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.
Toru Komoguchi, president and CEO, Marnix, said Japan is dominated by three large nonlife insurers, but changes are afoot to make it more flexible and competitive.
Matt Cannock, principal officer and managing director, Markel International, said losses in the U.S. have the insurance industry watching how insurance-linked securities will perform.
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.
Tobias Farny, Munich Re's chief executive Asia Pacific covering greater China, Australia and New Zealand, said the Chinese insurance market remains dominated by motor insurance, with the next stages of growth set for personal and commercial coverage.
