Coverage of the Singapore International Reinsurance Conference
Milan Simic, executive vice president and managing director, international operations, AIR Worldwide, said Asia has already been home to a broad range of catastrophes.
Insurers at the 14th Singapore International Reinsurance Conference said demand for cyber coverage is surging, and that staying ahead means finding new ways to acquire and analyze a wider range of data sources.
Paul Burgess, vice president, RMS, said developing laws in Asia and elsewhere could hamper insurers' abilities to share and use data that could be used to improve models and predict risk.
Franz Hahn, CEO, Peak Re, said Asia's largest market is making room for innovation, with early impact in coverage for professionals. Eventually, the technology will reach households.
Hermann Pohlchristoph, board member for Asia, Munich Re, said that about 40% of economic losses from recent U.S. catastrophes are covered by insurance, higher than the up to 25% share of losses covered in Asia catastrophes in recent years.
