Nebil HUSEIYNI - Executive Chairman, AVRASYA Re

9 May 2015 —
nebil_huseiyni80XPRIMM: Are there significant differences between the European and Asian insurance markets?
Nebil HUSEIYNI:
At this moment, there are huge differences between the different regions of Europe and between the different regions of Asia. So perhaps a more conclusive comparison should be between the most developed European and Asian markets. The European markets are more mature, have a deeper penetration and are, to a certain extent, saturated. At the same time, the Asian markets, having relatively less penetration, still have a big potential and are therefore developing much faster. 

The years to come will see a trickledown effect from the more developed markets to the still developing ones within each continent. However, reinsurance in Asia will keep developing and expanding at a hefty pace following in the footsteps of the general economy.

XPRIMM: Do you see Asia as a potential competitor for Europe in the reinsurance field? Is there enough capital available in the Asian reinsurance industry?
N.H.:
Asian reinsurers are a very long way from being in a position to compete with the European reinsurers or even the American reinsurers for that matter. Asian reinsurers will first of all have to be able to cover their home markets' enormous and still expanding needs. And the capital available is still far from adequate in this respect.

XPRIMM: Which are the most dynamic markets in Asia from a reinsurance point of view?
N.H.:
The most dynamic markets in Asia from a reinsurance point of view are in East Asia, especially China and South Korea.

XPRIMM: Which are the main business segments you focus on and what are your plans for future development?
N.H.:
Our broking house is dedicated to reinsurance and in particular, treaty reinsurance. Although we are based in Turkey, most of our business is still focused on Western Asia. Only recently we have we have started to focus on the Turkish market. As there are still many markets which are not fully developed, but hold great potential, we aim to target this potential while keeping all the same time a balanced approach to a multitude of markets.

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