COVER STORY
Ready for a RESET? Bold visions, debate, embracing change: SIRC 19 starts here
Reinsurers and their clients are gathering at the 19th Singapore International Reinsurance Conference this week.
Amid the gleaming skyscrapers of Singapore, the world’s reinsurers and their clients gather once more. The 19th Singapore International Reinsurance Conference (SIRC) isn’t just another tick on the calendar, it’s an important overture to the renewal season—and, more importantly, a challenge to think beyond the traditional dialogues, to lean in and ‘RESET’.
In an exclusive interview with SIRC Today, three prominent executives responsible for the event cast light on the ethos of this year’s gathering: Marc Haushofer, chairman of the Singapore Reinsurers Association (SRA); Jeffrey Yeo, SRA’s current executive director; and Jeslyn Tan, the soon-to-be successor.
Haushofer mused: “SIRC is different from the Monte Carlo Rendez-Vous. This conference is where people get together to discuss topics that are on everyone’s mind. But above all, where everyone contributes to the overall theme.
“We want people to reset: sit down, give their fullest attention to innovative approaches and discuss everything that’s needed to manage these shifts.”
Embracing change is the undercurrent this year, reflected in its official theme: ‘Re/insurance RESET’. Yeo acknowledged the deliberate ambiguity of the theme, noting that it “epitomises the state of our industry currently”.
“It’s a canvas, vast and open, encompassing the multi-faceted challenges the industry faces—from the turbulence of economic fluctuations and spiralling geopolitical tensions to the exigent demands of climate change,” he said.
The biggest SIRC yet
The 19th SIRC has outdone itself. With 2,700 delegates set to attend from almost 70 countries, it’s the biggest yet. But it’s not defined by the numbers alone, the managing team stress.
As well as important discussions on hard-hitting issues, there’s an intentional pivot towards the softer, often overshadowed subjects: gender equality in the workplace, the future dynamics of work in the post-COVID-19 pandemic era, the nuanced interplay of digitisation—these too find a stage.
“The London Market’s modernisation programme might provide cues for Singapore and wider Asia.”
Jeffrey Yeo
Haushofer is particularly passionate about this shift. “We want people to come out of their comfort zone and discuss everything freely. We need to discuss soft topics such as women working in the industry and what it takes to achieve equal opportunities and equal pay. These topics are very important,” he said.
Yet, the essence of SIRC as a nexus for networking remains. As Haushofer put it: “It’s a great networking event with a good balance of trading and socialising opportunities. Many come primarily for business and talk deals, not really about industry developments, directions, strategies, and other subjects that are important to us.”
He encourages attendees to immerse themselves fully in the conference and make the most of the whole experience, not just the deals on the table.
“I can only repeat my yearly plea: enjoy the conference, have fun, create business opportunities or anything that’s important to you, but don’t forget the organisers, the speakers and engage with the sessions we’ve thoughtfully curated for you,” he said.
Detailing this year’s sessions, Yeo shares his excitement. “We have Jean-Jacques Henchoz of Hannover Re coming to SIRC for the first time, and an award-winning news anchor Rico Hizon from CNN Philippines.
“There is a climatologist, a scientist, who we hope will shake us into the reality that we, as humankind, have probably failed to do enough to meet those global emission targets.
“Then we have a heavyweight panel involving CEOs from three of the largest re/insurers globally: Munich Re, Swiss Re and AXA XL. Veteran broker James Vickers of Gallagher Re is coming to discuss issues of strategic interest such as the impact of the market hardening on Asia-Pacific insurers, the protection gap, cyber risks, energy transition, and climate change.
“This is the first time we’ve been able to assemble such a senior panel on stage together. It’s a great opportunity for all our delegates to witness—let’s put it this way—this spectacle,” he remarked with enthusiasm.
WATCH THE FULL INTERVIEW HERE
“Despite its longstanding issues, Asia—not just China—remains attractive because of its rapid growth.”
Marc Haushofer
The Asian puzzle
Tackling the intricacies of the Asia-Pacific re/insurance sector, Haushofer outlined a “long list” of challenges. Foremost, he highlighted the heterogeneity of Asia, which remains a puzzle for many, especially those dealing with the region from the outside.
“Asia is extremely complex. Korea, Japan, Thailand, China, and India—they all have distinct complexities, which exceed those in Europe, for instance,” he stated. This diversity is further compounded by varying regulations, making it hard to find a consistent path forward.
He pointed to a noticeable disparity in views on capital-raising in certain Asian markets, and a gap between discussions and actionable measures.
“There has been a lot of talk for many years but unfortunately not yet enough walk,” Haushofer said.
Climate change is another concern. Historically, big one-off losses dominated, but now there’s increased frequency in events, especially from secondary perils.
“Cyber is another big challenge,” he stated. While cyber-related businesses are seeing a surge due to growing awareness: “in Asia, it’s still not a line of business that produces meaningful income”.
The executives flagged talent attraction and retention as another challenge for re/insurers. Haushofer emphasised the necessity for a more collaborative approach with universities and governments to bridge knowledge gaps and enhance the industry’s growth in the region.
Opportunities, however, are abundant. “One of the biggest opportunities is probably artificial intelligence (AI),” Haushofer said. He thinks AI could revolutionise underwriting and decision-making.
“Whether this ultimately leads to better pricing remains to be seen. But at least it gives us a better understanding of our risk landscape,” he added.
The large protection gap in Asia also presents an opportunity. Haushofer acknowledges the region’s multitude of challenges, but “despite its longstanding issues, Asia—not just China—remains attractive because of its rapid growth, outpacing even mature markets like Europe”. “It’s still a highly interesting region. There is a lot of potential for industry, but at the same time it’s not an easy one,” he said.
“Delegates can look forward to some very thought-provoking and controversial dialogues and exchanges.”
Jeslyn Tan
“Infrastructure is progressively getting better. I see improvements and sustainable improvements. Through microinsurance, more individuals can now afford at least a basic cover.”
On technological advancements, Yeo observed that the journey of integrating technology such as AI chatbots and telematics into direct markets has begun. But reinsurance is still figuring out its path. “The London Market’s modernisation programme might provide cues for Singapore and wider Asia,” he added.
On the regulatory front, Yeo praised the Monetary Authority of Singapore’s proactive efforts, especially concerning sustainability disclosures. “Companies will increasingly need to address these issues and perhaps introduce ‘green’ products into their portfolios,” he noted.
A packed agenda
Tan, who is set to succeed Yeo as executive director of the SRA, provided an overview of what attendees can expect from the upcoming SIRC. She said the conference has two primary objectives: addressing pressing industry challenges and facilitating bilateral discussions.
With sessions including keynotes, fireside chats and more, delegates can expect open debates and exchanges. Themes such as climate change and digitisation’s future will be explored in depth. The well-thought-out layout and amenities such as a wellness hub have been designed to ensure a conducive environment for business and relaxation after a long day of activities.
“We have been very deliberate with our selection to ensure a good diversity of speakers, knowledge backgrounds and gender, so delegates can look forward to some very thought-provoking and controversial dialogues and exchanges,” she said.
An underlying sentiment becomes evident in the interview: the imminent transition in SIRC’s leadership. Yeo’s impactful tenure is approaching its end, but Tan asserts that the key objectives will remain the same: elevating SIRC while reinforcing Singapore’s position as a global reinsurance hub.
Yeo reflected on his journey: “The adrenaline that flows every time SIRC comes around is unimaginable. It’s this very energy, even after sleepless nights and exhaustive preparations, that keeps you going.”
Unified in their vision and aspirations for SIRC, the trio echoed a collective hope: that the conference continues to evolve, adapt, and serve its delegates with unwavering dedication.
Main image: Shutterstock / Kite_rin