Recalibrate for success in a soft market; choosing the right broker is key: Price Forbes’ Johnson

Asia’s reinsurance market might be softening, but that’s no reason for complacency. Phil Johnson, chief executive officer for Asia-Pacific at Price Forbes, says in this phase the real focus should be on recalibrating risk transfer programmes to ensure they’re built to last.

Key points:
Price Forbes expands its APAC offering
AI can drive faster, smarter broking
Singapore poised for MGA growth

Yes, it’s a buyer’s market – but one that rewards smart decisions, and where broker quality matters most. “Asia’s seeing the same macro conditions as the rest of the world – broader coverage, more capital and competition on price,” Johnson told SIRC Today. “But a buyer’s market is only a good thing for our clients if we use it properly.

“If you’ve got the same old programme, you’re not winning in this market.”

“It’s an opportunity, not just to drive price, but to properly review your programme, find a broker that wants to innovate and make sure your coverage is really meeting your needs. This is the time to get that right,” he added.

He warns that the risks clients face today are already different from ten years ago, citing the speed of change driven by AI and technology. “If you’ve got the same old programme, you’re not winning in this market,” he said. “When the cycle hardens again, at least you’ll have the right structures and wordings in place to sustain you through.”

That mindset runs through Price Forbes’ regional strategy. Since Johnson took the helm, the specialty broker has expanded rapidly in Singapore, on-boarding new colleagues and building out 12 product lines across marine, employee benefits, corporate and specialty reinsurance.

“We’re on track against our five-year plan to become a top-five specialty broker in Singapore,” he said. “We’re doing it organically, with deliberate investment and due diligence to make sure new colleagues fit our culture and deliver what clients need.”

Johnson has long argued that Singapore needs a “challenger” broker to shake up a highly concentrated market. “It’s one of the most concentrated markets in the world,” he said. “By definition, that means clients get less choice. We’re changing that by investing steadily and sustainably.”

Expansion follows a defined “playbook”, Johnson said, backed by market mapping, business modelling and cultural screening. “We don’t just hire opportunistically. We identify which product lines are growing fastest and where clients, on a multinational basis, need those skills in Singapore. Every hire has to align with our values: unity, integrity, accountability and quality,” he said.

Expanding depth across Asia

The broker’s expansion has targeted both core and emerging areas. “In 2024, our hires focused on the low-hanging fruit – lines where we already had clients in Asia but weren’t servicing them locally,” Johnson said. “Marine was a big one, we went from two to ten brokers, and also moved into Singapore corporates and employee benefits.”

This year, the firm has pushed further into specialty and affinity business. “We brought in a head of affinity in Asia to focus on things like extended warranties for electric vehicles and personal cyber,” he said. “That’s an important part of being more than just a P&C or reinsurance broker. Where insureds are asking for solutions, that’s where we want to play.”

Technology has become central to that strategy. “We’re investing heavily in AI and tech enablers, and we’re seeing benefits already,” he said. “It allows our colleagues to focus on the more high-value parts of the job like client engagement, reinsurer engagement, full programme reviews rather than data entry and repetitive tasks.”

Market dynamics and capital flow

Johnson noted that while capacity is ample, it’s not evenly spread. “Capital is flooding into areas with strong data and profitable track records – core P&C and financial lines – and that’s where pricing is falling fastest,” he said. “At the same time, some European insurers that pulled out of certain lines for ESG reasons are now coming back, and that’s changing the dynamics again.”

On regulation, he’s pragmatic. “Asia’s landscape is fragmented, and that’s not going to change soon. It could deter some people from investing, and that’s something our business takes seriously,” he said. “It’s that old adage – it’s not about casting a wide net, it’s about hitting the mark. You need to target where you want to go, have a clear plan and keep your costs low.”

He’s also encouraged by signs that Singapore’s regulator might soon be more open to MGA start-ups. “That would be a really good thing,” he said. “Bringing specialist capacity back into Singapore adds another layer of competitiveness.”

Asked what advice he would give to newcomers, Johnson said: “Be curious, be global and be digital,” he said. “Asia is the future of insurance, and Singapore is at its heart. The next generation of brokers will need to blend technical acumen with cultural intelligence and digital fluency. There’s never been a more exciting time to join – and the good news is, we’re hiring.”

Phil Johnson is chief executive officer for Asia-Pacific at Price Forbes. He can be contacted at: singapore@priceforbes.com .

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