SIRC – 15 editions over 27 years
As the SIRC goes annual for the first time this year, we take a walk down memory lane to see how this event has evolved through the years.
Challenges of reinsurance into the ’90s
The first SIRC, inspired by the Rendez-Vous de Septembre in Monte Carlo, attracted over 300 delegates from 28 countries despite initial industry sentiments that there were too many meetings close to renewal season.
Managing the challenges of the ’90s
It was a difficult year for reinsurers with a likely shakeout that would lead to a shortage of capacity. Some pointed out that there was a crisis of confidence in the reinsurance system with shareholders worrying about insufficient return on investments and cedants concerned about the long-term security of their reinsurers.
Underwriting profitability – the key to survival in reinsurance
Reinsurers came together to debate the future of the industry as companies grappled with challenges arising from increasing loss exposures and relentless competition.
Riding the wave of greater market liberalisation and consolidation
Speakers put into perspective the issues of market liberalisation and deregulation in Asia and how the region had to deal with competitive pressures brought on by overcapacity and mega-insurers.
Beyond 2000 – implications for the Asian insurance and reinsurance markets
Remember Y2K? As the world prepared for the looming threat of the millennium bug, reinsurers discussed how the industry could compete effectively and meet the challenges of the 21st century. The industry recognised that the role of reinsurers was changing as clients started looking for highly-customised reinsurance approaches and solutions.
New frontiers in reinsurance – traditions redefined
The 6th SIRC was a sombre gathering of reinsurers, held just three weeks after the 9/11 tragedy. The sessions were overshadowed by discussions on terrorism and how the industry was being redefined by a single event. The mood was of doom and gloom.
Coping with today’s paradox of price and affordability of reinsurance for Asian companies
With a significantly smaller number of reinsurers in the market, the industry was confronted with tough issues of price and profitability. There was greater insistence on prudence and understanding the risk which would contribute to better pricing. The message was clear: Stick to technical underwriting and price the risk right.
Can reinsurance cycles in Asia be managed?
The 8th SIRC revolved around the four Cs – cycles, catastrophes, capacities and capital. Held on the back of hurricane Rita, which swept through parts of Texas and Louisiana, USA, typhoon Damrey which wreaked havoc in Asia and the 2004 Indian ocean tsunami, reinsurers were called on to reconsider their pricing models and risk-management strategies to ensure that they met their obligations. On reinsurance cycles, industry players believed that they could and must be managed.
Reinsurance – a whole new world
Singapore continued to serve as a leading insurance and reinsurance hub with a critical mass of players: 72 direct insurers, 24 professional reinsurers and 63 captives. With the entry of specialty players, the Lion City was fast becoming a hub for Asian energy, trade and political risks, as well as marine cargo and hull businesses. The industry as a whole had invested in research to understand risks better and provide innovative solutions and products but more had to be done.
The big 10 - a time of rational exuberance
The Singapore Reinsurers’ Association (SRA) unveiled its new logo during the gala dinner to mark the 10th SIRC, and in conjunction with the association’s 30th anniversary. Then SRA chairman Christopher Ho cited SIRC as one of the association’s biggest achievements as it gave the industry a platform to meet, network and keep abreast of new developments and trends.
Asia’s growth - are we capitalising on it?
The SIRC kicked off in style at the Marina Bay Sands for the first time. The hot topic of the day revolved around the cost of doing business, particularly with the impact of Asia’s high Nat CAT frequency in the prior two years and how diversification was crucial.
Managing growth, optimising profitability
The industry agreed that it must continually reinvent itself and raise standards as it prepared to face emerging and lesser-known risks to remain sustainable and profitable.
Managing risks in an uncertain world
Held during Singapore’s 50th birthday bash, the 13th SIRC also coincided with the inauguration of the ASEAN Economic Community – which was expected to have far-reaching and positive repercussions on trade, industry, insurance and reinsurance within the region.
New partnerships in reinsurance
The 14th SIRC drew close to 1,000 delegates from 50 countries. It was announced that the conference would become an annual event from 2018 onwards.
This SIRC will give Asia the chance to make its mark on the global reinsurance scene. The conference will feature stellar speakers in two panel discussions on the fourth industrial revolution and the challenges of Asian reinsurers.
“Singapore is indisputably the centre of innovation in Asia – the Global Innovation Index (GII) ranked the country fifth in the world, and once again the top in Asia. Singapore has also firmly established itself as the centre of reinsurance within the Asian region, with the SIRC being entrenched as the Asian Rendezvous. This annual reinsurance event is indispensable on the calendars of every reinsurer focused on the Asian market.”
Singapore Reinsurers’ Association chairman
“Singapore has established itself over several decades as the undisputed centre of reinsurance within the Asian region. In recent years, despite the soft market conditions, fundamentally the market has attracted talent from around the Asian region and the globe to support steady growth and stability and drive Singapore onto greater heights of regional excellence.”
Asia Reinsurance Brokers CEO
“Having served the industry these past 29 years, I salute the mettle of the reinsurers. I still await that one day to come when insurance will be bought, even eagerly, because individuals and companies understand the good that insurance can do.”
Asia Insurance Review editor-in-chief