Mr Chris Kershaw of Peak Re says the industry needs to change the way it does business and that would include the perennial annual year-end renewal cycle too. Advocating that there is a need to continually modernise the offerings as well,
he believes constant change is a given.
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In line with the Singapore International Reinsurance Conference, Messrs Mo Tooker and Pietro Toffanello from Gen Re give their views on new capacity, continued demand for reinsurance in Asia, closing the gap between economic and insured losses and Gen Re's strategy in Asia.
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Alternative capital is making its way to Asia as more are seeing the region as their growth engine. Mr Malcolm Steingold of Aon Benfield takes a quick look at the Asian reinsurance scene today.
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Several challenges face the reinsurance sector as it prepares for the year-end renewal. Mr Richard Lim at Pana Harrison (Asia) Pte Ltd notes that exposures are increasing disproportionately to premium growth, primary rates in most of Asia are deteriorating and recurring catastrophe events are a big concern for all. However, he also believes that one need not be too concerned about the excess capacity in the market, as he believes this is mostly hype.
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While insurers at the 2013 Rendez-vous de Septembre generally agreed that the rates would stabilise by 2014, pricing in Asia remains soft as reinsurance capacity continues to flow into the region. Despite this, reinsurers do not seem to be deterred as many continue to look to emerging Asian markets for growth.
By Dawn Sit
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