Coverage of the Singapore International Reinsurance Conference
Recent natural catastrophe losses in Asia/Pacific have highlighted the challenges of cat modeling, SIRC attendees said.
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.
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.
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.
Scott Ryrie, co-CEO, AM Best Singapore, said Indonesia, Thailand, the Philippines and other Asian locales have shown growing demand for ratings.
