SIRC 2025 Wrap: APAC’s new leadership role

From new technologies to alternative capital flows, Asia is a region that embodies the kind of innovative drive that will allow the (re)insurance to thrive in an increasingly uncertain world.

This was the central theme that ran through discussions during the 21st Singapore International Reinsurance Conference (SIRC), held between November 3-6.

“The question is no longer whether we will adapt, but how fast we can move and how well we can do it together,” said Kenrick Law, Chair of the Singapore Reinsurers’ Association, in his opening address.

“That’s the spirit behind this year’s SIRC theme of ‘staying ahead, future ready’. It is a call to take ownership, to shape what’s next for our industry. Not to be swept away by the tides of change, but to harness their energy and ride them to new possibilities.”

More than 3,800 delegates from 84 countries attended the conference this year, according to organisers. This was an increase of last year’s figures, which were around 3,300 delegates from 69 countries. There were a few large delegations from some fairly small insurance markets, such as Uzbekistan and Mongolia, all keen to see what opportunities APAC has to offer.

Having been profitable for the past few years, many reinsurers are now flush with capital and keen to grow their business.

APAC offers plenty of opportunities for them to do just this, but there are many dangers too. Soft pricing has made reinsurers wary about any new risk they take on. This is especially true with nat cat, which has seen a relatively benign environment this year.

Driving innovation

To woo (re)insurers, markets need to provide an environment where the industry can innovate to bring added value to clients and markets.

This is exactly what the Monetary Authority of Singapore is trying to do – as its Managing Director, Chia Der Jiun, emphasised at the conference.

“Against a backdrop of global uncertainty, growth in Southeast Asia has been relatively resilient,” he said in his keynote address. “The opportunities for serving the protection needs in our region will continue to expand.”

He pointed out that the International Monetary Fund expects the region, which includes Singapore, to grow by 4.3% next year, which is similar to the pace of growth for this year.

“MAS will continue to collaborate with the industry, to exchange views and co-develop new risk solutions for our region,” said Chia.

He added that the regulator is already doing this: supporting AI adoption, promoting infrastructure financing opportunities in the region and encouraging risk-sharing through the capital markets.

“While risks will continue to evolve, within these challenges lie significant opportunities. The insurance industry will continue to play a vital role, to meet the region’s growing demand for protection across lives, wealth, and assets,” he said.

Such comments resonated well with Patrick Tiernan, Chief Executive Officer (CEO) of Lloyd’s, who used SIRC as an opportunity to deliver his first-ever address in Asia as head of the specialist insurance hub. He was only appointed to his current role in May.

“Singapore leads the way in openness, in adapting quickly and building for the long term, all essential qualities as we know for the future of insurance,” said Tiernan. “Singapore’s success emanates from a deliberate and methodical investment in digital infrastructure, in innovation and in education. It’s also a place for innovation and regulation to move in lockstep.”

Staying ahead, staying safe

There were several mantras that were repeated throughout the four days. APAC should anticipate change – rather than just respond to it. The region should embrace innovation and new technologies. Collaboration between countries should be strengthened.

But underpinning all of the messages was one very important point: the need to build and maintain resilience in an increasingly uncertain world.

During his opening address, Law wore special AI glasses, which allowed him to read his remarks from cyberspace rather than using more traditional sheets of paper.

“I need to live up to the title of this conference this year, stay ahead and future ready,” said Law as he put the glasses on.

“If it doesn’t work then I still have the other technology,” he added, pulling out some pages of paper from his pocket.

And falter the technology did, prompting the conference chair to lapse back into the old-fashioned way of delivering speeches. But nonetheless, Law persevered.

As Chia from the MAS took the stage, he complemented Law on this approach.

“It’s good to see guardrails and contingency plans in place. Your regulator would be proud,” he said.

Such an exchange summed up the core message that many delegates took away from the conference. Future ready means being ready to adapt to new technologies, new opportunities, and perhaps more importantly: new risks.

“We do definitely observe heightened awareness about geopolitical risk and uncertainty,” said Chris Lim, an analyst for AM Best, on the sidelines of the conference. “While we have not yet seen any clear or measurable impact to the markets themselves, there is definitely a lot of anxiety about whether geopolitical risk might have an impact on particular lines of business.”

This persistent uncertainty creates unique challenges for tapping into the vast potential of the APAC insurance markets, as highlighted by Law.

“We are operating in a time of accelerating change, economic headwinds, climate volatility and systemic risk that is testing the foundations of our models,” said Law. “Meanwhile, geoeconomic fragmentation is restricting capital flows, trade patterns and also underwriting practices, challenging us to rethink how risk is measured, shared and managed in this complex environment.”

But many delegates also sounded an upbeat note. These challenges are not insurmountable – and overcoming them will place the region on a stronger footing.

“Asia is, as we all know, very far from homogeneous,” said Tiernen. “It’s an extraordinary mosaic of different economies, different growth trajectories, each with its own regulatory framework, market maturity and insurance culture. But if we get the balance right, we get something really powerful: an ecosystem that combines financial strength and global reach with local insight.”