Insurtech, cyber, rates and T&Cs the hot topics for SIRC 2019, finds Intelligent Insurer survey

The growing role of insurtech and its influence on the industry is expected to be the main topic of conversation at SIRC this year, according to delegates surveyed by Intelligent Insurer.

More than a quarter—26 percent—of those surveyed said that insurtech will be top of the agenda, and the dynamics around rates and terms and conditions came in a close second, with 19 percent highlighting this as a topic.

The challenges of growth for the industry were also identified as a top talking point by 17 percent of respondents.

With new developments regularly emerging, there is plenty of interest among delegates in how it will continue to shape re/insurance.

“I see a great deal of opportunity in insurtech. It’s a rapidly evolving area and one that has the power to bring greater efficiencies and improve the service we deliver to clients,” said one respondent.

In line with ongoing technological advances, there is also interest in cyber cover an area in which the industry is still working to adequately define and price risks.

According to Martin Carus, president at Martin Carus Consulting, cyber and catastrophe covers will both be high on the agenda, while another respondent identified regulatory reform as an ongoing issue.

Some 10 percent of respondents agreed, stating that regulatory changes within the region will be a hot topic at SIRC.

The theme of alternative capacity and its effect on the market remains a point of interest, with 14 percent of respondents highlighting this as an issue. With growing insurance penetration in the region, there is clearly room for insurance-linked securities (ILS) market growth, but this is still in its early days, having initially been focused on US perils.

Singapore has taken steps towards becoming an ILS hub, including the Monetary Authority of Singapore’s launch of an ILS grant scheme, which led to the issuance of the Orchard ILS cat bond the first to be issued in Singapore in February 2019.

Consolidation and M&A are also front of mind, with 7 percent of respondents saying they expected this to be on the agenda.

Discussing the future
The main reason delegates are attending SIRC this year is to meet new people and seek new clients (28 percent) while 26 percent said the appeal was the opportunity to reaffirm relationships with existing clients in a relaxed environment. Some 23 percent said they would be negotiating in relation to the year-end renewals.

Another dominant reason for attending the event is to learn new things and to gain an understanding of the trends, with 20 percent of respondents saying this would be a priority.

Tuesday will bring deep dialogue on the future of the industry, drawing on insights from Tobias Poensgen, CEO at Momentum Capital, and Dominic Christian, global chairman, reinsurance solutions at Aon. On Wednesday, John Neal, CEO of Lloyd’s of London, will be talking about how to shape the future of re/insurance, while Melissa Hyak, head of corporate communications for Asia Capital Re Group, will moderate a panel session on climate change and sustainability.

In line with discussions at the Baden-Baden Reinsurance Meeting in Germany this year, there will be a focus on the value of re/insurance to make the world more resilient, with a keynote speech on the topic by Jerome Jean Haegeli, group chief economist at Swiss Re.
Also looking to the future, a panel discussion on Thursday will explore how insurers, brokers and reinsurers see their future roles.

“This is a time of great change for the industry,” said one respondent.
“I expect discussions on how we can evolve in line with emerging risks, demonstrate the value of re/insurance to rebuild lives and stay ahead by embracing technological advances.”