We all face ‘a new era of risk and fragility’, says Tan

Delegates at the 18th Singapore International Reinsurance Conference (SIRC) were told we all face “a new era of risk and fragility” just as we are trying to build back from rising claims and challenges arising from COVID-19.

That was a key message from Alvin Tan (pictured), Minister of State, Ministry of Trade and Industry and Ministry of Culture, Community and Youth, Government of the Republic of Singapore, in the event’s opening keynote speech.

As he welcomed delegates, he stressed that it had not always been certain that SIRC would take place as a physical event this year as the world was being affected by a “polycrisis”—a multitude of crises now converging together.

He mentioned the Russian/Ukraine war, which has resulted in food, commodity and energy shortages, and that soaring inflation, higher for longer, may push several economies into recession.

“Nat cat continues to increase in both frequency and severity, with events such as Hurricane Ian, the Pakistan floods or the fires in Europe causing unpresented catastrophic and economic challenges and damage and challenging current modelling assumptions.

“The overall impact of these developments on the reinsurance industry has so far been mixed.”