15 September 2015 Insurance

Expanding our horizons and welcoming new partners

With premium growth in Asia strong compared with almost any other region, it is little wonder that more insurers, reinsurers and advisers from there are attending the Monte Carlo Rendez-Vous, according to James Dowd, head of broker TigerRisk’s Asia practice.

“As we have all observed, premium growth in Europe is flat and it’s only slightly better in North America,” he said. “When it comes to growth in insurance and reinsurance, the 21st century belongs to Asia.

“According to authoritative sources such as Munich Re and Swiss Re, premium income in Asia-Pacific will double by 2020. The region will generate nearly half of the world’s premium growth in that same period. Emerging Asia, led by countries such as China and India, will generate 70 percent of that growth.”

He said it makes sense, therefore, that players from these markets should attend the Rendez-Vous. “Their presence is evidence of increasing global interdependence,” Dowd said.

“Monte Carlo is great place to window shop, learn of innovations and initiate relationships across a global spectrum of attendees. Mature European and North American markets are looking for new markets and new partners.

“TigerRisk is fully embracing the growth potential in Asia. We recently opened an office in Hong Kong staffed with an exceptional team, with vivid aspirations for a more significant presence in Asia. We look forward to introducing new ideas and approaches that will enable our Asian friends to grow in size and product offerings,” he said.

He added that according to data from Munich Re, 40 percent of all natural catastrophes since 1980 have occurred in the region. Moreover, due to climate change, weather-related catastrophes have tripled over the last 30 years.

“There is an increasing awareness and numerous calls to action from Asian governments to better assess and identify their implicit natural risk exposures and seek private enterprise funding solutions. Governments want to get out of the business of being the reinsurer of last resort. We want to assist in that objective.

“We are all confronted with the reality of our global interdependence when it comes to identifying and accessing international financial capacity to absorb catastrophic events. A tremor in Asia will cause an instantaneous response in Europe, North America, Bermuda, Singapore and beyond.

“Look around while you are here and see if you don’t agree: Monte Carlo is visibly and tangibly more diverse. Diversity is healthy for all of us.”

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