From the 30th October – 2nd November, the 19th Singapore International Reinsurance Conference welcomed a record breaking 2,772 delegates from 72 countries into the Marina Bay Sands Expo and Convention Centre for 4 days of meetings and networking alongside an engaging conference agenda.
Rob Hughes, our Business Development Director, attended the event and enjoyed catching up with clients and friends from across the Asia Pacific region, picking up the following key themes running through the event.
“The exhibition corridors of the MBS were a constant hive of activity, with a variety of outstanding stands attracting delegates: my particular favourite was Swiss Re’s personalised coffee – the first time I’ve drank coffee with my face drawn into the foam!
As Munich Re’s Dr Achim Kassow announced in his opening keynote on Day 2, SIRC is the most important event for the region. This sentiment was echoed across the MBS with broker Miller taking the opportunity to announce continued expansion across multiple product lines and territories and carriers Beazley and TMK aiming to increase growth in the region by 20% and 100% respectively.
One ongoing theme was the protection gap in the region, alongside a need to educate the market on the value proposition of insurance.
However, as more capital flows into the market, with an estimated $4 billion raised by mid-year according to AM Best & Guy Carpenter, ensuring an adequate return on such capital remains a priority.
All in all, SIRC 2023 demonstrated that the current environment continues to present important and exciting opportunities for the market to navigate ahead of the 1.1 renewals.
There was also time to attend receptions kindly hosted by Moody’s RMS, Swiss Re, Aon and AXA and of course no visit to Singapore would be complete without a visit to the Long Bar at Raffles for the customary Singapore Sling!
There’s already a level of excitement around 2024’s 20th SIRC and I look forward to returning.”
To connect with Rob Hughes, reach out at [email protected].