Coverage of the Singapore International Reinsurance Conference
Recent natural catastrophe losses in Asia/Pacific have highlighted the challenges of cat modeling, SIRC attendees said.
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.
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.
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.
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.
