Asia Pacific region offers growth potential
The Asia Pacific region continues to provide significant opportunities to the insurance industry at a time when many other more established markets are facing problems. That is the view of broker BMS, which has just opened an office in Sydney, Australia.
As economies in the region continue to grow and develop, so will the need for protection against the risks that those societies face. This will provide opportunities to increase insurance penetration in a part of the world that has continued to grow economically, despite the economic troubles in many other parts of the world.
Nick Cook, chief executive of wholesale at broker BMS, said that the region has long had a strong connection to the Lloyd’s Market. He said the new office will allow BMS to broaden its offering to clients in the region and make the most of the opportunities available there.
“If you consider the activity taking place in China and Japan, the region is growing extremely quickly,” he told Intelligent Insurer.
The new office will be staffed with individuals with a good range of contacts in the region. These include former Aon Benfield facultative broker Glenn Kerr, who will lead the new office, which will be split between offering insurers facultative reinsurance and working with retailers as a wholesale operation.
The different time zone to the Lloyd’s Market further facilitated the need for BMS to have people on the ground, according to Cook.
