ASEAN Insurance Integration Framework will offer opportunities

The economic outlook for China and recent events such as the explosions in the port of Tianjin and the cyclones and hurricanes in the Philippines, Mexico and the US, will be some of the main talking points at the Singapore International Reinsurance Conference, Billy Bennett, insurance leader, PwC Singapore, told SIRC Today.

Bennett said that opportunities in the region, especially in the context of greater cross-border economic cooperation, will be a major theme.

“As ASEAN moves towards the ASEAN Insurance Integration Framework in 2016 there should be opportunities for increased cross-border insurance supply in key areas to support trade and help lower the costs of insuring business risks,” he said.

He also noted, appropriately given the location of the conference, how well Singapore is developing as a re/insurance hub.

“The combination of access to markets in Asia, a skilled workforce and a well respected location for doing business are all factors that have supported Singapore as a hub for the insurance sector,” he said.