Source: Asia Insurance Review | Nov 2018
Time in the connected world is moving so imperiously fast.
There is no time to stand and stare and no time to even get reloaded as the 2019 renewals are upon us in full swing with the 15th SIRC. The record numbers coming each year to the SIRC have entrenched Singapore’s status as a reinsurance hub. Bravo to the organisers, who have gone out of their way to ensure that the conference is far more than just a networking forum. It has become a place for thought leadership and for educating the market. The stalls at the SIRC will dazzle you with innovation from the reinsurance perspective. And as our cover shows, hop on to the Reinsurance Express: Reloaded and get ready to serve every which way.
This November, however, comes with plentiful misgivings as the world seems to be in a shakier position than a year ago. The negative vibes are mounting. Equity markets are in volatile swings, trade spats are escalating with sabre-rattling, some powers seem to be beyond rebuke and even democracy is being questioned on the social front with immigration fuelling nationalism in many markets.
And with climate change, even the future of the world seems bleak. The havoc wreaked by climate change through increased frequency and intensity of natural disasters is getting spooky. The calls by ‘those in the know’, despite those others in self-denial, to adopt more stringent targets must urgently be heeded. There is empirical data showing how chaotic the weather has become and how much nastier the ravages of the storms, earthquakes and tsunamis are. Insurance, as the industry that understands risks and knows how to price risk as it USP, must take up the cudgels to lead this crusade.
Then just as hectic is the spread of cyber risks as the world goes digital – and where getting connected is the order of the day in both business and in personal lives. This, again, is an area where insurers are expected to stand up and to be ready to provide cover for all kinds of cyber exposures - silent risks that sit on old policies as well as specifically mentioned cyber risks. It could be the next growth wave of the industry but the full exposure must be thoroughly researched, fully understood and sensibly priced before heading down that yellow brick road.
It is November and in the thanksgiving tradition of the pilgrim forefathers of America, one has to find things to be thankful for. What gives? The very technology of disruption has spewed out several life savers for the industry including improvements in customer engagement and experience as well in effective and efficient claims management that enhances the customer experience. Asia Insurance Review’s Asia Summit on Claims Management in a Disrupted and Automated World is a ‘must attend’ event for all insurance professionals eager to tackle the negative image that claims gives to the insurance industry worldwide. How can one reject a claim in the right way and not lose a client? Is that a paradox?
With November we proudly announce the winners of the 22nd Asia Insurance Industry Awards. The winners must stand tall to serve the industry. You can make the difference for the image of insurance. It is your call.
Asia Insurance Review