With penetration in the Indian insurance market extremely low at just 0.8 percent, the area offers great potential for insurers and reinsurers and, as with China, the country is expected to bring significant growth rates over the coming years.
There is considerable scope for elevating the profession of risk management in Asia, both in terms of the way companies view the value and importance of the role and also in terms of the training opportunities available to risk managers.
The impact of historical catastrophe events on the market and the impact of new claims relating to events such as cyclone in India and snowstorm in Japan have been a big topic of conversation at EAIC, Michel Blanc, chief underwriting officer—treaty, global P&C, Asia Pacific for SCOR, told EAIC Today.
Around 80 percent of delegates at this year’s EAIC conference in Taiwan believe that reinsurers should support insurers in the development of new insurance products.
Softening pricing, regulatory change, risk management requirements and catastrophe risks are the biggest concerns for re/insurers in the Asia Pacific market, Connie Wong, managing director-analytical manager, Insurance Ratings, Asia-Pacific Financial Services Ratings, Standard & Poor’s (S&P), told EAIC Today.
Opportunities for growth in the east of the Asia Pacific region will ultimately be driven by the forecast acceleration of the economy in that region, Kent Chaplin, Lloyd’s head of Asia Pacific, told EAIC Today.
US insurer MetLife Insurance has partnered with Steadfast, the largest network of general insurance brokers in Australasia, to extend MetLife’s group life cover.
Arthur J. Gallagher has acquired insurance broker Insurance Associates, located in Boulder and Estes Park, Colorado.
Specialist Lloyd's underwriter Marketform has appointed Beth Whybrow as an underwriter in its financial lines division led by class underwriter Ian West.
American Overseas Group has acquired Orpheus, the former principal shareholder of the business.