This is indeed a bumper issue as there is so much happening around the world threatening everyone’s peace of mind every which way. The world is fraught with tensions be it politics, global economics, terrorism, cyber, natural disasters or just business worries. Things are tough and as the saying goes, they will get tougher before the dawn breaks.
But there’s got to be a morning after, if you can hold on through the night.
This is November. But we planned this edition for the 16th SIRC taking place on the last three days of October. Such is the power of the SIRC in the insurance world that it can upend even our calendar to give the SIRC delegates fresh food for thought.
The November edition comes with a host of thought-provoking ideas from the crème de la crème of reinsurance sharing with you amazing insights into business, opportunities and what their brands mean to them - and to the industry that has excess capacity and yet untapped business and is still seeing competition from the capital markets.
And in this international fora we also highlight the strategies of the 16 Asian reinsurers who met last month under the Asian Reinsurers’ Summit to veer towards greater collaboration and dialogue in reinsurance which is truly a global business.
Through the Asia Reinsurance Roundtable, we also highlight the need for reinsurers to come to the fore – to be seen and counted as bringing real value to the table - and where the industry is headed as some uncomfortable questions about the future of the reinsurance industry arise.
Over the past 10 years, Asia’s premium volume has jumped and today with India and China providing the growth engine for the insurance world, Asia accounts for 32.4% of global premiums. And the reinsurance sector has kept up with Asia accounting for $74bn or 28.4% of the global reinsurance industry. Hence the surge in interest in SIRC as a global reinsurance forum. The record numbers at the SIRC attest to its coming-of-age not just as a networking forum but as a knowledge-leader platform too.
Our country profile this month is on Japan which is brimming with activity and insurers who are grappling with the natural disasters the country faces. They are still competing to look after customers first, even with the ups and downs of the market, and stressing safety and peace of mind.
This is the power of insurance in Japan, something you don’t see easily in the rest of the world. And they are so positive that they see the market for natural risks expanding and they are ready to meet the needs of the customers. There is really something for everyone in this extensive market profile produced following our editor’s visit to Tokyo a day before the worst storm in 60 years hit Japan. Yet it is ‘steady as she goes’.
With the revived China Rendezvous in Shanghai, we bring you a close up on what makes the Chinese market tick beyond just its size as the second largest in the world moving up from sixth just a decade ago.
In this bumper issue you will also read about the unfolding unknown exposures of cyber, the InsurTech revolution, Bangladesh’s attempts to be a microinsurance hub, agriculture and health moves in India, making takaful more inclusive, women in insurance, translating awareness into action and training the workforce of the future.
We even take that leap to see how insurance balance sheets can be carbon-neutral and salute UOI which bagged the Risk Management Award from SID and a Sustainability Award from SIAS in Singapore this year, with CEO David Chan paying tribute to the importance of building a strong team and the boon of experience in any business.
Lastly, I congratulate the winners of the
23rd Asia Insurance Industry Awards. The baton is with them to raise the bar. Do read the winner’s booklet that you will find with this issue to draw tips from each winner.
Sivam Subramaniam
Editor-in-chief
Asia Insurance Review