Munich Re Singapore Strengthens Operations

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13 July 2016

Singapore: Munich Re strengthens regional hub operations


Article source: Asia Insurance Review eDaily | 12 July 2016 
Published with permission


Munich Re, the world's biggest reinsurer, is raising the status of its regional hub in Singapore which has firmly established its status as Asia's life reinsurance centre.

Mr Daniel Cossette, head of Munich Re’s life reinsurance unit in Singapore, assumes a new role as CEO for Asia Pacific, Middle East and Africa (Life) reporting directly to Mr Joachim Wenning, CEO-elect of the Munich Re group.

The new structure entails increased resources based in Singapore to manage the extended responsibilities, as well as the creation of a regional innovation centre, focusing on topics such as digitalisation, automation, and predictive underwriting.

In a statement, Munich Re said: “Asia Pacific and Africa represent some of the most diverse and dynamic markets in the world, driving innovation and product development. This expanded role promotes Singapore to one of the major centres within the Munich Re global network, and demonstrates the importance Munich Re places in having extensive local expertise and capacity to serve its key clients and markets.

Double-digit growth rates expected for Asia's life insurance sector

The life insurance sector in Asia, especially in emerging countries, is growing strongly despite some economic gloom and the low interest-rate environment. Munich Re anticipates growth rates in the double figures to continue in many countries.

The reinsurer said: “Until 2025, we expect over 5% annual average premium growth (inflation-adjusted) in the region, with Singapore increasing at an average of 3.5%, Hong Kong at 3%, Indonesia at 10%, Philippines at 8% and China at around 11% annually. In line, the demand for reinsurance and especially services surrounding reinsurance remains strong. This includes the need for innovative products, increasingly high capacity, financially-motivated structures, automated underwriting tools, and claims management to name just a few.”

Link to article on Asia Insurance Review

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