Swiss Re strengthens its commitment to Asia

Swiss Re announced plans to further strengthen its commitment to Asia by establishing a dedicated regional legal entity in Singapore for its Reinsurance business unit, which will also be its Asian reinsurance headquarters.

The company, Swiss Re Asia, will be wholly-owned by its Zurich-based global parent, Swiss Re Ltd, and will share Swiss Re's group credit rating. The Asian operations will remain strongly capitalised in line with regulatory requirements and its local business will continue to be supported by the financial resources of the Swiss Re Group.

This move also aligns the company's legal entity structure across its Asia, Europe and Americas regions. Swiss Re Asia will continue to serve its clients and partners across the region through its network of offices, mirroring its existing footprint in Australia, China, Hong Kong, India, Japan, Korea, Malaysia and Singapore.

Swiss Re Chief Executive Officer Reinsurance Asia, Jayne Plunkett, says: "This move demonstrates our commitment to Asia as we become even closer to the market. As one of Asia's largest reinsurers, we will continue to combine our global knowledge with even deeper insights into local and industry needs, to benefit our clients and partners."

The Asian insurance sector has seen strong growth over the past decade, with the region now accounting for 30% of global insurance premiums, compared to 20% in 2007. The outlook remains robust. Swiss Re expects the region's non-life and life premiums to grow by 5% and 6% respectively, in real terms per annum in the coming decade. Emerging Asian insurance markets will grow even faster.

Jayne Plunkett adds: "To embrace the fast growing insurance industry, we are committed to the growth of our talent base. This change will provide our employees with more opportunities for personal growth within the region itself." Swiss Re expects the Singapore-based entity and regional headquarters to be established in 2018, and the office network realigned to the new structure by 2020, subject to regulatory approval. The new structure of the reinsurance business will not affect Swiss Re Corporate Solutions in Asia.

Building on its strong presence since 1956, Swiss Re Hong Kong branch will continue to be the Asian hub for the company's Life & Health business. It will also remain as the base for a number of its Property & Casualty teams.  

During this process, business will continue as normal for Swiss Re's clients and partners. The terms and conditions of agreements with Swiss Re, as well as the company's obligations, remain unchanged. Clients and partners will also continue to be served by the same local teams, to support the continuous growth within the insurance sector.

Swiss Re has been associated with Asia since 1913 and has over 1,900 employees in the region.

Related articles

Lloyd's Brussels subsidiary granted regulatory approval

Lloyd's announced its Brussels unit has received license approval from the National Bank of Belgium. Vincent VANDENDAEL will take up the post of CEO of the newly established Lloyd's Brussels in addition to his role as Lloyd's CCO.

2018-05-24

TALANX reconfirmed its FY2018 outlook for the Group's net income

Hannover-based TALANX Group announced its Q1 GWP was up to EUR 10.6 billion, 8.3% up y-o-y, while the Group net income dropped by 8.4%, to EUR 218 million "mainly as a result of the one-off effect of the US tax reform as well as the higher share of profits attributable to minorities".

2018-05-17

ALLIANZ 1Q results are on track to meet FY 2018 targets

German insurance group ALLIANZ announced its 1Q 2018 operating profit was down 6.0% to EUR 2.8 billion. "The main drivers for the decrease were EUR 142 million currency translations and EUR 148 million benefit in the prior year related to our corporate pension administration".

2018-05-17

CROATIA Osiguranje, 1Q2018: net profit up by 50% y-o-y

Adris group's insurance arm, CROATIA Osiguranje, posted a net profit of HRK 101.5 million (~EUR 13.7 million) in 1Q2018, up 50% y-o-y. Its consolidated GWP went up by 7% y-o-y, to HRK 1.10 billion (~EUR 148.6 million).

2018-05-10

ON THE MOVE

TOP EVENT

FIAR 2018 - Motor Insurance Conference (I & II): with the right use of technoloogy, clients' expectations and MTPL insurer's profitability may go hand in hand

The first and second parts of the Motor Insurance Conference taking place at FIAR 2018 focused on the new MTPL Law in Romania and the way it changed the market after almost 1 year of implementation, as well as the consequences of the new legislative framework and the operational challenges this brings, but also the most suitable solutions for balancing regulation, insurers' appetites and customer expectations on the MTPL market.

16.05.2018

FIAR 2018: Brokers' Conference (II): digitization and technology are needed for efficient operations, but will not replace the human touch in consultancy

The second part of the Brokers' Conference taking place at FIAR 2018 analyzed the impact of European Union's legislative overhaul - IDD & GDPR -, also bringing into debate study cases and real-life scenarios of what the brokers face on the market, and, last but not least, trying to see whether digitization and InsurTech could truly lead to disintermediation.


15.05.2018

Brokers' Conference (I): Until 1 July, when we will see the final version of the IDD, we cannot say for certain if we are ready and how ready we actually are

The second day of debates at FIAR 2018 started with The Brokers' Conference, the event dedicated to the mediation market in Romania and in the CEE region. The first part of the conference focused on a market overview and also analyzed the challenges of the IDD implementation, as well as the potential impact of IPID for MTPL and PAD.

15.05.2018

INSURANCE IN A DIGITAL WORLD Conference: capacity, consistency and culture are the three key success factors in the digital transformation of insurers

The INSURANCE IN A DIGITAL WORLD Conference, taking place at FIAR 2018, brought into debate the impact of digitization on the insurance industry. The first part of the conference focused on risks & opportunities of digitalization for both industry and consumers, as well as case studies and best practices: BigData & IoT, BlockChain, Peer-to-Peer, and AI.

14.05.2018

Insurance Market Trends Conference (II): GDPR and IDD, European regulations affecting all business lines, as well as the compliance with the Solvency II framework, are the main challenges ahead for the Romanian market

During the second part of the Insurance Market Trends Conference, taking place at FIAR 2018, the debates focused on the current situation in Romania and the sustainable development for a growing and stable insurance market, as well as the challenges and opportunities for the local insurers.


14.05.2018

See all