Coverage of the Singapore International Reinsurance Conference
Tony Gallagher, chief executive, Asia Pacific, Guy Carpenter, said mature markets in Asia are dealing with the challenges of insurtech and new forms of distribution.
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.
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.
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.
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.
