Coverage of the Singapore International Reinsurance Conference
Third-party capital, once seen as a threat to the traditional market, is now being embraced, AM Best said during AM Best's 2019 Market Briefing at the 16th Annual Singapore International Reinsurance Conference.
Steve Arora, chief executive officer, Axis Re, said events across the globe can affect overall profitability of catastrophe coverage.
Greg Carter, managing director of analytics for EMEA and Asia-Pacific, AM Best, said risk-based capital regulatory systems generally give rise to a stronger insurance sector, although operating performance can lag in the short term.
Graham Clark, chairman, Asia Affinity Holdings, said Japanese life and non-life insurers have been following a strategy of building and acquiring business outside of Japan.
Angela Kelly, Singapore country manager, Lloyd's, said changing lifestyles and risk environments mean insurers must identify new types of risk and match them to coverage.
Lucien Mounier, head of Asia-Pacific, Beazley Syndicate, said reaching Asia's diverse markets is a team effort that involves working with MGAs, local insurers and others.
Mark Prichard, chief executive officer, NMG Consulting, said insurers in countries such as China and South Korea are demonstrating tech-based innovation, but those developments have been slow to develop in many other markets.
Scott Ryrie, co-CEO, AM Best Singapore, said Indonesia, Thailand, the Philippines and other Asian locales have shown growing demand for ratings.
Andy Woodhouse, managing director, Asia-Pacific, RMS, said 20% to 30% of Japan's economy is based on technology and dependent on complex supply chains.
Recent natural catastrophe losses in Asia/Pacific have highlighted the challenges of cat modeling, SIRC attendees said.
