Calmer times are ahead for APAC after tumultuous period

The Asian market is going through a transition phase, says Vicky Carter of Guy Carpenter.

After a tumultuous 12 months characterised by multiple challenges for insurers, including rising reinsurance costs, escalating retentions and more stringent terms and conditions, the Asian market in particular has now been through a transition and calmer times are ahead.

That is how Vicky Carter, chairman of Global Capital Solutions, International, at Guy Carpenter, and deputy chair of Lloyd’s, describes the unique dynamics at play in the Asia-Pacific market—and what cedants should expect as the market moves towards the year-end renewal.

She describes the last renewal as characterised by “extremely volatile” market conditions with many headwinds facing insurers. “The nature of risk is changing,” Carter told SIRC Today.

A sneak preview: more exclusive content and interviews inside

Descartes eyes parametric opportunities

There has been a big growth in the adoption of parametric insurance in Asia-Pacific.

Miller mulls expansion across niche specialty

Asia is a huge growth area, but not as big as people think in premiums: Ron Whyte.

A sneak preview: more exclusive content and interviews inside

A RESET but no 2023 class of reinsurers: Hannover Re

Investors are still wary of investing in the market, says CEO Henchoz.

Reinsurance RESET, the main title and theme of the 2023 Singapore International Reinsurance Conference, is very accurate in the wake of what has been an eventful couple of years for the industry, Jean-Jacques Henchoz, chief executive of Hannover Re, acknowledged.

However, he added, the current hard market will not lead to a new class of reinsurance companies, due to many investors feeling the fatigue of many years of losses.

Speaking at a fireside chat format on the opening afternoon of the meeting, interviewed by Rico Hizon, senior news anchor of CNN Philippines, Henchoz said that investors are now cautious on the reinsurance industry, and many investors have lost their patience.