OLDWICK, N.J.--(BUSINESS WIRE)--In this last in a series of A.M.BestTV episodes from the Singapore International Reinsurance Conference (SIRC) in Singapore, Philippe Domart, chief underwriting officer, Partner Re Asia, and Vincent Vandendael, director of international markets, Lloyd's, identified the need to build resilience, consistent underwriting and better awareness of the benefits of insurance as key issues for Asian insurance markets. Click on http://www.ambest.com/v.asp?v=sirc41115 to view the entire program.
“The biggest challenges are to help the Asia-Pacific markets to become more resilient to all kinds of shocks as they continue to grow,” said Domart. “Food safety, excessive water, energy supplies, the demographic patterns in Asia, economic growth prospects and the potential for extreme shocks, show that a long-term view needs to be developed as to what investments need to be applied to reduce the vulnerability of communities and build their resilience.”
“I see as two big challenges the under-insured and low penetration rates. As an example, there is only a 1.4% insurance penetration rate for non-life insurance, with Indonesia only having a 0.4% compared with mature markets that have a 6.3%,” said Vandendael. He also sees the uneven underwriting expertise as something that causes a dislocation in the market.
Both agreed that more education concerning the positives of insurance and reinsurance are necessary in order to push more into this region.
A.M.BestTV has made available nearly two dozen interviews with insurance professionals at SIRC. To see the interviews, please visit http://www.anbest.tv/sirc.
Recent episodes of A.M.BestTV include:
- Asian Reinsurers Work With Global Counterparts: A.M. Best Group Vice President John Andre, Vice President Robert DeRose and A.M. Best Asia-Pacific Ltd., Managing Director, Analytics - Singapore Moungmo Lee reviewed current developments in the global reinsurance sector and how Asia-based reinsurers are using global relationships to support local markets: http://www.ambest.com/v.asp?v=sirc51115.
- Reinsurers Push to Match Coverage to Asian Catastrophe Exposure: At SIRC in Singapore, executives from insurers that focus on the Asian markets discuss how the recent catastrophes have impacted their markets: http://www.ambest.com/v.asp?v=sirc21115nc.
- Insurers See Widening Opportunities in the Asian Market: At SIRC in Singapore, insurance leaders discussed the continuing developments in the Asian markets and the expanding opportunities for insurers to take on risks, which have been traditionally retained or never covered: http://www.ambest.com/v.asp?v=sirc11115nc.
- As Fixed-Indexed Annuity Market Grows, So Does Risk Profile: A.M. Best Assistant Vice President Rosemarie Mirabella and Financial Analyst Frank Walko, talk about how evolving fixed- indexed annuity (FIA) product designs are blurring the lines of distinction between FIAs and variable annuities: http://www.ambest.com/v.asp?v=fmfia1115.
A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.
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