Speaking at Les Rendez-Vous de Septembre over the weekend, Swiss Re CEO reinsurance Moses Ojeisekhoba said that Asia Pacific premiums as a percentage of global premiums will rise to 42% by 2029 according to sigma estimates.
The growth will be seen in “China, India, Indonesia – across the entire board,” Mr Ojeisekhoba said. Equally significantly, this growth is set to outpace general economic growth in Asia Pacific – where there is seen to be promise of great growth.
“Looking at Southeast Asia,” said Mr Ojeisekhoba, “97% of typhoon losses in the Philippines were not insured.” This presented an acute opportunity for insurers to help build resilience.
He pointed to two examples of where Swiss Re was trying to help close the protection gap in the region. The first example was ‘shake vouchers’ to provide quick cash after an earthquake – and the second was ‘loss of income’ cover combining business interruption and supplemental loss covers.
Other examples of such solutions being investigated by the reinsurer included parametric solutions for other types of disaster - such as flood.