive and oftentimes insurance-shy too. Among others, we even have a special treat on Risk Management the IKEA way.
Then there is our Asia Investment Management Conference in Hong Kong with the greater imperative to get the assets better allocated while diversifying to get better returns. A pipe dream? Come and check it out.
November is also the time for the IAIS Annual Seminar. So we come with tips aplenty on how insurers should prioritise on strategies to cope with regulatory changes. For better or for worse, CEOs are no longer invited as observers to the IAIS which is now more intent on getting the supervisor’s role stepped up. This year, in Marrakech, they look at the supervisor’s role within policyholder protection, financial stability and market development. So rest easy.
Lastly, for those of you who missed SIRC or are looking out, check out our Dubai Rendezvous -- 16-17 November with the theme: A Brave New World of Reinsurance in the Middle East -- where we target at having bilateral meetings for inward and outward placement of reinsurance risks. The market, though small, is still growing and always eager to give newbies a chance.
Amidst the buzz, there is always time to salute excellence. Don’t miss out on our 19th Asia Insurance Industry Awards at the SIRC. It was a grand contest and I salute the winners. I cannot mention names here, but check out the stars in the Awards Booklet that comes with this edition. Asia is in good hands, no matter how grim the world looks.
And with the PIC in mind, I say “Live life fully” to all.
Asia Insurance Review