Research by the two organisations shows that 95% of micro, small, and medium enterprises in South and Southeast Asia lack financial protection against unexpected events.
(Re)insurers face interconnected risks from climate change, geoeconomic fragmentation, demographic shifts and digital transformation that require new approaches, say experts at SIRC.
Despite increased competition and falling rates, (re)insurers are focused on bespoke solutions and product innovations that can help reduce region's growing cyber protection gap.
The Australian Reinsurance Pool Corporation noted that the extension of SME discounts aims to incentivise risk mitigation efforts, aligning with its 2025-2029 strategic priorities.
Although North America and Europe dominate the cyber insurance market, Swiss Re noted that there is significant potential for future growth in the Asia Pacific Region.
