Asian News - Singapore: Munich Re strengthens regional hub operations
Source: Asia Insurance Review | Aug 2016
Munich Re is raising the status of its regional hub in Singapore which has firmly established its status as Asia’s life reinsurance centre.
The new structure entails increased resources based in Singapore to manage the extended responsibilities, as well as the creation of a regional innovation centre, focussing on topics such as digitalisation, automation, and predictive underwriting.
In a statement, Munich Re said: “Asia Pacific and Africa represent some of the most diverse and dynamic markets in the world, driving innovation and product development. This expanded role promotes Singapore to one of the major centres within the Munich Re global network, and demonstrates the importance Munich Re places in having extensive local expertise and capacity to serve its key clients and markets.
Double-digit growth rates expected for Asia’s life insurance sector
The life insurance sector in Asia, especially in emerging countries, is growing strongly despite some economic gloom and the low interest-rate environment. Munich Re anticipates growth rates in the double figures to continue in many countries.
The reinsurer said: “Until 2025, we expect over 5% annual average premium growth (inflation-adjusted) in the region, with Singapore increasing at an average of 3.5%, Hong Kong at 3%, Indonesia at 10%, Philippines at 8% and China at around 11% annually. In line, the demand for reinsurance and especially services surrounding reinsurance remains strong.”