New regulations to drive discussions
The variety of new regulations that have come into force in the last few years across a number of jurisdictions in the Asia-Pacific region have the potential to change the reinsurance landscape—and 30.5 percent of readers suggests it will be the main talking point this year at SIRC.
That was the conclusion of an online poll conducted by Intelligent Insurer ahead of the 14th Singapore International Reinsurance Conference asking readers what they believe to be the main talking points at the conference this year.
“The phased liberalisation of motor insurance tariffs in Malaysia is a step in the right direction, allowing the market to price more appropriately for the consumer’s risk profile,” one respondent said.
Another respondent commented on the China Risk Oriented Solvency System (C-ROSS), introduced in 2016: “C-ROSS is shifting the dynamics of the domestic reinsurance space in China. There are concerns that local cedants are being discouraged from offshore reinsurance due to increased risk charges.
“C-ROSS will boost capital efficiency but may turn away global reinsurers which in my opinion is not good for an emerging market.”
Following this, 28.5 percent of readers felt that the softening rates and terms and conditions would be the main talking point at SIRC this year, as reinsurers and their clients have critical discussions surround the upcoming January renewals.
Another 28.5 percent of readers suggested the main talking point would be alternative capacity and its effect on the market, and a further 12.5 percent of readers said it would be consolidation and further mergers and acquisitions (M&A) activity.
Another reader commented: “There are real opportunities for alternative capital and ILS in Japan and Australia, maybe less so in other less catastrophe-prone regions. But I also see its potential in emerging classes of risk such as cyber.”
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