GIC CEO calls for collaboration on risk
K Sanath Kumar, acting chairman-cum-managing director of GIC Re, called for greater collaboration between the re/insurance industry, government and global bodies such as the World Bank at a round table held by the Indian reinsurer at the 13th Singapore International Reinsurance Conference yesterday (Tuesday November 3).
The session, which featured a number of eminent industry figures including James Nash, CEO of Asia-Pacific for Guy Carpenter, examined the growing challenges facing reinsurers as they look to manage increasingly complex risks in an uncertain world.
It also looked at how buyers’ strategies are changing—many are buying less coverage despite rates being very soft at the moment and capacity easily available.
Kumar made the point that losses from natural catastrophes in Asia are becoming more severe. He blamed a mixture of global warming and urbanisation and said that more collaboration was needed both on the way cities are planned and on the transfer of risk.
He mooted the idea of a collaboration between governments , the re/insurance industry and the World Bank that would cover a first layer of catastrophe insurance for some risks.
