12 March 2018Insurance

XL Catlin joins InsurTech Asia Association

Re/insurer XL Catlin, through its Catlin Singapore unit, is joining the InsurTech Asia Association as one of its founding members.

InsurTech Asia Association is an independent membership-based industry initiative that aims to promote the application of insurtech in Asia.

As part of the membership, XL Catlin will receive a single point of access to the insurtech ecosystem in Asia, including regulators, investors, customers, talents and partners, as well as a platform to address the key issues impeding insurtech innovation in the region.

According to the company, data from CB Insights reveals that global insurtech investment totalled $1.7 billion in 2016, with both the volume and value of deals roughly doubling since 2014. A recent report by UBS also noted that advances in insurtech could spur total cost savings of around $300 billion a year for the Asian insurance industry by 2025.

“Asia will be a key player in the upcoming revolution of insurance. Regulators have been taking steps to create a conducive environment that supports innovation and allows the development and growth of local Insurtechs in the region," said David Guest, country manager for XL Catlin’s insurance operation in Singapore. "Singapore, for example, allows for sandboxed experimentation while providing regulatory support and advanced technological infrastructure. Following this move by the Monetary Authority of Singapore, Malaysia has already elected to establish a similar mechanism.

“Through the membership with InsurTech Asia we will be better able to connect, exchange ideas and explore collaborations with likeminded organisations, so as to make new concepts a reality and drive positive change in the insurance industry,” Guest added.

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More on this story

6 March 2018   Nicola Harris joins XL Catlin from Allianz Global Corporate & Specialty where she was head of energy & marine, based in Dubai since 2014. Prior to that, she held a number of roles at Marsh in London and then Cape Town, where she was appointed regional leader for power & energy in 2011.
1 March 2018   Re/insurer XL Catlin has appointed Elie Hanna as head of central broker management.
19 March 2018   XL Catlin’s London-based insurance operations have introduced a contract continuity clause which addresses the risk that contracts written prior to Brexit may become impermissible assuming passporting rights are lost as a consequence of the UK leaving the EU.