Welcome to SIRC Today

While the 17th annual Singapore International Reinsurance Conference (SIRC) has been delayed for a year due to COVID-19, its organisers have instead launched SIRC 2020 Re-Mind, a virtual conference taking place this week.

The event has a full agenda of senior executives from the region commenting on the most pertinent issues of the day—all of which we are reporting on as usual in our annual newsletter SIRC Today.

Coverage of the virtual event will be complemented by interviews, news stories and reports from the region.

In the following pages, readers will find insight and news from industry leaders speaking at and around the virtual event.

As in previous years, we endeavour to bring our readers high-level market insights and ensure their fingers stay on the pulse of the re/insurance industry in these unprecedented times.

Wyn Jenkins, managing editor, Intelligent Insurer

A sneak preview: more exclusive content and interviews inside

Adjusting to new norms and a new reality: SIRC chair

The reinsurance industry in Asia is being pushed out of its comfort zone in every sense. But its executives must shake off any digital fatigue and focus on what is important: making sophisticated pricing models an operational reality, Marc Haushofer, the chairman of the Singapore Reinsurers’ Association and host of SIRC 2020 Re-Mind, told SIRC Today.

What have been the challenges of pivoting to a digital event this year?

Given that the COVID-19 lockdowns worldwide have forced practitioners to work remotely from home, and engage in numerous online meetings and webinars, there was some initial resistance when they were informed that SIRC would be going virtual.

However, what was most challenging was to overcome their digital fatigue and open the minds of our partners to see the many possibilities of virtual events and platforms such as SIRC 2020 Re-Mind in the post-COVID-19 market landscape.

Are you pleased with how it has come together?

Yes, I am very pleased with what we have achieved so far, given the very short time that we have had to put all this together—the programme, the technical details with the virtual environment, and garnering the support from our partners.

It’s not done yet, there’s still the actual execution of the sessions.

We have to ensure that all our stakeholders—delegates and partners—are able to have a productive virtual experience when accessing to the platform on November 2 and thereafter.

It will be great reward for us as the driving force behind this experience if everything works as planned. I’m glad that we left our comfort zone and decided to go for it!

A sneak preview: more exclusive content and interviews inside

Swiss Re’s Mumenthaler

Industry’s role is to make the world more resilient.

Praise for India’s regulator

IRDAI has been very active since the beginning of the pandemic.

A sneak preview: more exclusive content and interviews inside

Singapore’s deputy PM unveils new industry partnership

Asian reinsurers, regulators and academics have joined forces in the Global Asia Insurance Partnership, as announced by Heng Swee Keat at SIRC Re-Mind.

Asian reinsurers, regulators and academics have joined forces to form the Global Asia Insurance Partnership (GAIP) to develop new risk management products and serve as a policy think-tank.

The initiative was unveiled by Heng Swee Keat, the deputy prime minister of Singapore, who gave a keynote speech yesterday (Monday, November 2) at the SIRC 2020 Re-Mind virtual conference, taking place this week in place of the physical 17th Singapore International Reinsurance Conference, which has been rescheduled to November 2021.

Heng said GAIP will officially start work in January 2021, proposing measures that can help expand coverage in the region.

As well as lobbying for market-friendly policies and developing new products, GAIP will look to improve the development of local talent in the industry, he said, promoting skills that will be useful in the industry, such as expertise in big data and artificial intelligence (AI).