On-the-ground contact key to success in marine market
Asia is a huge region with many territories undergoing a period of significant economic expansion. This potential generates opportunities for marine re/insurers and also continues to attract new entrants into the sector, said Simon Saunders, division head, marine, aviation and transport, Barbican Insurance Group.
“For Barbican, Asia is already a relatively mature market for us as we were among the first wave of Lloyd’s practitioners to invest the time to properly understand and develop business in Asia,” he said.
“In recent years we have built a lot of strong relationships in Asia and it is a very interesting and important region for us.”
Saunders attributes Barbican’s success to working with experienced practitioners on the ground in each of these locations.
“You need that close contact with the market and an in-depth understanding of the buying nuances of each particular region. These can vary significantly from country to country, with the way in which the original business is written and the levels of risk appetite often very specific to each territory.
“That is why we look to spend so much of our time working directly with companies and with brokers, so that we fully understand the business dynamic in all the territories in which we operate.”
In Saunders’ view, Barbican’s greatest success in the region to date has been to establish a diverse portfolio of business, from territorial, client and product line perspectives. This stems from the strength of the relationships Barbican has built with brokers and clients across Asia.
“The standing of our marine re/insurance division in the region also means that we now lead an increasing amount of the business which we write in the region. The team is well known and respected by the markets that we operate in, and we are viewed as an experienced and dependable practitioner,” he said.
The reputation of the Lloyd’s market has been hugely important in opening doors, he added; but you cannot simply sit in London and expect that business to come to you.
“You have to be hands-on and on-site as much as possible, building and strengthening relationships with the local markets wherever you provide re/insurance programmes.
“We have been able to achieve strong sustainable growth in Asia and we will continue to focus on bolstering existing relationships and looking for areas to expand our capabilities in response to the increasing buying sophistication that we see in the region.”
