Ahead of the East Asian Insurance Congress (EAIC) conference in Macau, EAIC Today, in association with Qatar Re, quizzed delegates about their concerns, aspirations for the conference and what they think the biggest talking points will be.
Excess capacity, the soft market and the challenges and opportunities presented by new risks will be the biggest point of discussion at this year’s East Asian Insurance Congress (EAIC) being held in Macau this week—and the soft market conditions are delegates’ biggest concern.
They are some of the findings of a pre-conference online survey by EAIC Today, conducted in association with Qatar Re.
Some 36 percent of respondents said they felt the challenges of new risk will be the main talking point, while 24 percent said excess capacity and the soft market would be. Some seemed concerned by their own industry, with one responding: “The inability of insurance executives to understand cyber risk and underwrite on data integrity is a frustration.”
The results were slightly different when delegates were asked what worried them most. The highest percentage said it was the soft market followed by those who expressed concerns about maintaining profitability in light of low investment returns. “It is the most challenging market we have seen in a generation,” said one respondent.
When asked why they attend the EAIC, the most popular answer was to establish new client relationships, followed by to start negotiations for the upcoming renewals. “We look to open new doors at the event,” one respondent said.
In terms of where delegates see the fastest growth, the answers were pretty even between business lines, although one respondent bemoaned: “Every line of business is tough at the moment—only innovation and technical underwriting can guarantee anything resembling profits in this market.”
In tomorrow’s newsletter, Micky Lee, principal officer of Qatar Re’s Singapore branch, will offer his responses to the same questions.
Qatar Re, Asia-Pacific, Insurance, Risk management, EAIC 2016, Survey, Micky Lee