OLDWICK, N.J.--(BUSINESS WIRE)--In this AMBestTV episode from the Singapore International Reinsurance Conference (SIRC) in Singapore, attendees said pricing discipline, remaining relevant and retaining talent are among the challenges facing the reinsurance market next year. Click on http://www.ambest.com/v.asp?v=sirc11019 to view the entire program.
Attendees spoke about the challenges that the reinsurance industry continues to face, as well as what they perceive the outlook for the industry will be over the next 12 months.
“During the next 12 months, the biggest challenge will be maintaining pricing discipline and following an underwriting philosophy that will contribute strongly to the balance sheet,” said Salyajit Tripathy, deputy general manager and chief investment officer, GIC Re.
Christian Stobbs, managing director, Asia, Markel International, views retaining talent as an ongoing challenge.
“It is about recruiting the right people and developing existing talent. I am very excited about the number of people I have been interviewing and finding good, local talent across Asian markets,” said Stobbs. “It is always a challenge because getting the right people is hard in terms of capability and fit for your company. However, it is quite an exciting opportunity for us because we have a great commitment to invest and grow our local teams.”
Focusing on the heavy catastrophes of the last few years, Tony Gallagher, chief executive officer, Pacific region, Guy Carpenter, said, “With the current loss activity, I think our clients are looking more than ever toward the reinsurance market and Guy Carpenter for solutions and ideas toward the very hard questions around the changing catastrophe market.”
For full video coverage of the SIRC conference, including exclusive executive interviews, visit http://www.ambest.tv/sirc19.
Other people that appear in this episode:
- Tobias Farny, chief executive, Asia Pacific, Munich Re;
- Hiroki Miyamoto, chief executive officer, Asia reinsurance brokers, United Insurance Brokers;
- Richard Green, regional head alternative risk transfer, Allianz;
- Yann Marmonier, head of underwriting insurance, Asia Pacific & MENA, Canopius;
- Amer Ahmed, chief executive officer, reinsurance, Allianz; and
- Russell Higginbotham, chief executive officer, reinsurance EMEA and regional president, EMEA, Swiss Re.
Recent AMBestTV coverage from the SIRC conference includes:
- SIRC Attendees: Recent Catastrophes Shift Focus to Catastrophe Modeling: Recent natural catastrophe losses in Asia-Pacific have highlighted the challenges of catastrophe modeling, SIRC attendees said: http://www.ambest.com/v.asp?v=sirc31019.
- AM Best Managing Director: More Asian Domiciles Are Moving to Risk-Based Regulatory Systems: Greg Carter, managing director of analytics for India 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: http://www.ambest.com/v.asp?v=gregcarter1019.
- AM Best Singapore Co-Chief Executive Officer: Insurance Growth, Cross-Border Operations Create Demand for Ratings: Scott Ryrie, co-chief executive officer, AM Best Singapore, said Indonesia, Thailand, the Philippines and other Asian locales have shown growing demand for ratings: http://www.ambest.com/v.asp?v=ryrie1019.
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