Coverage of the Singapore International Reinsurance Conference
Recent natural catastrophe losses in Asia/Pacific have highlighted the challenges of cat modeling, SIRC attendees said.
Graham Clark, chairman, Asia Affinity Holdings, said Japanese life and non-life insurers have been following a strategy of building and acquiring business outside of Japan.
Greg Carter, managing director of analytics for EMEA and Asia-Pacific, AM Best, said risk-based capital regulatory systems generally give rise to a stronger insurance sector, although operating performance can lag in the short term.
Mark Prichard, chief executive officer, NMG Consulting, said insurers in countries such as China and South Korea are demonstrating tech-based innovation, but those developments have been slow to develop in many other markets.
Angela Kelly, Singapore country manager, Lloyd's, said changing lifestyles and risk environments mean insurers must identify new types of risk and match them to coverage.
