Swiss Re reveals head of new P&C underwriting hub in Asia
Swiss Re is to form a combined property/casualty (P&C) underwriting hub for the Asia-Pacific region within its reinsurance business unit.
The company has appointed Sharon Ooi to lead the unit as head P&C underwriting for Asia, Australia & New Zealand. In the newly-created role, Ooi will be tasked to bring together all the expertise of Swiss Re's underwriting teams, including facultative business, to serve its customers.
Ooi will continue to be based in Singapore and work closely with Swiss Re's local business heads in the region. She will also continue to serve as the chief executive officer (CEO) for Swiss Re Singapore.
The creation of one hub handling the full range of property and casualty underwriting will enable Swiss Re to support its clients more efficiently with a focus on profitable growth across the region, the company said.
Victor Kuk will take on the role of head, P&C client markets for Southeast Asia, India, Korea, Hong Kong and Taiwan, from Ooi. Kuk is based in Hong Kong.
Both the appointments will be effective from July 2017.
"These appointments are great examples of the diverse skillsets and talent that Swiss Re has in Asia," said Jayne Plunkett, Swiss Re chief executive officer Asia. "The new hub combines our global knowledge with even deeper insights into local markets and industry needs, to benefit our clients as they continue to grow their businesses across Asia Pacific."
The Asian insurance sector has seen strong growth over the past decade, with the region now accounting for 30 percent of global insurance premiums, compared to 20 percent in 2007. The outlook remains robust, according to the statement.
Swiss Re stated that it expects the region's non-life and life premiums to grow by 5 percent and 6 percent respectively, in real terms per annum in the coming decade. Emerging Asian insurance markets will grow even faster.
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